Spending ramps up on Colorado's Proposition HH campaigns
With one month to go until Election Day, the campaigns for votes on Proposition HH have now generated close to $3 million from all sides.
Proposition HH will ask voters next month whether to use Taxpayer's Bill of Rights surplus revenue — which is usually refunded to taxpayers — to reduce property taxes, fund school districts and backfill counties, water districts, fire districts, ambulance or hospital districts and other local governments.
A companion measure from the legislature, which would only be implemented if HH passes, would provide a one-time only equalized TABOR refund to all taxpayers, paid next April when tax filings are due.
Beginning the following year, TABOR refunds would be reduced over the next decade and potentially beyond that. Under current law, TABOR refunds are first paid to cover senior and veteran property tax homestead exemptions; next through a temporary reduction in the state income tax; and, if any money is left, through a six-tiered sales tax refund with annual tax filings.