Kim MonsonKim Monson · Colorado Voter's Guide 2026
Get your guideSupport Kim's work
Amendment
87
Initiative 195
On the November 2026 ballot

Amendment 87 (Initiative 195): replacing Colorado's single income tax rate with six graduated rates

Amendment 87 would replace Colorado’s 4.40% flat income tax with six rates, from 3.70% to 8.40%, beginning in tax year 2027. Each rate would apply only to income within its bracket. The amendment would remove TABOR’s single-rate requirement and let the state keep the additional revenue for specified purposes.
Kim's recommendation
NO
Kim's recommendation
NO
Vote No on the Graduated Income Tax
Kim's Reasoning:

The first tenet of The Communist Manifesto is “Abolition of property in land and application of all rents of land to public purposes.” One of the ways this is accomplished is through high property taxes of which we are seeing in Colorado (particularly with the repeal of the Gallagher Amendment). The second tenet of The Communist Manifesto is “A heavy progressive or graduated income tax.” A graduated income tax is antithetical to our American Founding that all men are Created equal and should be treated equally under the law because a graduated income tax treats different groups differently which is unfair and unequal. A graduated income tax is based on envy and greed and penalizes creativity, innovation, and productivity. Ronald Reagan said, “If you want less of something, tax it.” While those advocating for a graduated income tax look at tax collections as static, they fail to realize that taxpayers are fluid and many high earners, creators, innovators, businesses, and employers will leave the state. Then PBIs (Politicians, Bureaucrats, and Interested Parties) will have a reckoning; either lower government spending or levy more taxes on everyone who is left.

While proponents of a graduated income tax pontificate that this is a tax savings for lower earners, the comparison with a 4.4% flat tax rate looks like this:

$25,000 earners would save $175.00

$100,000 earners would save $325.00

$500,000 earners would save $325.00

$750,000 earners would pay $7,175.00 more

$1,000,000 earners would pay $15,925.00 more

Every dollar above $1,000,000 would be taxed at 8.40% so a

$1,500,000 earner would pay $35,925 more

Over time, many high earners will leave the state. Additionally, this graduated tax proposal does not account for inflation. As individuals earn more money, add a two-earner household, and wages increase because of inflation, these individuals will see increased tax bills.

Plus subsection (1.8) (b) states “taxable net income from the sale or exchange of a principal residence exceeding the amount excluded from federal taxable income under Section 121 of the Internal Revenue Code shall be subject to tax under this section at the rate of four and forty one-hundredths percent” (4.40%). Taxing the proceeds from the sale or exchange of your home should not be subject to an income tax (particularly when Coloradans are paying significant property taxes each year).

Colorado fell six places to #17 in U.S. News and World Report’s annual business atmosphere rankings. It was recently reported that Colorado plummeted from #11 to #25 in CNBC’s Top State for Business Rankings. A graduated income tax would continue Colorado’s decline in business rankings. VOTE NO ON A GRADUATED INCOME TAX

Kim Monson
Kim Monson
Host, The Kim Monson Show · President, Colorado Union of Taxpayers · Colorado Voter's Guide 2026
Certified ballot question
Certified ballot title

Shall state taxes be increased $2.7 billion annually, in order to increase or improve levels of public services, including K-12 public school education, health care, and early child care and education services, by an amendment to the Colorado Constitution and a change to the Colorado Revised Statutes repealing existing law and creating new law to replace the uniform state income tax rate with a graduated income tax structure, and, in connection therewith, amending the Taxpayer’s Bill of Rights to eliminate the constitutional requirement for all taxable net income to be taxed at one rate with no added tax on income; establishing various income tax rates based on the amount of taxable income earned by individuals, estates, trusts, and corporations, while maintaining the current 4.4% tax on income from the sale of a principal residence, which will result in the estimated change in income taxes owed by individuals as identified in the following table; and authorizing the state to retain and spend any increased revenue from the new tax structure, as a voter-approved revenue change, to supplement current levels of funding for K-12 public school education, health care, and early child care and education programs?

A yes vote means

Six graduated rates replace the 4.40 percent base rate beginning in tax year 2027 for individuals, estates, trusts and C corporations. Each rate applies only to income in its bracket. Taxable gain from selling or exchanging a principal residence above the federal exclusion remains taxed at 4.40 percent. TABOR’s single-rate requirement is removed, and the state may keep the additional revenue for the designated purposes. If Amendment 87 and Proposition 136 both pass, their conflicting tax-rate provisions must be resolved by the legislature or a court; the Blue Book says the outcome is unclear.

A no vote means

Individual and corporate income remains subject to the 4.40 percent base rate, and TABOR continues to require a single income-tax rate.

Key facts
New rates begin
Tax year 2027
The measure itself would take effect on the governor’s proclamation after voter approval.
Current base rate
4.40%
Individual and corporate income; temporary TABOR-related reductions are separate.
Proposed rates
3.70%–8.40%
Six marginal brackets; taxable principal-residence gain above the federal exclusion remains at 4.40 percent. The 2026 Blue Book estimates $1.972 billion in additional revenue in 2027–28, the first full fiscal year. The ballot question’s $2.7 billion figure is the estimated maximum for that year.
Sunset

The graduated rates would apply to tax years beginning on or after January 1, 2027, with no expiration date. The bracket thresholds are fixed dollar amounts; the measure provides no adjustment for inflation.

TABOR treatment

The measure amends the Taxpayer's Bill of Rights and treats the additional money as a voter-approved revenue change. Section 2 of the measure rewrites a sentence in article X, section 20 (8)(a) of the state constitution, which would then read: "Any income tax law change after July 1, 1992 shall also require all taxable net income to be taxed with no added surcharge." The fiscal note states: "The increased revenue is exempt from TABOR as a voter-approved revenue change".

Cost signal

$963.2 million in additional state revenue in FY 2026-27 and $1,981.1 million in FY 2027-28, by the fiscal note's estimate. The certified question asks voters to approve an increase of "$2.7 billion annually", which the fiscal note gives as a maximum for FY 2027-28, not as its estimate.

The measure01

Amendment 87 would tax income at six rates in place of Colorado's single rate

Colorado taxes the income of individuals and corporations at a single rate of 4.40 percent. Amendment 87 would replace that rate with six rates for taxable years beginning on or after January 1, 2027, amend the state constitution to permit different rates on different levels of income, and let the state keep and spend the money the new rates bring in. A no vote leaves the single rate in place.

