The Associated Press

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January 19, 2013
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Fiscal cliff deal slows Colorado revenue gains

DENVER (AP) - Colorado state government stands to lose $45 million in the current fiscal year and $100 million in the next one because of tax changes included in the federal fiscal cliff agreement.

The Denver Post reported Saturday (http://tinyurl.com/a5rmp3n ) the revenue cuts will come in estate tax revenue.

Last month, state officials projected that state tax revenue would be $159 million more than expected in the current fiscal year as the economy improves and $142 million more than expected in the next year.

Officials say the decline in estate tax revenue means this year's revenue will be $114 million more than projected and next year's would be $42 million.

That will affect discussions over which programs should get additional revenue, including education and tax relief for the poor.

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Information from: The Denver Post, http://www.denverpost.com


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The Summit Daily Updated Jan 19, 2013 04:45PM Published Jan 19, 2013 04:44PM Copyright 2013 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.