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What You Need to Know About Amendment 73 and Public Education Funding

What You Need to Know About Amendment 73 and Public Education Funding

IB-C-2018 (Sept. 2018)

Author:  Linda Gorman

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Executive Summary:

In November 2018, voters will decide on Amendment 73, a state constitutional amendment which would increase income, property and corporate taxes in Colorado to fund public education.

  • If Amendment 73 passes, Colorado will no longer have equal state income tax rates for all. Instead, it will have a progressive state income tax with a top marginal rate of 8.25 percent, the 9th highest in the country. Corporate tax rates will increase from 4.63 percent to 6 percent.
  • Amendment 73 effectively ends protections against continuous increases in residential property taxes. It increases the state residential property tax assessment rate for school districts. Commercial property will enjoy reduced rates.
  • Amendment 73 requires spending on “early childhood” through grade 12 education that is limited only by the additional taxes collected.
  • Amendment 73 reduces legislative oversight by locking increased spending into the state constitution.
  • There is no guarantee that more spending will increase educational opportunities for existing students.