Chris deGruy Kennedy and Kiyana Newell are the designated representatives for Amendment 87 (Initiative 195). They submitted it as one of eight related graduated-income-tax proposals, Initiatives 189 through 196.

Each rate would apply only to income within its bracket. Moving into a higher bracket would not change the rate on income below that threshold. The schedule runs from 3.70% on the first $25,000 of taxable income to 8.40% on income above $1 million. C corporations would use the same rates on Colorado net income.

Taxable gain from the sale or exchange of a principal residence above the federal exclusion would remain taxed at 4.40%. The graduated schedule would apply to other taxable income.

The bracket thresholds would not rise with inflation. As taxable income grows, more income could fall into the higher brackets even if purchasing power does not increase.

How the brackets work

Each rate reaches only the income inside its own band. Taxable income of $750,000 would be taxed at four rates in turn, and not at 7.40 percent on the whole amount.

The two rate schedules charge the same tax at about $510,833 of taxable income

With no principal-residence gain taxed separately, the proposed schedule and the 4.40% base rate produce equal tax at about $510,833 of Colorado taxable income. Below that amount the schedule produces less tax; above it, more. At $500,000 the difference is a $325 reduction. Above $500,000, the marginal-rate difference is three percentage points, which eliminates that reduction after about $10,833 of additional income. These comparisons exclude tax credits and temporary TABOR rate reductions.

The same crossing point applies to a C corporation, which the measure taxes on the identical schedule.
Calculated from the rates and thresholds in section 3 of the certified text of Initiative 195, which adds 39-22-104 (1.8)(a).
Income tax rates today and under Amendment 87
Taxable IncomeIncome Tax Rate Under Current LawTax Rates Under Initiative #195
Up to $25,0004.40%3.70%
$25,001 to $100,0004.40%4.20%
$100,001 to $500,0004.40%4.40%
$500,001 to $750,0004.40%7.40%
Over $750,000 through $1,000,0004.40%7.90%
Over $1,000,0004.40%8.40%
Section 4 of the certified text imposes the same six rates on the Colorado net income of C corporations.
Rates from Table 2 of the Legislative Council Staff fiscal impact statement of March 9, 2026, and from section 3 of the certified text. Table 2 prints $1,000,000 in both of its last two rows. The certified text is precise: 7.90 percent applies to income greater than $750,000 and up to and including $1,000,000, and 8.40 percent applies to income greater than $1,000,000.
The tax under the six rates

Enter an amount of Colorado taxable income to see the tax at the rate charged today, 4.40 percent, the tax under the six rates in the certified text, and the difference between them.

The crossover point

A filer would owe the same amount under both systems at about $510,833 of taxable income. Below that figure the six rates charge less than 4.40 percent of the whole amount, and above it they charge more. Calculated from the rates and thresholds in the certified text of Initiative 195.

The largest reduction the schedule produces is $325 a year, reached at $100,000 of taxable income and unchanged up to $500,000, because the third rate is the same 4.40 percent charged today.

Outside the calculation
  • It does not work out taxable income. That figure comes from the federal return, and the calculator takes it as entered.
  • Taxable income is not adjusted gross income. Adjusted gross income is the larger figure taken earlier in the federal return, before deductions. The table printed on the ballot sorts filers by adjusted gross income: "Income categories use adjusted gross income reported to the federal Internal Revenue Service." The tax itself is charged on taxable income, so a figure from this calculator and a row of that table are not comparable.
  • It applies no deductions, credits, additions or subtractions. The certified text provides that before either rate is applied, "the federal taxable income shall be modified as provided in subsections (3) and (4) of this section". The calculator charges the rates on the amount entered and applies none of those modifications.
  • The six rates would apply to taxable years beginning on or after January 1, 2027, and only if the measure passes. Income tax for 2026 is charged at 4.40 percent.
  • Both the rate charged today and the six rates are written to apply "EXCEPT AS OTHERWISE PROVIDED IN SECTION 39-22-627", the statute that lowers the income tax rate temporarily to refund excess state revenue. The calculator applies no such reduction to either figure.
  • Subsection (1.8)(b) sets the 4.40 percent rate on gain from the sale of a principal residence above the federal exclusion and says nothing about how that gain sits within the other five rates. The calculator taxes the gain separately and runs the rest of the income through the schedule from the first band.
  • The same six rates apply to C corporations, on Colorado net income. That is a different figure from the one entered here, and the calculator does not compute it.
The calculation runs in this browser. Nothing entered here is saved, sent to a server or logged, and nothing remains when the page is closed.
The committees' organization money by source
Protect Colorado's Future Coalition reports $961,066.71 from organizations in 94 filings. The largest: The Bell Policy Center $137,980 in 4 filings; New Era Colorado Action Fund $131,127.17 in 6 filings; Colorado Statewide Parent Coalition $127,680.49 in 9 filings. Because its registration names two measures, none of these amounts can be attributed to Amendment 87 alone.
Great Education Colorado Action Issue Committee reports $45,000 from organizations in 3 filings. The largest: Great Education Colorado Action Fund $45,000 in 3 filings.
The filings record no organization contributions to People for a Fair Colorado. Contributions from individuals are outside this view.
The filings record no organization contributions to No on 87, Yes on 136. Contributions from individuals are outside this view.
Brighter Colorado reports $295,000 from organizations in 3 filings. The largest: Common Sense America $250,000; Rado Capital $25,000; Advance Colorado $20,000. Because its registration covers several measures, none of these amounts can be attributed to Amendment 87 alone.
Americans for Prosperity Colorado Issue Committee reports $49,630.12 from organizations in 2 filings. The largest: Americans for Prosperity $49,630.12 in 2 filings.
Affordable Colorado reports $3,426.20 from organizations in 3 filings. The largest: Independence Institute $3,426.20 in 3 filings. Because its registration covers several measures, none of these amounts can be attributed to Amendment 87 alone.
The filings record no organization contributions to Let's Go Colorado. Contributions from individuals are outside this view.
The filings record no organization contributions to Don't Price Us Out. Contributions from individuals are outside this view.
TRACER filing, October 3, 2026.
The measure's filers
Designated representativesChris deGruy Kennedy and Kiyana Newell
Filed as a seriesProposed initiatives 2025-2026 #189 through #196, concerning a graduated state income tax
Named inThe review and comment memorandum of January 2, 2026 from Legislative Council Staff and the Office of Legislative Legal Services
The memorandum's subject line lists the eight proposals.
The money02

The fiscal note puts the additional revenue at $963.2 million and then $1,981.1 million

Those figures are for FY 2026-27 and FY 2027-28, and the note describes the first as a half-year impact for tax year 2027. After that it projects "increasing amounts in future years based on income and population growth". Most of the money goes to the Colorado Future's Account, which the measure creates: $931.6 million in the first year and $1,916.9 million in the second. The rest, $31.6 million and then $64.2 million, goes to the Healthy School Meals for All Cash Fund, which pays for food assistance programs.

