DENVER (AP) — Two Colorado Republicans want to loosen a constitutional restriction on how much revenue the state can receive without having to issue tax refunds.
Rep. Dan Thurlow and Sen. Larry Crowder say it’s time to have a conversation about those limits 25 years after voters approved them under the Taxpayer’s Bill of Rights.
Republicans long have opposed TABOR tampering, arguing excess revenues belong to taxpayers.
But Thurlow and Crowder say individual refunds would be pocket change when the state faces a $500 million budget deficit.
Their bill would ask voters in November to change the way TABOR’s annual revenue limits are calculated. It would potentially allow the state to keep hundreds of millions of dollars for roads, education and other priorities.
A House committee hears testimony on the bill Monday.
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