April 25, 2018
For example, if the Consumer and Price Index calculates average annual inflation to be 3%, and Colorado’s population increases by 1% during the year, the state government can spend a maximum of 4% more than the previous year. — Isabella Mahal
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TABOR stands for the Taxpayer Bill of Rights. It was adopted as a constitutional amendment in Colorado in 1992, and though several other states have proposed the bill, none of them have adopted it. At its core, the legislation limits annual state expenditures. Each year, the annual inflation rate is added to the annual percentage change in the state population and that sum represents the maximum percentage of additional spending that can be added to the previous year’s spending. If that amount is to be exceeded, the legislature must either reach a supermajority assenting vote, or voter approval must be given. Meanwhile, if the annual revenue collected by the state in taxes is higher than the calculated percentage, the extra revenue must be returned to taxpayers in the form of tax refunds. (Center on Budget and Policy Priorities)
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