The ballot question uses $2.7 billion annually. The fiscal note gives $2.7 billion as its maximum estimate for fiscal year 2027–28 after allowing for forecast error, compared with its central estimate of $1,981.1 million. The note excludes the effects of the 2025 federal One Big Beautiful Bill Act because it lacked sufficient data.

The certified title's table
Initiative 195 Change in Income Taxes Owed by Income Category
Income CategoriesCurrent Average Income Tax OwedProposed Average Income Tax OwedProposed Change in Average Income Tax Owed if Passed + or -
$25,000 or less$59$50-$9
$25,001 - $50,000$751$632-$119
$50,001 - $100,000$1,877$1,666-$210
$100,001 - $200,000$4,126$3,828-$298
$200,001 - $500,000$9,344$9,019-$325
$500,001 - $1,000,000$19,288$18,963-$325
$1,000,001 - $2,000,000$29,432$34,196+$4,764
$2,000,001 - $5,000,000$41,196$55,110+$13,914
Income categories use adjusted gross income reported to the federal Internal Revenue Service.
The estimated change in income tax owed, by income category, as the certified ballot title sets it out. "Income categories use adjusted gross income reported to the federal Internal Revenue Service." Source: certified ballot title, reproduced in the Legislative Council Staff fiscal summary of January 20, 2026.
Source: the certified ballot title.
The figures and the dates
Rate today4.40 percent, individuals and corporations alikein force for taxable years commencing on or after January 1, 2022Certified text, 39-22-104 (1.7)(c) and 39-22-301 (1)(d)(I)(K); fiscal impact statement, Table 2
Rates proposed3.70, 4.20, 4.40, 7.40, 7.90 and 8.40 percent, six bandstaxable years commencing on or after January 1, 2027Certified text, sections 3 and 4
Gain on the sale of a principal residence above the federal exclusion4.40 percent, unchangedtaxable years commencing on or after January 1, 2027Certified text, 39-22-104 (1.8)(b)
Additional state revenue$963.2 million and $1,981.1 million, the first is a half-year impact for tax year 2027FY 2026-27 and FY 2027-28Fiscal impact statement of March 9, 2026, Table 1 and State Revenue
Figure in the ballot question$2.7 billion, the maximum allowing for forecast error, not the estimateFY 2027-28Certified ballot title; fiscal impact statement, Maximum Dollar Change
Cost to administer$98,000 in fiscal year 2027–28; the fiscal note states $27,600 annually afterward. Its listed ongoing components total $17,600, leaving a $10,000 discrepancy.FY 2027-28 and later yearsFiscal impact statement, Table 3 and State Expenditures
Change in TABOR refunds$0, both yearsFY 2026-27 and FY 2027-28Fiscal impact statement, Table 1
Duration of the ratesthe six rates apply to every taxable year commencing on or after January 1, 2027, and the bracket thresholds are fixed dollar amountsCertified text, sections 3 and 4
Effective dateon proclamation of the Governor, no later than 30 days after the official canvass of the vote is completedafter the 2026 general electionFiscal impact statement, Effective Date
Petition signatures filedwith the Secretary of StateAugust 3, 2026The Secretary of State's initiative listing
Statement of sufficiency issuedthe measure is on the November 2026 ballotSeptember 1, 2026The Secretary of State's initiative listing
Majority requireda simple majority of the votes cast, the Title Board found the measure only repeals a provision of the state constitutionJanuary 21, 2026 and February 4, 2026Ballot Title Setting Board results for Proposed Initiative #195
Designated representativesChris deGruy Kennedy and Kiyana NewellJanuary 2, 2026Review and comment memorandum
Fiscal figures from the Legislative Council Staff fiscal impact statement of March 9, 2026. Rates and thresholds from the certified text of Initiative 195. Dates from the certified ballot title, the Ballot Title Setting Board results and the Secretary of State's initiative listing.
The additional revenue by destination, from the fiscal note's Table 1A
FY 2026-27FY 2027-28
General Fund$0$0
Colorado Future's Account$931.6 million$1,916.9 million
Healthy School Meals for All Cash Fund$31.6 million$64.2 million
Total$963.2 million$1,981.1 million
The Healthy School Meals for All Cash Fund pays for food assistance programs, among them the Healthy School Meals for All program and the Supplemental Nutrition Assistance Program. The FY 2026-27 figure is a half-year amount for tax year 2027.
The table shows the fiscal note's estimates for FY 2026-27 and FY 2027-28. The $2.7 billion in the ballot question is the maximum the note gives for FY 2027-28, not a forecast.

The certified title shows a smaller average tax bill below $1,000,001 and a larger one above

The title voters read carries a table of the estimated change in income tax owed, by income category. The table shows a smaller average bill for every category up to $1,000,000, from $9 less a year for filers with $25,000 or less to $325 less for the two categories between $200,001 and $1,000,000, and a larger bill above $1,000,000: $4,764 more, and then $13,914 more for the top category. The full table, with its footnote, appears in the sidebar.

Applying the rates in the certified text, a filer with $750,000 of taxable income would owe $40,175, compared with $33,000 at the current 4.40 percent rate. That figure and the table's figures are not comparable row by row. The measure taxes federal taxable income with the additions and subtractions Colorado law already makes to it still applied, while the table's categories use adjusted gross income, in the words of the title's own footnote: "Income categories use adjusted gross income reported to the federal Internal Revenue Service." Each row of the table is an average across a category, not the change for a particular filer.

The ballot table uses adjusted gross income

The tax applies to federal taxable income after Colorado additions and subtractions. The ballot table groups filers by federal adjusted gross income, which is measured before federal deductions. Its rows show average changes for income categories, not the change for a particular filer. A calculator result therefore cannot be compared directly with the row containing the same dollar amount.

