Fiscal cliff deal slows Colorado revenue gains

By: Associated Press Email
By: Associated Press Email

DENVER (AP) -- Colorado state government stands to lose $45 million in the current fiscal year and $100 million in the next one because of tax changes included in the federal fiscal cliff agreement.

The Denver Post reported Saturday (http://tinyurl.com/a5rmp3n) the revenue cuts will come in estate tax revenue.

Last month, state officials projected that state tax revenue would be $159 million more than expected in the current fiscal year as the economy improves and $142 million more than expected in the next year.

Officials say the decline in estate tax revenue means this year's revenue will be $114 million more than projected and next year's would be $42 million.

That will affect discussions over which programs should get additional revenue, including education and tax relief for the poor.


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