Colorado State Archives
Executive Orders from the Administration of Governor Bill Owens 1999-2005
Tuesday, August 17, 1999
Governor Bill Owens announced today that the State exceeded its TABOR imposed revenue limit by $680.8 million in FY 1998-99. This official number is virtually the same as the June estimate of the Office of State Planning and Budgeting, which was $686.3 million.
By constitutional requirement this excess revenue will be refunded to taxpayers. Based on the refund mechanism enacted in last years legislative session this means the average adult in Colorado will receive a $216 refund on their 1999 tax form. The average married couple, filing jointly, will receive $432.
The high surpluses were achieved despite record permanent and temporary tax reductions supported by Owens and enacted in FY 98-99.
"These robust numbers support my belief that Coloradans need additional permanent income tax relief," said Governor Owens. "It makes no sense for the State to collect so much in extra taxes in the first place. I think we can easily justify an additional $100 million in permanent tax relief without jeopardizing our base budget."
Based on these new revenue numbers, Owens said he will be meeting with legislative leaders in the coming weeks and will push for a permanent tax reduction when the legislature reconvenes next January.
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