Certified ballot title of Initiative 195 and section 3 of the certified text.
Measure provisions03

The measure changes the constitution and leaves the spending split to the legislature

Section 2 of the measure amends article X, section 20 (8)(a) of the state constitution, the Taxpayer's Bill of Rights, which limits the revenue the state may keep and requires the rest to be refunded. The ballot title describes the change as "amending the Taxpayer’s Bill of Rights to eliminate the constitutional requirement for all taxable net income to be taxed at one rate". As the measure would amend it, the sentence in that section reads: "Any income tax law change after July 1, 1992 shall also require all taxable net income to be taxed with no added surcharge." The measure's declaration says the flat system "taxes millionaires and corporations at the same rate as regular working people" and that a graduated income tax will not change the requirement that the state "cannot raise any tax rates without another vote of the people".

Section 5 adds a statute declaring the additional money a voter-approved revenue change under section 20 (7)(d) of article X, and creating the Colorado Future's Account in the General Fund. The fiscal note states: "The increased revenue is exempt from TABOR as a voter-approved revenue change". The account's money must be appropriated for K-12 public school education, health care, and early child care and education, and it "MUST SUPPLEMENT AND NOT SUPPLANT CURRENT LEVELS OF APPROPRIATIONS THERETO", meaning it is added to what the state spends on those purposes now instead of replacing it.

No amount or share is fixed for any of the three purposes. The review and comment memorandum says none of the four initiatives in this group requires any particular amount for any particular program or purpose on the list, and it asked the designated representatives whether they intended that the new section, including the programs and purposes it lists, "may be changed by subsequent legislation enacted by the general assembly". The memorandum also asked them to add "a section to the initiatives amending or repealing section 39-22-627, C.R.S.", the statute that temporarily lowers the income tax rate to refund excess state revenue, and none of the certified text's five sections amends that statute. The section also requires an annual public report on how the money was appropriated, prepared by Legislative Council Staff and audited by the Office of the State Auditor.

The measure's own words
Section 2 changes the Taxpayer's Bill of Rights by striking words from one sentence. This is the sentence as the measure would leave it.
Any income tax law change after July 1, 1992 shall also require all taxable net income to be taxed with no added surcharge.
Section 5 sets one condition on the money in the account it creates.
MUST SUPPLEMENT AND NOT SUPPLANT CURRENT LEVELS OF APPROPRIATIONS THERETO
Certified text of Initiative 195, sections 2 and 5. The capital letters are the measure's own and mark language it would add to statute.
The reviewers asked for a change to the refund statute

The January 2, 2026 review and comment memorandum from Legislative Council Staff and the Office of Legislative Legal Services told the designated representatives they "should add a section to the initiatives amending or repealing section 39-22-627, C.R.S., as necessary, to reflect the changes that would be effectuated by the proposed initiatives", because the language of that statute "is not consistent with" the changes in sections 3 and 4. Section 39-22-627 is the statute under which, as the memorandum puts it, "the state income tax rate shall be temporarily adjusted downward to refund excess state revenues". None of the five sections of the certified text amends it. Table 1 of the fiscal impact statement shows no change in TABOR refunds in either year.

The memorandum also asked whether income from the sale of a principal residence above the federal exclusion was meant to be taxed "regardless of whether it may qualify for the capital gain subtraction" allowed by section 39-22-518. The certified text sets the rate on that income at 4.40 percent.

One of the reviewers' corrections was carried into the certified text. They wrote that section 63 of the Internal Revenue Code "does not provide for the exclusion of any amount of income from the sale or exchange of a principal residence" and that the provision "should be revised to reference the federal income tax exclusion in section 121 of the Internal Revenue Code". The certified text refers to section 121.

Review and comment memorandum of January 2, 2026, substantive comments 5(a), 5(c), 5(d)(ii) and 5(d)(iii); certified text of Initiative 195, sections 1 through 5; Legislative Council Staff fiscal impact statement of March 9, 2026, Table 1.

The Title Board set the title in January

The Title Board set the title on January 21, 2026. On February 4 it denied four motions for rehearing in their entirety and granted the proponents' own motion to the extent of a change in the title. At both hearings the board recorded that the measure "only repeals, in whole or in part, a provision of the state constitution and therefore does not require a 55% majority for passage". A simple majority of the votes cast would adopt it.

The Kim Monson Newsroom covered the measure on July 28, 2026, on which of Initiatives 195 and 232 would prevail if voters passed both, and on August 7, 2026, on the signature filing.

Protect Colorado’s Future Coalition’s registration covers two measures. Brighter Colorado supports six measures and opposes two, including Proposition NN. Neither committee’s totals can be attributed to Amendment 87 alone.

Two income tax measures are on the same ballot

Proposition 136 (Initiative 232) is also on the November 2026 ballot, and it also fixes the state income tax rate. The Kim Monson Newsroom reported on July 28, 2026 that Proposition 136 (Initiative 232) would cap the individual and corporate rates at 4.4 percent, while Amendment 87 would replace the flat rate with six rates reaching 8.40 percent. That article is titled "C.R.S. 1-40-123 decides which of Initiatives 195 and 232 prevails if both pass".

