Colorado

Feb 12, 2010 9:08 AM by Bea Karnes, News First 5

Colorado tax hikes would undo tax breaks

The tax hikes lawmakers are rushing to pass to balance the budget would undo about 6 percent of the $2.2 billion in tax credits and exemptions on Colorado's books.

They would affect a range of industries, from manufacturing to information technology to agriculture, as well as consumers. Buyers of candy and soda, as well as some energy bars and sweetened fruit juices, would have to pay 2.9 percent state sales tax.

Downloaded software would also be subject to sales tax just as software purchased in a box is now. The state would also try to nudge out-of-state online retailers to start collecting state sales tax.

The proposals have passed the Senate and must now be voted on again by the House. Lawmakers want to be able to start collecting the revenue next month.

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