taxes
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Atop taxes, here’s how much each Colorado resident pays in fees
Each Colorado resident paid nearly $5,000 in state-sanctioned fees last year, according to a report by a policy think tank. The report, which analyzed how fees have affected Colorado’s economy, found that fee revenue has more than tripled since 2008 — to $4,692 — and is likely to keep growing. More than 30 years after…
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Colorado drivers tap ‘Montana loophole’ to avoid high vehicle registration and tax costs
Coloradans looking to avoid high vehicle registration fees have turned to what’s known as the “Montana loophole” — a strategy that surfaced recently at a luxury car event near the Cherry Creek Mall. Here’s how it works. A Colorado resident buys a high-end vehicle — anything from a large recreational vehicle to a supercar like…
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Signatures submitted to cap Colorado’s income tax rate
The group behind a ballot measure aiming to cap the state’s income tax at the current rate has submitted signatures from voters to election officials for review, part of the tug and pull in Colorado between opposing political forces fighting over state revenue. That fight is taking shape as the contending sides push their diametrically…
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Colorado partners with tech organization to simplify tax filing process
Colorado is partnering with the tech nonprofit Code For America to make its free tax-filing program for low-income residents more accessible, Gov. Jared Polis announced last week. According to Polis, the partnership will make the SimpleFile tool, which helps taxpayers determine if they’re eligible for any state tax credits, more easily available to Coloradans who…
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A graduated tax plan could undercut Colorado’s business competitiveness, analysis warns
A proposal to move Colorado to a graduated income tax — taxing individuals and businesses at different rates based on their earnings — could generate more than $2 billion in its first year, but it could also weaken the state’s business climate and cause corporations to flee, according to a new analysis from the Common…
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Flat or graduated income tax? Colorado groups push dueling measures for November election
Colorado voters could face two opposing income-tax measures on the November ballot, with the dueling campaigns seeking to advance proposals that would take the state in sharply different fiscal directions. One initiative seeks to replace Colorado’s flat income tax with a graduated system, while the other aims to lock in the current rate. Both measures…
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Colorado bill to fund mental health by raising alcohol taxes defeated in House committee
Colorado legislators on Wednesday narrowly rejected a second measure that would raised taxes on alcohol products in order to fund mental health care treatment in the state. Proponents said the new revenue is necessary to help pay for mental health treatment, while critics said legislators should not be targeting an industry that’s already being squeezed,…
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Lawmakers propose raising excise taxes on alcohol, marijuana to fund mental health spending
Colorado lawmakers hope to refer a measure to the November ballot that would increase excise taxes on alcohol and marijuana, with the revenue going toward mental health and civil commitment facilities around the state. House Bill 1301, sponsored by Rep. Bob Marshall, D-Highlands Ranch, and Sen. Judy Amabile, D-Boulder, would impose sales tax increases of…
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Democrats want to decouple Colorado from federal tax breaks
Democratic members of Colorado’s House and Senate on Tuesday announced the introduction of a slew of bills that would reduce corporate tax deductions and sever Colorado’s tax regime from recent federal changes to the tax code. The federal tax changes provide hundreds of millions dollars in tax breaks. Since Colorado conforms to the federal tax…
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Colorado governor pushes back against suspension of Direct File tax service
Gov. Jared Polis is asking the federal government to reverse its decision to suspend a free tool that streamlines tax filing. Last month, the U.S. Treasury Department announced it is officially suspending Direct File, a free online tax filing platform launched by the IRS last year. Taxpayers in 25 states could access the program during…