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.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 187588481 - nbc11news.com/a?a=187588481
Gray Television, Inc.