Income/Franchise:
Colorado Governor Issues Proclamation on Voter-Approved Income Tax Rate Reduction
Gov. Polis Issues Proclamations to Declare the Vote for Voter-Approved Ballot Measures, Colo. Office of the Governor (12/27/22). Pursuant to Colorado’s statewide election on November 8, 2022, Colorado Governor Jared Polis recently issued a proclamation declaring the vote for a voter-approved ballot measure that lowers the state income tax rate (including the state corporate income tax rate) from 4.55% to 4.40% applicable for taxable years beginning on or after January 1, 2022 [see D 2022 048: Proclamation Declaration of Vote on Proposition 121 – State Income Tax Rate Reduction for more details on this ballot measure proclamation]. In Colorado, the Governor has the constitutional responsibility to declare the vote after an election, and voter-approved ballot measures take effect upon such declarations. Please contact us with any questions.
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