Fiscal cliff deal slows Colorado revenue gains | SummitDaily.com
YOUR AD HERE »

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.

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.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User