Investing in Coloradans

Colorado is doing much better than a year ago. Our economy is recovering and Coloradans are accessing the COVID vaccine. But our recovery is uneven. Low and middle income Coloradans are still struggling, and too small businesses were left out of federal relief efforts last year. That's why we are modernizing our tax laws in order to build back stronger.

Earned Income
Tax Credit

Increasing refundable tax credit for working Coloradans.

Child
Tax Credit

Increasing refundable tax credit for Coloradans raising young children.

Business Personal Property Tax

Reducing taxes for nearly 2/3 of Colorado businesses

Closing Tax Loopholes

By closing ineffective special interest tax loopholes, Colorado can support working families, families with small children, and local businesses while maintaining a balanced budget.

Capping Itemized Deductions

Right now, unlimited deductions for taxpayers with income over $400,000 - less than 1/2 of 1% of taxpayers - cost Colorado over $100 million per year.

Continuing Limitations on "Pass-Through" Deductions

2017 federal tax law changes intended to benefit small businesses also created a windfall for businesses like hedge funds. Last year, Colorado limited these windfall gains temporarily and we need to continue to do so.

Modernizing Corporate Income Tax

Colorado needs to update its tax laws to prohibit income from being sheltered in overseas tax havens and to make sure large multi-state companies pay Colorado taxes for Colorado profits.

Ending Capital Gains Tax Break

This tax break benefits only a few thousand tax payers (out of about 3 million in Colorado) but costs the state about $20 million per year.

Reforming Insurance Industry Tax Breaks

This tax break created decades ago was intended to attract jobs to Colorado. But an independent audit shows it's costing the state nearly $100 million a year without bringing more insurance sector jobs to Colorado than to other states. By tightening this tax provision we can make sure insurance companies pay their fair while still incentivizing job creation.

Reforming Insurance Industry Tax Breaks - Again

Another insurance industry tax break from long ago was meant to make retirement investments more affordable, but is now claimed much more broadly, costing the state tens of millions per year. By tightening this tax provision we can continue to encourage responsible retirement savings without rewarding companies who sell other financial instruments that aren't about retirement.

Limiting Oil and Gas Industry Tax Break

Several years ago, a major oil company won a Colorado Supreme Court that significantly expanded allowable deductions, allowing companies to get away with paying less tax. By restoring this tax provision to its original intent we can close this loophole.

Ending Subsidy for Large Retailers

Colorado pays retailers to collect sales tax and remit it to the state. It's one thing to assist small local businesses this way, but the largest global retail corporations don't need a subsidy from Colorado taxpayers. By ending this subsidy for retailers with over $1 million in sales per month, we can support small local businesses instead.