Michigan’s Senate approved a bill yesterday to extend the state’s film tax credit program, which was limited and reduced in 2011 and set to expire in 2017. It’s now up to the House to decide whether to proceed. From...
- The Tax Policy Blog
- Colorado Voters Reject Income and Sales Tax Increase
Colorado Voters Reject Income and Sales Tax Increase
Colorado voters yesterday rejected Proposition 103, which would have raised $2.9 billion between 2012 and 2016 by raising the state income tax from 4.63% to 5% and the state sales tax from 2.9% to 3% for five years.
36.3% voted yes while 63.6% voted no.
As we noted earlier this week:
While Colorado's current state sales tax rate seems paltry at 2.9 percent, Tax Foundation analysis finds that once local sales tax rates are accounted for, Colorado has one of the higher sales tax rates in the country. The combined state and average local sales tax rate in Colorado is 7.48 percent, 15th highest in the nation. Colorado's total state and local tax burden per capita for 2009 (the latest data available) was 18th in the nation, at $4,011.
More on Colorado here.
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