CO SB055

Reduces individual and corporate state income tax rates from 4.63% to 4.49% for tax years commencing January 1, 2019 and thereafter.

Reduces the state alternative minimum tax rate from 3.47% to 3.33% for tax years beginning January 1, 2019 and thereafter.

Adjusts withholding tax rates and credits to correspond with the new income tax rates.

Takes effect 90 days after final adjournment of the 2019 legislative session (August 2, 2019), subject to referendum petition and voter approval in November 2020 if challenged.

Cites strong Colorado economic growth and projected $1.22 billion surplus in fiscal year 2019-20 as justification for allowing taxpayers to retain more income.