Colorado residents will be voting on local and state ballot items in the Nov. 5 elections. KRDO is breaking down what the state item "Proposition CC" would mean for voters.
What is Prop CC?
Proposition CC is a statewide measure that would better fund education and road infrastructure in Colorado without raising taxes.
How does Prop CC gather funds without raising taxes?
Proposition CC would get rid of the taxpayer refunds enabled by the Taxpayer Bill of Rights or TABOR amendment.
The TABOR amendment was a voter-approved measure in 1992. Essentially, TABOR says voters can choose to get a tax refund if state and city agencies gather more taxpayer money than its budgets require. If voters choose not to get a refund, the state and city agencies get to keep the money and allocate it for public projects.
Which projects specifically would be funded by Prop CC?
Proposition CC states that the money would "provide funding for: public schools, higher education, and roads, bridges, and transit."
Just how much money could I lose if Prop CC passes?
Proposition CC would eliminate all TABOR refunds to taxpayers beginning with refunds that would have been issued on 2020 tax returns. The state estimates refunds to be between $26 and $79 for single filers in tax year 2020 and between $30 and $90 for single filers in tax year 2021, depending on the taxpayer’s income. Joint filers would receive twice these amounts.
How would the government stay accountable for my taxpayer money?
The official state measure says a state auditor would contract with a private entity to annually conduct an independent financial audit regarding the use of the additional money.
For more information you can read the 2019 State Ballot Information Booklet.