The TABOR limit “base” is equal to the lesser of the prior fiscal year’s revenue limit grown by Colorado inflation and population growth, or the current fiscal year’s revenue.
Referendum C, which was approved by voters in 2005, allows the state to retain and spend an amount of revenue above the TABOR limit base. This amount is limited by the Referendum C “cap”, which grows by inflation plus population growth from FY 2007-08 revenue. Surplus revenue in excess of the Referendum C cap must be refunded to Colorado taxpayers. The money is refunded from the state’s general operating fund, known as the “General Fund.”
The TABOR Amendment requires voter approval for tax increases. Fees, which are not addressed in this handbook, can be increased by the state legislature without voter approval. Voter approval is also required to increase the TABOR limit, which constrains state revenue from both taxes and fees.
The TABOR Amendment was approved and is intended to limit the amount of revenue the State of Colorado may retain and spend. Excess “revenue” in the form of tax refunds were to be given back to Colorado’s taxpaying citizens.
In typical fashion, Governor Jared Polis and his radical legislators now want to make a 2005 ballot initiative, whereby tax refunds were avoided for a 5-year period, permanent.
What Polis and these lawmakers fail to recognize, both with TABOR and other money grabbing schemes and tax hikes, is this excess revenue is belongs to Coloradans. This is money taken from us every paycheck. It is not a gift, and it is not theirs to do with as they please. This is just another workaround and slap in the face to every Colorado citizen who pays state income taxes.
It should be pointed out, Assistant House Minority Leader Kevin Van Winkle called TABOR “an important safeguard against government overreach” in a statement opposing the ballot proposal.