Proposition 136 (Initiative 232) in this guide
The Kim Monson Newsroom, July 28, 2026, and the certified text of Initiative 195.
Terms used in Amendment 87 and its ballot title
Taxable incomeFederal taxable income after Colorado additions and subtractions: the amount to which Colorado’s income-tax rates apply.“FEDERAL TAXABLE INCOME, AS DETERMINED BY SECTION 63 OF THE INTERNAL REVENUE CODE” (Certified text, SECTION 3, 39-22-104 (1.8)(a))
Adjusted gross incomeIncome after specified federal adjustments but before federal deductions. The ballot table uses this figure to group filers.“Income categories use adjusted gross income reported to the federal Internal Revenue Service.” (Certified ballot title, footnote to the Change in Income Taxes Owed by Income Category table)
Graduated ratesA schedule in which each rate applies only to the income inside its own band, so a filer with $750,000 of taxable income is taxed at four rates in turn rather than at 7.40 percent on the whole amount.“A GRADUATED TAX IS IMPOSED ON FEDERAL TAXABLE INCOME” (Certified text, SECTION 3, 39-22-104 (1.8)(a))
The Taxpayer's Bill of RightsArticle X, section 20 of the state constitution, which limits how much revenue the state may keep and requires the rest to be refunded, and which today requires all taxable net income to be taxed at one rate.“The Taxpayer’s Bill of Rights, or the TABOR amendment” (Certified text, SECTION 1, legislative declaration (1)(e))
Voter-approved revenue changeMoney the state may keep and spend above the constitutional revenue limit because voters have approved it, which is what the measure declares the additional income tax revenue to be.“SHALL CONSTITUTE A VOTER APPROVED REVENUE CHANGE UNDER SECTION 20(7)(d) OF ARTICLE X OF THE COLORADO CONSTITUTION” (Certified text, SECTION 5, 24-77-103.3 (1))
Supplement and not supplantA requirement that new money be added to what the state already spends on a purpose instead of replacing it, which the measure applies to the account it creates.“MUST SUPPLEMENT AND NOT SUPPLANT CURRENT LEVELS OF APPROPRIATIONS THERETO” (Certified text, SECTION 5, 24-77-103.3 (2))
The Colorado Future's AccountThe account the measure creates in the General Fund to hold the additional revenue, which the General Assembly would appropriate for K-12 public school education, health care, and early child care and education.“THERE IS HEREBY CREATED IN THE GENERAL FUND THE COLORADO FUTURE’S ACCOUNT” (Certified text, SECTION 5, 24-77-103.3 (2))
The quoted phrases are the certified text's and the certified ballot title's own words.
Campaign support and opposition04
For
Against
TRACER filing, October 7, 2026
From the show05
Show coverage
October 2, 2026Proposition NN’s TABOR Cap Increase, Hand Counts in the Secretary of State Race and a Government That Won’t Admit Failure Listen from 1:34:39
October 1, 2026Zero-Based Budgeting for Colorado, Telling Good Ideas From Evil and a Forum on Faith and Freedom Listen from 52:21
September 15, 2026The Unfinished Federal Impaired-Driving Rule, Rising Mortgage Rates, and Colorado’s Cost of Living Listen from 12:50
September 4, 2026Shock Gloves in Omaha Schools, a Student Walkout Over ICE, and the Politics of Victimhood Listen from 1:07:22
September 1, 2026The Front Range Passenger Rail District Asks Voters for $295 Million a Year and $580 Million in Debt Listen from 19:41
August 17, 2026Douglas County’s Three-to-Five Commissioner Question, a $19 Million Data Center Tax Rebate, and Colorado’s Insurer of Last Resort Listen from 1:05:25
August 7, 2026Colorado’s $4.7 Billion Rail Plan, Two Tax Measures, and the Suppressor Ban Listen from 35:12
July 15, 2026Land, Water, and the Taxpayer’s Bill of Rights Listen from 26:16
July 8, 2026Settled Science, Net Zero, and the Rising Cost of Government Force Listen from 48:58
June 17, 2026Gutting TABOR, Water as Control, and the Cost of Bigger Government Listen from 39:46
The Kim Monson Show
Newsroom coverage
September 14, 2026Amendment 87 leaves ‘all taxable net income to be taxed’ in TABOR Read the article
September 4, 2026Legislative Council Staff’s fiscal review of Amendment 87 omits pass-through filers Read the article
Colorado column, August 7, 2026Initiative 195 would replace Colorado’s 4.4% flat tax with rates up to 8.4% Read the article
Colorado column, July 28, 2026C.R.S. 1-40-123 decides which of Initiatives 195 and 232 prevails if both pass Read the article
June 25, 2026Two November ballot measures take aim at TABOR and Colorado’s flat income tax Read the article
June 17, 2026Pfiffner warns two November measures would curb TABOR refunds and end Colorado’s flat tax Read the article
The Kim Monson Newsroom, kimmonson.com
Sources06
Official documents
Colorado slips in yet another national ranking, though there are bright spots too | The Sum and Substance
State Income Tax Rates 2026: All 50 States Ranked Highest to Lowest
Certified text of Initiative 195
Fiscal impact statement (March 9, 2026)
Fiscal summary (January 20, 2026)
Review and comment memorandum (January 2, 2026)
Ballot title, submission clause and Title Board results
Further reading
Official documents
  • 2026 State Ballot Information BookletColorado Legislative Council · Sep 24, 2026
    The Colorado Legislative Council's 2026 ballot information booklet (Blue Book) entry on Amendment 87 explains that it would replace the state's 4.4 percent flat income tax with six graduated rates from 3.7 to 8.4 percent starting in 2027, lowering taxes on taxable income below about $500,000 and raising them above it, with an estimated $2 billion a year in new revenue for K-12 education, health care and early childhood programs.
  • Ballot analysis (Legislative Council)Legislative Council
