Colorado Gov. Bill Ritter wants to speed up a plan to tax things such as candy and soda, pesticides and industrial energy use to help balance the state budget.
In the fall, Ritter proposed suspending or eliminating 13 tax exemptions and credits starting in July to raise $132 million to help balance next year’s budget. In December, lawmakers learned that tax revenues were forecast to drop even more, requiring them to cut another $48 million from the current year’s budget for a total of about $600 million in cuts.
Ritter is proposing that seven of the sales tax exemptions be lifted starting in March instead of July.
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Tags: colorado tax credits, energy efficiency tax credits, energy tax rebate