Jared Polis won’t get one top priority this session: his income tax cut
Governor's plan to lower income tax rates will have to wait
Colorado Gov. Jared Polis made a state income tax cut one of his top priorities in his first year.
He won’t get it. The opposition from Democratic lawmakers and his allies and the complicated nature of the policy shift led to the proposal’s demise before it could be introduced in the current legislative session.
The first-year governor wants to reduce the state’s income tax rate to 4.3 percent or 4.2 percent from 4.63 percent — “or as low as we can get” — by eliminating existing tax loopholes for businesses. But now he acknowledges it won’t happen before the session ends May 3.
“It’s a lot of moving parts, so we are very much in the research and planning stages of putting together what that would look like,” Polis said in an interview with The Colorado Sun.
In recent remarks to small business owners, he pledged to work on it “over the next year.”
Read the full story via The Colorado Sun.
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