Colorado

Jan 21, 2010 9:40 AM by Bea Karnes, News First 5

Colorado tax hikes coming

You'll soon be paying higher taxes for things like computer software, candy and soda. Right now, those things are exempted from taxes in Colorado--but that's about to end.

Gov. Bill Ritter previously announced plans to suspend or eliminate 13 tax exemptions and credits starting in July to help next year's budget. But because tax revenues have continued to decline, this year's budget must be cut by another $48 million.

Ritter now wants to suspend or eliminate seven of the breaks starting in March to raise $18 million. That means only $30 million would have to be cut from the rest of the budget.

Members of Ritter's staff met with business leaders on Wednesday to explain the plan. It will be up to state lawmakers to decide whether to agree to it.

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