Fiscal Cliff Deal Slows Colo. Revenue Gains
DENVER (AP) - Colorado state government stands to lose $45 million in the current fiscal year and $100 million in the next one because of tax changes included in the federal fiscal cliff agreement.
The Denver Post reported Saturday the revenue cuts will come in estate tax revenue.
Last month, state officials projected that state tax revenue would be $159 million more than expected in the current fiscal year as the economy improves and $142 million more than expected in the next year.
Officials say the decline in estate tax revenue means this year's revenue will be $114 million more than projected and next year's would be $42 million.
That will affect discussions over which programs should get additional revenue, including education and tax relief for the poor.