YOUR AD HERE »

Fiscal cliff deal slows Colorado revenue gains

The Associated Press

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.



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


Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Summit Daily is embarking on a multiyear project to digitize its archives going back to 1989 and make them available to the public in partnership with the Colorado Historic Newspapers Collection. The full project is expected to cost about $165,000. All donations made in 2023 will go directly toward this project.

Every contribution, no matter the size, will make a difference.