DENVER (AP) — Senate Democrats have rejected a GOP proposal to reduce Colorado’s individual and corporate income tax rate. The proposal, sponsored by Republican Sen. Jerry Sonnenberg and Rep. Rod Pelton, had won initial support in a tweet from Colorado’s new Democratic governor, Jared Polis.
Colorado Politics reports the Senate Finance Committee voted along party lines Tuesday to defeat the bill.
It called for reducing the tax rate from 4.63 percent to 4.49 percent.
The bill would reduce revenues by $280 million in the fiscal year starting July 1. Opponents said that would harm efforts to fund education in the event of an economic downturn.
Polis has said he supports an income tax rate cut — and perhaps pay for it by eliminating loopholes for large corporations.
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