WHAT IS AMENDMENT 73?
- Statewide Constitutional Amendment
- Generates $1.6 billion statewide for education
- Moves Colorado near, but not quite at, the national average
- Requires 55% statewide voter approval to pass
HOW IS AMENDMENT 73 FUNDED?
- 92% of Coloradans would pay no new tax increase
- Income tax on filers making more than $150,000 annually
- Tax on corporations
- Creates a reduction in property tax rates, compared to current levels:
- 0.2% Residential
- 5% Commercial
- Other locally-approved taxes not affected
HOW WOULD THIS BENEFIT 27J SCHOOLS?
- $1,615 additional per pupil, per year
- $29.5 million in additional ongoing revenue
- Funding would go to all public schools, including charters
HOW WILL THE REVENUE BE SPENT?
The initiative allows school districts to make local decisions about the best use of new funds that reflect local community priorities and needs - examples of how funding could be used include reducing class size, programs supporting mental health, safety and security, career and technical education, school maintenance and repairs, etc.
ARGUMENTS FOR AMENDMENT 73
- The state needs a sustainable source of revenue to adequately and equitably fund public education.
- The measure provides property tax relief for business property owners, farmers, and ranchers who have paid an increasingly higher proportion of property taxes compared to residential property owners.
- One of governments most important functions is to provide children with a high-quality education
- Stabilizing the share of required school formula funding and creating a dedicated source of state revenue for education provide additional flexibility for the state to use more of it general operating budget on other core programs, such as transportation, public safety, and health care.
ARGUMENTS AGAINST AMENDMENT 73
- The measure imposes a tax increase without any guarantee of increased academic achievement.
- Increasing the state income tax could negatively impact the state’s economy. businesses will have less money to invest in their workers and individuals will have less money to spend, and invest.
- The measure complicates an already complicated property tax system. By creating one assessed value for school districts and other assessed value for all other local taxing entities, the measure will lead to confusion among taxpayers and further complicate tax administration for state and local governments.
- The measure does not require the state legislature to adjust the income tax thresholds to account for inflation.