On Eve of Election, Colorado Governor Proposes $200M in Tax Rebates
A day before voters decide whether to give him another term, Gov. John Hickenlooper on Monday unveiled a $26.8 billion state budget proposal for the next fiscal year that includes about $200 million in rebates to taxpayers.
The Democrat's spending plan represents $1.7 billion in new spending in federal and state money, a 7 percent increase from the current fiscal year budget.
The $908 million in new state spending includes $103 million for road projects, $107 million in additional funds for higher education and a 2 percent pay hike for most state employees.
The new money available reflects Colorado's improving economy, but tax collections also exceeded the state's revenue cap under the Taxpayer's Bill of Rights — triggering rebates for the first time in 15 years.