In accordance with Section 2-3-101(2), C.R.S., the Legislative Audit Committee has prescribed its own rules of procedure.
School Finance staff prepare the fiscal impact at the school district level of the school finance bill that is introduced during each legislative session. Accordingly, staff maintains a detailed school finance model that is used to prepare funding estimates for each school district under different legislative proposals, including the school finance bill.
2016-17 Long Appropriation Bill
Background
The Colorado individual income tax return form allows taxpayers to contribute to various listed organizations by donating a portion of their income tax refund or increasing the amount1 owed on their tax return. Legislation is required to create a new income tax check-off.
Background
The state of Colorado’s single largest source of revenue, the individual income tax, was enacted in 1937.1 Most individuals and non-corporate businesses are subject to the tax.
The TABOR Amendment, which was approved by voters in 1992, limits the amount of revenue the State of Colorado can retain and spend.1 Specifically, TABOR allows the state to retain and spend an amount based on the prior fiscal year's actual revenue or limit, whichever was lower, grown by Colorado inflation and population growth and adjusted for any "voter-approved revenue changes."