Authorize Sales Tax and Bonds for Transportation Projects

Colorado Ballot Measure - Proposition 110

Election: Nov. 6, 2018 (General)

Outcome: Failed

Categories:

Government Budget and Spending
Taxes

Summary


Proposition 110 proposes amending the Colorado statutes to:
* increase the state's sales and use tax rate from 2.9 percent to 3.52 percent for 20 years;
* distribute the new tax revenue for transportation as follows: 45 percent to the state; 40 percent to local governments; and 15 percent for multimodal transportation projects; and
* permit the state to borrow up to $6.0 billion for transportation projects and limit the total repayment amount, including principal and interest, to $9.4 billion over 20 years.

Measure Text


Shall state taxes be increased $766,700,000 annually for a twenty-year period, and state debt shall be increased $6,000,000,000 with a maximum repayment cost of $9,400,000,000, to pay for state and local transportation projects, and, in connection therewith, changing the Colorado revised statutes to: 1) increased the state sales and use tax rate by 0.62% beginning January 1, 2019; requiring 45% of the new revenue to fund state transportation safety, maintenance, and congestion related projects, 40% to fund municipal and county transportation projects, and 15% to fund multimodal transportation projects, including bike, pedestrian, and transit infrastructure; 2) authorize the issuance of additional transportation revenue anticipation notes to fund priority state transportation maintenance and construction projects, including multimodal capital projects; and 3) provide that all revenue resulting from the tax rate increase and proceeds from issuance of revenue anticipation notes are voter-approved revenue changes exempt from any state or local revenue, spending, or other limitations in law?

Yes ( ) No ( )

Resources


Official Summary

Source
arrow_upward