    The source is the Colorado General Assembly's 2026 ballot analysis landing page for Amendment 87, Graduated Income Tax, listing research staff, draft mailing and comment deadlines, and links to the measure text, drafts and Blue Book analysis.
  • Initial fiscal impact abstract (Legislative Council)Legislative Council
    The source is Legislative Council Staff's fiscal summary of Initiative 195 (Graduated Income Tax) dated January 20, 2026, matching the row's 'Fiscal summary (January 20, 2026)' item.
  • Fiscal summary (Legislative Council)Legislative Council
    The source is Legislative Council Staff's fiscal impact statement for Initiative 195 (Graduated Income Tax) dated March 9, 2026, matching the row's 'Fiscal impact statement (March 9, 2026)' item.
  • Review and comment memo (Legislative Council and Legal Services)Legislative Council and Legal Services
    The source is the joint Legislative Council Staff and Office of Legislative Legal Services review and comment memorandum dated January 2, 2026, covering proposed initiatives 2025-2026 #189 through #196 (including #195) on a graduated state income tax.
  • Text of the measure as filedColorado General Assembly
    The source is the text of Initiative 2025-2026 #195, Graduated Income Tax, as received by Legislative Council Staff on 12/23/25, which replaces the 4.4% single rate with six graduated rates (3.7% to 8.4%) for tax years starting January 1, 2027, so it carries meaningful information about Amendment 87.
Show 2 more
  • Title Board record (Secretary of State)Secretary of State
    The source is the Secretary of State's Title Board results page for Proposed Initiative #195, giving the ballot title and submission clause (a $2.7 billion annual tax increase replacing the uniform income tax rate with a graduated structure) and the January 21 and February 4, 2026 hearing results.
  • Final text as filed (Secretary of State)Secretary of State
    The source is the Secretary of State's filed final text of 2025-2026 Initiative #195 (received January 9, 2026), which replaces the single 4.4% income tax rate with six graduated rates from 2027.
Reference
News coverage
Show 4 more
Policy analysis
  • Amendment 87: Progressive Taxes and the Bo Nix ProblemIndependence Institute · Sep 23, 2026
    The source is an Independence Institute commentary by Nash Herman (September 23, 2026) arguing, using a Tax Foundation fellow's jock tax calculator, that Amendment 87's progressive brackets would raise Broncos quarterback Bo Nix's Colorado income tax by 73 percent and make Colorado less competitive.
  • New Jersey a Warning Against Colorado’s Amendment 87Independence Institute · Sep 15, 2026
    Independence Institute opinion/policy piece by Nash Herman (Sept. 15, 2026) arguing against Amendment 87, Colorado's progressive income tax measure, citing New Jersey's lack of inflation-indexed brackets as a warning.
  • Amendment 87: A Long-term Tax Increase for All ColoradansIndependence Institute · Sep 4, 2026
    Independence Institute policy analysis by Nash Herman (Sept. 4, 2026) arguing that Amendment 87 (formerly Initiative 195), which replaces Colorado's flat 4.4% income tax with six brackets, would become a long-term tax increase through bracket creep.
  • Graduated Income Tax: Frequently Asked QuestionsBell Policy Center · Sep 2, 2026
    Bell Policy Center staff FAQ (Sept. 2, 2026) supporting the graduated income tax measure (Amendment 87), answering questions on who pays more, revenue, TABOR refunds, interaction with Proposition 136, and inflation indexing.
  • The Income Tax Fairness Act Qualifies for the 2026 BallotBell Policy Center · Sep 1, 2026
    Bell Policy Center press release (Sept. 1, 2026) announcing that the Secretary of State confirmed Initiative 195, the graduated income tax measure (Amendment 87), qualified for the November 2026 ballot, with the coalition's description of what it would do.
  • Gathering Signatures for Initiative 195: What I LearnedColorado Fiscal Institute · Aug 6, 2026
    Colorado Fiscal Institute blog post (Aug. 6, 2026) in which a fellow reflects on gathering petition signatures for Initiative 195 (the graduated income tax measure, now Amendment 87).
Show 2 more
Campaigns and committees
  • Don't Price Us OutColorado Secretary of State · Sep 11, 2026
    Colorado Secretary of State TRACER committee detail page for the issue committee Don't Price Us Out, whose registered purpose is to oppose Amendment 87, and whose filed report through September 16, 2026 shows no contributions or spending.
  • Let's Go ColoradoColorado Secretary of State · Aug 17, 2026
    The Colorado Secretary of State's TRACER committee detail page for Let's Go Colorado, a statewide issue committee registered 08/17/2026 whose stated purpose is to oppose Amendment 87, Proposition NN and Ballot Issue 7A.
  • Affordable ColoradoColorado Secretary of State · Aug 14, 2026
    The Colorado Secretary of State's TRACER committee detail page for Affordable Colorado, a statewide issue committee registered 08/14/2026 whose stated purpose includes opposing Amendment 87, with a financial summary current through the report filed 09/21/2026.
  • Americans for Prosperity Colorado Issue CommitteeColorado Secretary of State · Aug 6, 2026
    The Colorado Secretary of State TRACER committee page for the Americans for Prosperity Colorado Issue Committee, registered 08/06/2026 to oppose Initiative 195 (the graduated income tax initiative), shows total contributions and total expenditures of $49,630.12 each as of the September 21.
  • No on 87, Yes on 136Colorado Secretary of State · Jul 6, 2026
  • Protect Colorado’s Future CoalitionColorado Secretary of State · Feb 3, 2026
    Colorado Secretary of State TRACER committee page for Protect Colorado's Future Coalition, an issue committee supporting Amendment 87 and opposing Proposition 136.
Show 3 more
Text of the measure

