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Measure Details

Education Funding and TABOR Rebates

Summary

Amendment 59 proposes amending the Colorado Constitution to: - eliminate rebates that taxpayers receive when the state collects more money than it is allowed, and spend the money on preschool through 12th grade (P-12) public education; - eliminate the required inflationary increase for P-12 education spending; and - set aside money in a new savings account for P-12 education.

Measure Text

An amendment to the Colorado constitution concerning the manner in which the state funds public education from preschool through the twelfth grade, and, in connection therewith, requiring that any revenue that the state would otherwise be required to refund pursuant to the constitutional limit on state fiscal year spending (TaxpayerÂ’s Bill of Rights) be transferred instead to the state education fund; eliminating the requirement that, for the 2011-12 state fiscal year and each state fiscal year thereafter, the statewide base per pupil funding for public education from preschool through the twelfth grade and the total state funding for all categorical programs increase annually by at least the rate of inflation; for the 2010-11 state fiscal year and each state fiscal year thereafter, creating a state education fund savings account in the state education fund; requiring that a portion of the state income tax revenue that is deposited in the state education fund be credited to the savings account in certain circumstances; requiring a bill to be passed by either a two-thirds majority vote of each house of the general assembly or, in any state fiscal year in which Colorado personal income grows less than six percent between the two previous calendar years, by a simple majority vote of the general assembly to use the moneys in the savings account; establishing the purposes for which moneys in the savings account may be spent; establishing a maximum amount that may be in the savings account in any state fiscal year; and allowing the general assembly to transfer moneys from the general fund to the state education fund, notwithstanding any limitations on annual general fund appropriations, so long as certain obligations for transportation funding are met.

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