The Taxpayer’s Bill of Rights (TABOR) is a constitutional amendment passed by Colorado voters in 1992. It places significant restrictions on the ability of state and local governments to increase taxes and government revenue without voter approval. Here are the key points:
Revenue Limits: TABOR limits the amount of revenue state and local governments can retain and spend. Any revenue collected beyond the limit must be refunded to taxpayers, unless voters approve otherwise.
Tax Increases: TABOR requires voter approval for any new tax, tax rate increase, or extension of an existing tax.
Spending Limits: TABOR also restricts the amount by which government spending can increase. This limit is based on inflation and population growth, and any spending beyond this limit requires voter approval.
Emergency Reserve: TABOR mandates that state and local governments maintain an emergency reserve of at least 3% of fiscal year spending, which can be used for declared emergencies.
The Taxpayer’s Bill of Rights (TABOR) is a constitutional amendment passed by Colorado voters in 1992. It places significant restrictions on the ability of state and local governments to increase taxes and government revenue without voter approval. Here are the key points:
Revenue Limits: TABOR limits the amount of revenue state and local governments can retain and spend. Any revenue collected beyond the limit must be refunded to taxpayers, unless voters approve otherwise.
Tax Increases: TABOR requires voter approval for any new tax, tax rate increase, or extension of an existing tax.
Spending Limits: TABOR also restricts the amount by which government spending can increase. This limit is based on inflation and population growth, and any spending beyond this limit requires voter approval.
Emergency Reserve: TABOR mandates that state and local governments maintain an emergency reserve of at least 3% of fiscal year spending, which can be used for declared emergencies.