SB 22-222

Senate Bill 22-222 is a Colorado law that requires a detailed table in the financial summary of any proposed ballot measure that would change individual income tax rates. This table will show how much taxpayers in different income brackets currently pay and how their taxes would change if the new measure passes, along with the difference between these amounts. The bill affects voters who are considering ballot measures related to income tax changes. Since it has been signed into law, this means that future ballot measures proposing changes to individual income tax rates will now include this detailed financial information to help voters make informed decisions.

Official Summary

The act is a referred measure that will, if approved by the voters of the state at the 2022 general election, require the director of research of the legislative council of the general assembly to include a table in the fiscal summary for any initiated measure that would either increase or decrease the individual income tax rate. The table must have 4 columns as follows: A column identifying 8 income categories; A column identifying the current average income tax owed by taxpayers in each income category; A column identifying the average income tax owed by taxpayers in each income category if the initiated measure were to pass; and A column identifying the difference between the average income tax owed by taxpayers in each income category if the initiated measure were to pass and if the initiated measure were not to pass. The ballot title for a measure that either increases or decreases the individual income tax rate must also include the table created by the director of research of the legislative council of the general assembly for the measure's fiscal summary. (Note: This summary applies to this bill as enacted.)

Related Legislation

Votes