Authorizes bonds for transportation projects and raises taxes to repay the debt
Details:
- Increases state sales & use tax rate to 3.52% (up from 2.9%) for 20 years, beginning January 1, 2019
- Authorizes CDOT to issue up to $6 billion in bonds
- Revenue would be placed in the following accounts and spent as follows:
o 45% for highway construction and maintenance
o 40% for municipal and county projects
o Local municipalities would need to provide matching funds of 50% to qualify
o 15% for multi-modal transportation (e.g. mass transit to reduce vehicle usage, bike paths,)
- This sales tax increase is a 21% addition to your current sales tax
- Severely hurts Coloradans who will now pay more for goods and services
- Does not limit where money can be spent
- Includes set asides for mass transit, bike paths and other non-road projects
- Sends money to local governments with limited little to no oversight
- More regulations from government in the attempt to reduce citizen’s freedom in transportation choices
- Economy killer that doesn’t address the real transportation issues we face
Additional Information:
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Unstable funding scheme
Secretary of State information
