CO SCR003

Submits a constitutional amendment to Colorado voters for the November 8, 2016 election to repeal penalties when tax increase or spending estimates in election notices underestimate actual amounts.

Removes the requirement that tax increases be reduced up to 100% proportionally and that excess revenue be refunded when actual spending exceeds the estimate provided in the ballot information booklet (blue book).

Eliminates the requirement for districts to seek voter approval to avoid the reduction and refund penalties when spending exceeds the election notice estimate.

Amends Section 20(3)(c) of Article X of the Colorado Constitution to strike language referencing "fiscal year spending" from the penalty provision while maintaining other TABOR requirements.

The amendment becomes effective upon majority approval by Colorado voters on the November 2016 ballot.