Colorado voters approve tax rate decrease measure

By Payroll and Entitlements Editorial Staff

According to unofficial results, Colorado voters approved a ballot measure to decrease the tax rate from 4.63% to 4.55% for the following:

• corporate income tax;
• personal income tax; and
• personal income tax withholding.

The new rate is effective for tax years beginning on and after January 1, 2020. (Prop 116, Colorado General Election, Colorado Secretary of State, November 4, 2020).

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