Proposition NN: Keeping revenue that would otherwise fund TABOR refunds

The ballot question

Shall state investment in K-12 public education increase two percent each year for the next ten years, with investments used to increase teacher pay, improve teacher retention, lower class sizes, and increase access to career and technical courses, without raising taxes but instead funded by raising the annual limit on state fiscal year spending only by the amount spent on public K-12 education as a voter-approved revenue change, and requiring an annual publicly released, independent audit to show how the new investments are spent?

What a vote does

A yes vote means

Colorado could keep revenue it would otherwise refund under TABOR, the Taxpayer’s Bill of Rights. The fiscal note estimates refund reductions of $329.9 million in fiscal year 2026-27 and $521.0 million in 2027-28. The money would fund K-12 education and children’s programs, with reimbursements for local governments’ homestead property tax exemptions paid first starting in 2027-28.

A no vote means

Colorado would continue to refund revenue above the Referendum C cap, its current revenue limit, under existing law.

Figures from the fiscal estimate

• First fiscal year affected: 2026-27, beginning July 1, 2026
• TABOR refunds: Reduced by an estimated $329.9 million in FY 2026-27
• Tax rates: Unchanged

Legislative Council ballot analysis

• Ballot analysis, Legislative Council

Official documents

• Enrolled act (SB 26-135)
• Fiscal note (final, August 10, 2026)

Key dates

• October 2 to October 9: county clerks mail ballots to active voters.
• October 12: drop boxes open.
• October 26: last suggested day to return a ballot by mail.
• From October 27: return your ballot to a drop box or vote center instead of mailing it.
• November 3, 2026, Election Day: ballots are due by 7:00 p.m.

• Find a drop box or vote center at GoVoteColorado.gov
• Colorado Secretary of State, September 23, 2026