TABOR Rebates: Just the Facts. What are TABOR Rebates? When state revenues (Fiscal Year Spending) exceed a voter approved cap (rate of change in CPI plus.

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Presentation transcript:

TABOR Rebates: Just the Facts

What are TABOR Rebates? When state revenues (Fiscal Year Spending) exceed a voter approved cap (rate of change in CPI plus rate of change in state population), the Colorado Constitution requires money be refunded to taxpayers.

Reasonable Means to Return Money “…districts may use any reasonable method for refunds under this section, including temporary tax credits or rate reductions” -Colorado Constitution—Article X Section 20

TABOR Rebates Predicted This Fiscal Year by Governor’s Office and Next Year by Legislative Council

Revenue Subject to Cap Comes from Taxes and Cash Funds Estimates FY General Fund: $9.5 billion Cash Funds: $2.7 billion

Income and Sales Tax Fees Cash Funds General Fund TABOR Rebates TABOR Rebates are Paid from General Fund

Legislature Has Authorized Three Refund Mechanisms First, (and last) Sales Tax rebate based on income Second, Earned Income Tax Credit Third, temporary reduction in the income tax rate from 4.63% to 4.5%

Size of the Rebate Depends How Money is Returned Current Estimates of OSPB Earned Income Tax Credit $85.5 million 6 Tier Sales Tax Refund $114.9 Million Income Tax Rate Cut From 4.63% to 4.5% $241.8 million 6 Tier Sales Tax Refund Total: $27.4 million $200.4 million $269.2 million $186.5 million 6 Tier Sales Tax Refund $ Million

TABOR Rebates Impact Money Available for Transportation and Capital Construction If TABOR rebate is 1-3% of General Fund then transfers are cut by half. (1% of General Fund revenue = $101.6 million) If TABOR rebate is above 3% of General Fund, the transfers is eliminated. (3% of General Fund revenue = $304.8 million)

December Estimates Amounts Reduce Transfers by 50% Capital Construction Fund Highway Users Tax Fund FY $51.3 million $25.6 million $0 $205 million $102.5 million $0 FY $54 million $27 million $0 $216 million $108million $0 1.8% of GF Rebate Expected ($186.5 m) 2.6% of GF Rebate Expected ($269.2 m) ***OSPB Estimates Current TABOR refund 1-3% TABOR refund above 3%

Ways to Address the Conundrum changes in what counts as revenue subject to the cap elections that allow the state to keep revenue above the cap significant changes to the constitution. *(proposals to reduce revenue collections)

Marijuana Rebate not Related to Revenue Cap Blue Book Estimate FY December Estimate FY State spending without new taxes State revenue from new tax $12,080 $12,299 $67 $58.7 (dollar figures in millions)