A Republican-backed bill that would have decreased the state’s income tax rate was postponed indefinitely by a panel of House lawmakers. 

While Gov. Jared Polis has perennially voiced support for income tax reductions since getting elected into office, the idea has been a non-starter for Democratic lawmakers. 

Polis has not specifically supported any proposed bills to reduce taxes.

Income tax rates have been a point of contention between Polis and his fellow Democrats in the legislature for several years, with Polis in favor of cuts that he said “should be a part of any significant reforms to TABOR refund mechanisms.”

During his state of the state address last month, the governor urged members of his party to set aside their skepticism and consider the potential economic growth that could result from tax cuts. 

The Democratic majority in the the House Finance Committee, however, ultimately voted to indefinitely postpone HB 1065, which would have reduced the individual and corporate state income tax rates from 4.40% to 4%.

If passed, the proposed tax cut would have led to a reduction of over $1 billion in total state income tax collections in the first year. The committee voted nearly on party lines, with one Democrat, Rep. Bob Marshall of Highlands Ranch, voted in favor of the bill after several amendments were added.  

While there have been several bills relating to income taxes introduced this session, this was the only attempt at lowering rates.