Be it Enacted by the People of the State of Colorado: SECTION 1. Legislative Declaration (1) The people of the state of Colorado find, determine, and declare that: (a) Colorado taxpayers are entitled to a fair and equitable tax system that recognizes the affordability challenges facing working families, promotes a vibrant statewide economy, and adequately supports our public education, health care, and child care systems and other essential public services available to all Coloradans; (b) Colorado’s current flat income tax system, unlike the graduated income tax system at the federal level and in 27 other states, taxes millionaires and corporations at the same rate as regular working people; (c) Combining state income, sales, and property taxes, the wealthiest 1% of Coloradans– those making over $850,000 per year–pay only 7% of their income in state and local taxes every year, whereas the 60% of Coloradans making between $25,000 and $150,000 per year pay between 9-10%. (d) The 97% of Colorado taxpayers making less than $500,000 would benefit from a tax cut to help them afford the high cost of living; (e) The Taxpayer’s Bill of Rights, or the TABOR amendment, has significantly limited the ability of state and local governments to invest in supporting teachers and care workers, building infrastructure, and keeping up with a changing economy; (f) TABOR can be amended to allow a graduated income tax without impacting TABOR refunds or the voters’ right to approve any future tax increases; (g) As demonstrated by recent state-commissioned adequacy studies, Colorado’s public schools have been underfunded for decades, and despite the elimination of the Budget Stabilization Factor in 2024, teacher wage competitiveness is still 50th in the country. (h) Health care in Colorado is too expensive, and the cuts in the federal budget bill are expected to exceed $2 billion per year by 2032, with rural hospitals and clinics facing the greatest risks for closing or limiting services; and (i) Child care in Colorado is too expensive, making it harder for parents to work while raising their families, and yet wages are so low that 46 percent of early childhood workers in the state rely on social welfare programs like Medicaid and SNAP; (2) The people of the state of Colorado find, therefore, that: (a) A graduated income tax system will: (I) Better support Colorado’s children and families, working people, and older adults by cutting taxes for individuals and small businesses making less than $500,000 per year while only increasing taxes on individuals and corporations making more than $500,000 per year; (II) Increase Colorado’s ability to adequately invest in our public schools, health care, and child care systems and programs to improve the affordability of health care and child care; (b) A graduated income tax system will not: (I) Change the Constitutional requirement that the state government cannot raise any tax rates without another vote of the people; (II) Reduce or otherwise impact TABOR refunds, because any revenue raised from Colorado’s current 4.4% flat income tax, 2.9% sales tax, and various other taxes and fees that exceeds the TABOR spending limit will be required to be refunded to taxpayers; (c) All new revenue from graduated income tax that exceeds what would have otherwise been collected under Colorado’s current tax rates will be transferred into the Colorado’s Future Fund, with spending limited to the following purposes: (I) Improving our public education system, increasing pay to attract and retain great teachers, reducing class sizes, supporting rural schools, and supporting affordable pathways to higher education and workforce training; (II) Improving our health care system, making health care more affordable, replacing federal Medicaid funds that were cut by the federal budget bill, implementing new requirements in the federal budget bill, increasing access to mental and behavioral health care and primary care, supporting services for older adults and people with disabilities, increasing access to nutritious food, supporting our health care workforce, and supporting rural hospitals and clinics; (III) Improving our early child care and education systems, helping families afford child care, and increasing pay to attract and retain great child care providers; (d) New revenues are intended to supplement rather than supplant existing funding; (e) Taxpayers will be able to monitor and assure responsible and effective usage of all new revenue based on the following requirements: (I) The nonpartisan office of legislative council will produce an annual report on all spending of new revenue that will be accessible to the public in various formats including the general assembly’s website with plain language descriptions and understandable data visualizations; (II) The nonpartisan and independent office of the state auditor will annually audit this report and present findings to the Joint Budget Committee and the public; SECTION 2 In the constitution of the state of Colorado, section 20 of article X, amend (8)(a) as follows: (8) Revenue limits. (a) New or increased transfer tax rates on real property are prohibited. No new state real property tax or local district income tax shall be imposed. Neither an income tax rate increase nor a new state definition of taxable income shall apply before the next tax year. Any income tax law change after July 1, 1992 shall also require all taxable net income to be taxed with no added surcharge. SECTION 3. In Colorado Revised Statutes, 39-22-104, amend (1.7)(c) and (2); and add (1.8) as follows: 39-22-104. Income tax imposed on individuals, estates, and trusts - report - tax preference performance statement - legislative declaration - definitions - repeal. (1.7)(c) Except as otherwise provided in section 39-22-627, subject to subsection (2) of this section, with respect to taxable years commencing on or after January 1, 2022, BUT BEFORE JANUARY 1, 2027, a tax of four and forty one-hundredths percent is imposed on the federal taxable income, as determined pursuant to section 63 of the internal revenue code, of every individual, estate, and trust. (1.8)(a) EXCEPT AS OTHERWISE PROVIDED IN SECTION 39-22-627, SUBJECT TO SUBSECTION (2) OF THIS SECTION, WITH RESPECT TO TAXABLE YEARS COMMENCING ON OR AFTER JANUARY 1, 2027, A GRADUATED TAX IS IMPOSED ON FEDERAL TAXABLE INCOME, AS DETERMINED BY SECTION 63 OF THE INTERNAL REVENUE CODE, OF EVERY INDIVIDUAL, ESTATE, AND TRUST, AS FOLLOWS: (I) FOR FEDERAL TAXABLE INCOME LESS THAN OR EQUAL TO TWENTY FIVE THOUSAND DOLLARS, THE TAX IS THREE AND SEVENTY ONE-HUNDREDTHS PERCENT; (II) FOR FEDERAL TAXABLE INCOME GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, THE TAX IS (A) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS AND (B) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS; (III) FOR FEDERAL TAXABLE INCOME GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, THE TAX IS (A) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (B) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, AND (C) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS; (IV) FOR FEDERAL TAXABLE INCOME GREATER THAN FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, THE TAX IS (A) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (B) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (C) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, AND (D) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN FIVE HUNDRED THOUSAND DOLLARS; (V) FOR FEDERAL TAXABLE INCOME GREATER THAN SEVEN HUNDRED FIFTY THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE MILLION DOLLARS, THE TAX IS (A) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (B) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (C) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, (D) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT