Colorado lawmakers vote to repeal tax breaks
DENVER – The Colorado Senate has voted to repeal 11 of 14 special interest tax refunds that were given priority by Republicans under the Taxpayer’s Bill of Rights.
The vote came Thursday.
The refunds that would remain include a sales tax refund, the earned income tax credit, and a temporary income tax rate reduction from 4.63 percent to 4.50 percent.
Sen. Bill Cadman, a Republican from Colorado Springs who sponsored the bill, says all taxpayers who qualify should get tax refunds, not just special interest groups.
Lawmakers say now is a good time to make the change because no refunds are expected until long after the economy recovers.
The bill faces a third reading before it goes to the House.