OVER FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, AND (E) SEVEN AND NINETY ONE-HUNDREDTHS PERCENT ON THE AMOUNT OVER SEVEN HUNDRED FIFTY THOUSAND DOLLARS; AND (VI) FOR FEDERAL TAXABLE INCOME GREATER THAN ONE MILLION DOLLARS, THE TAX IS (A) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (B) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (C) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, (D) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, (E) SEVEN AND NINETY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN SEVEN HUNDRED FIFTY THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE MILLION DOLLARS; AND (F) EIGHT AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE MILLION DOLLARS. (b) FOR PURPOSES OF SUBSECTION (1.8)(a) OF THIS SECTION, TAXABLE NET INCOME FROM THE SALE OR EXCHANGE OF A PRINCIPAL RESIDENCE EXCEEDING THE AMOUNT EXCLUDED FROM FEDERAL TAXABLE INCOME UNDER SECTION 121 OF THE INTERNAL REVENUE CODE SHALL BE SUBJECT TO TAX UNDER THIS SECTION AT THE RATE OF FOUR AND FORTY ONE-HUNDREDTHS PERCENT. (2) Prior to the application of the rate of tax prescribed in subsection (1), (1.5), (1.7), OR (1.8) of this section, the federal taxable income shall be modified as provided in subsections (3) and (4) of this section. SECTION 4. In Colorado Revised Statutes, 39-22-301, amend (1)(d)(I)(K) and add (1)(d)(I)(L) as follows: 39-22-301. Corporate tax imposed – repeal. (1)(d)(I)(K). Except as otherwise provided in section 39-22-627, for income tax years commencing on or after January 1, 2022, BUT BEFORE JANUARY 1, 2027, four and forty one-hundredths percent of the Colorado net income. (1)(d)(I)(L) EXCEPT AS OTHERWISE PROVIDED IN SECTION 39-22-627, FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027, A GRADUATED TAX IS IMPOSED ON COLORADO NET INCOME, AS DETERMINED UNDER THIS SECTION, OF EVERY DOMESTIC C CORPORATION, FOREIGN C CORPORATION, AND COMBINED GROUP, AS DEFINED IN SECTION 39-22- 303(12)(a.3), DOING BUSINESS IN COLORADO ANNUALLY IN AN AMOUNT OF THE NET INCOME OF SUCH C CORPORATION DURING THE YEAR DERIVED FROM SOURCES WITHIN COLORADO AS SET FORTH IN THE FOLLOWING SCHEDULE OF RATES, AS FOLLOWS: (i) FOR COLORADO NET INCOME LESS THAN OR EQUAL TO TWENTY FIVE THOUSAND DOLLARS, THE TAX IS THREE AND SEVENTY ONE-HUNDREDTHS PERCENT; (ii) FOR COLORADO NET INCOME GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, THE TAX IS (I) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS AND (II) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS; (iii) FOR COLORADO NET INCOME GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, THE TAX IS (I) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (II) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, AND (III) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS; (iv) FOR COLORADO NET INCOME GREATER THAN FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, THE TAX IS (I) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (II) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (III) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, AND (IV) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN FIVE HUNDRED THOUSAND DOLLARS; (v) FOR COLORADO NET INCOME GREATER THAN SEVEN HUNDRED FIFTY THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE MILLION DOLLARS, THE TAX IS (I) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (II) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (III) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, (IV) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT OVER FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, AND (V) SEVEN AND NINETY ONE-HUNDREDTHS PERCENT ON THE AMOUNT OVER SEVEN HUNDRED FIFTY THOUSAND DOLLARS; AND (vi) FOR COLORADO NET INCOME GREATER THAN ONE MILLION DOLLARS, THE TAX IS (I) THREE AND SEVENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT UP TO AND INCLUDING TWENTY FIVE THOUSAND DOLLARS, (II) FOUR AND TWENTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE HUNDRED THOUSAND DOLLARS, (III) FOUR AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO FIVE HUNDRED THOUSAND DOLLARS, (IV) SEVEN AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN FIVE HUNDRED THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO SEVEN HUNDRED FIFTY THOUSAND DOLLARS, (V) SEVEN AND NINETY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN SEVEN HUNDRED FIFTY THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO ONE MILLION DOLLARS; AND (VI) EIGHT AND FORTY ONE-HUNDREDTHS PERCENT ON THE AMOUNT GREATER THAN ONE MILLION DOLLARS. SECTION 5. In Colorado Revised Statutes, add 24-77-103.3 as follows: 24-77-103.3. Voter approved revenue change – retention and use of revenue – accountability. (1) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, FOR EACH STATE FISCAL YEAR COMMENCING ON OR AFTER JANUARY 1, 2026, ALL REVENUE COLLECTED UNDER THE INCOME TAX RATES ESTABLISHED BY SECTION 39-22-104(1.8) AND SECTION 39-22- 301(1)(d)(I)(L) IN EXCESS OF THE REVENUE THAT WOULD BE GENERATED IN ANY SUCH STATE FISCAL YEAR BY APPLYING THE INCOME TAX RATE THAT EXISTED AS OF DECEMBER 31, 2026 (“EXCESS REVENUE”), SHALL CONSTITUTE A VOTER APPROVED REVENUE CHANGE UNDER SECTION 20(7)(d) OF ARTICLE X OF THE COLORADO CONSTITUTION, AND MAY BE COLLECTED, KEPT, AND SPENT NOTWITHSTANDING ANY OTHER LIMITS IN SUBSECTION (20)(7)(d). (2) FOR PURPOSES OF ADMINISTERING THE DEDICATION OF THE EXCESS REVENUE SPECIFIED IN SUBSECTION (1) OF THIS SECTION, THERE IS HEREBY CREATED IN THE GENERAL FUND THE COLORADO FUTURE’S ACCOUNT, WHICH SHALL CONSIST OF AN AMOUNT OF MONEYS EQUAL TO THE AMOUNT OF THE EXCESS REVENUE SPECIFIED IN SUBSECTION (1) OF THIS SECTION. THE MONEYS IN THE ACCOUNT SHALL BE APPROPRIATED OR TRANSFERRED BY THE GENERAL ASSEMBLY FOR THE FOLLOWING PROGRAMS AND PURPOSES AND MUST SUPPLEMENT AND NOT SUPPLANT CURRENT LEVELS OF APPROPRIATIONS THERETO: (a) K-12 PUBLIC SCHOOL EDUCATION, INCLUDING: (I) IMPROVING KINDERGARTEN THROUGH 12TH GRADE; (II) INCREASING ACCESS TO CAREER AND TECHNICAL EDUCATION PROGRAMS; (III) INCREASING TEACHER PAY; (b) HEALTH CARE, INCLUDING: (I) PROGRAMS TO HELP FAMILIES AFFORD HEALTH CARE; (II) REPLACING MEDICAID FUNDING LOST DUE TO RECENT FEDERAL LEGISLATION, AND PAYING FOR IMPLEMENTATION OF NEW FEDERAL REQUIREMENTS; (III) INCREASING FUNDING FOR PRIMARY CARE, BEHAVIORAL HEALTH AND RURAL HEALTH CARE; (IV) SUPPORTING HEALTH CARE, LONG-TERM CARE, AND OTHER SUPPORTS FOR OLDER ADULTS AND PEOPLE WITH DISABILITIES; (V) PROGRAMS THAT INCREASE ACCESS TO NUTRITIOUS FOOD; AND (c) EARLY CHILD CARE AND EDUCATION, INCLUDING: (I) PROGRAMS TO HELP FAMILIES AFFORD CHILD CARE; (II) INCREASING PAY AND SUPPORT FOR THE CHILD CARE WORKFORCE; (III) IMPROVING ACCESS TO HIGH-QUALITY EARLY CHILDHOOD EDUCATION PROGRAMS; (3)(a) FOR EACH FISCAL YEAR COMMENCING ON OR AFTER JANUARY 1, 2026, THAT THE STATE RECEIVES EXCESS REVENUE AS DEFINED IN SUBSECTION (1) OF THIS SECTION, THE DIRECTOR OF RESEARCH OF THE NONPARTISAN STAFF OF THE LEGISLATIVE COUNCIL SHALL PREPARE A REPORT, TO BE TRANSMITTED TO THE GENERAL ASSEMBLY AND MADE PUBLICLY AVAILABLE AND EASILY ACCESSIBLE ON OR VIA A LINK FROM THE GENERAL ASSEMBLY’S WEBSITE, SPECIFYING THE USES TO WHICH SUCH REVENUE HAS BEEN APPROPRIATED OR TRANSFERRED AND TO ENSURE THAT SUCH REVENUE IS APPROPRIATED, TRANSFERRED, AND SPENT, AS DIRECTED BY THE PEOPLE OF COLORADO, IN ACCORDANCE WITH THIS SECTION. THE OFFICE OF THE STATE AUDITOR SHALL ANNUALLY AUDIT THE REPORT, WHICH MUST AT A MINIMUM CONTAIN THE FOLLOWING INFORMATION: (I)THE AMOUNT OF SUCH EXCESS REVENUE; AND (II)A SPECIFICATION AND DESCRIPTION OF THE AMOUNTS, PROGRAMS AND PURPOSES TO WHICH SUCH REVENUE HAS BEEN ALLOCATED AND APPROPRIATED OR TRANSFERRED. (b) THE REPORT SHALL INCLUDE A PLAIN LANGUAGE SUMMARY AND, WHERE POSSIBLE, EASILY UNDERSTANDABLE VISUALIZATIONS OF THIS INFORMATION, AND SHALL BE MADE REASONABLY AVAILABLE IN OTHER FORMATS WHEN REQUESTED.