Saving You Money
Governor Jared Polis is taking immediate action to help people keep their hard-earned money while reducing the cost of major expenses like education, healthcare, and housing.
The Governor is finding more ways to save Coloradans money, including sending $750 in refunds to every taxpayer 9 months early, lowering property tax rates saving families and small businesses $1.1 billion, and delivering 16,000 affordable housing units over the next 10 years. Here are just a few…
As Governor, Jared Polis…
… eliminated sales tax on everyday items including diapers and feminine hygiene products.
Governor Signed HB22-1055 Into Law, Which Eliminated The Sales Tax On Items Like Diapers And Feminine Hygiene Products. CNN reported, “Buying diapers and feminine hygiene products is about to get just a little bit easier for Coloradans. HB22-1055, also known as the Sales Tax Exemption Essential Hygiene Products Act, went into effect on Wednesday. ‘From now on in Colorado, there will no longer be state sales tax on diapers and feminine hygiene products,’ said Gov. Jared Polis in a news release. ‘This new bi-partisan law finally ends the sales tax on diapers and feminine hygiene products permanently and starts saving people money on these necessary products.’” Governor Polis signed HB22-1055 into law on June 3, 2022.
... reduced taxes and fees for small businesses.
Governor Polis Signed Into Law HB21-1312, Which Raised The Exemption For The Business Personal Property Tax From $7,900 To $50,000. Colorado Politics reported, “Meanwhile, the major provision in HB 1312, from the same set of sponsors, is to increase to $50,000 the business personal property tax exemption for small businesses. That’s property taxes businesses pay on items such as desks, computers, phones and other movable equipment that they use to run their operations. Governor Polis signed HB21-1312 into law on June 23, 2021.
… put money back into the pockets of taxpayers.
Governor Polis Signed SB22-233, Which Made All Coloradans’ TABOR Tax Refunds The Same Amount And Accelerated The Timeline To Release Them. KRDO reported, “In the past, taxpayers received refunds from the ‘excess state revenue.’ However, following the passing of Senate Bill 22-233, Coloradans will receive the refunds differently from previous years. According to the state, SB 22-233 was meant to ‘provide immediate relief to Coloradans’ by sending TABOR refunds out in the summer as opposed to the spring of 2023. […] Individual filers can expect $750 back and joint filers will receive $1,500.” Governor Polis signed SB22-233 into law on May 23, 2022.
… lowered property tax rates for families, small businesses and ranches and farms.
Governor Polis Signed SB22-238, “2023 And 2024 Property Tax” Which Reduced Nonresidential And Residential Property Tax Rates By $700 Million For 2023 And 2024. Colorado Newsline reported, “Colorado state representatives approved legislation to temporarily cut property taxes, voting unanimously Friday to send the bill to the governor’s desk. Senate Bill 22-238 would temporarily reduce residential and commercial property tax assessment rates, providing $700 million in savings over two years for Colorado homeowners and businesses.” Governor Polis signed SB22-238 into law on May 16, 2022.
[Colorado Newsline, 5/10/22; Colorado General Assembly, SB22-238, signed into law 5/16/22]
… reduced fees for drivers.
Governor Polis Signed HB22-1351 Into Law, Which Reduced Vehicle Registration Fees For 2023. According to the Colorado Legislative Council Staff, “HB22-1351… This bill delays the start of the phased-in road usage fees from July 1, 2022, to April 1, 2023, and further reduces the amount of road safety surcharge for registrations in 2023.” Governor Polis signed HB22-1351 into law on May 16, 2022.
… capped copays for insulin.
Governor Polis Signed HB19-1216 Into Law, “Reduce Insulin Prices” Which Capped The Cost Of Prescription Insulin At No More Than $100 For A One-Month Supply. NPR reported, “As nearly 7.5 million Americans contend with covering the skyrocketing costs of insulin to manage the disease, diabetics in Colorado will soon have some relief. A new law, signed by Gov. Jared Polis earlier this week, caps co-payments of the lifesaving medication at $100 a month for insured patients, regardless of the supply they require.” Governor Polis signed HB19-1216 into law on May 22, 2019.
… lowered taxes for farmers and ranchers.
Governor Polis Signed SB21-293 Into Law, Which Provided $25 Million In Tax Relief For Farmers And Ranchers. According to the Colorado Legislative Council, “For 2022 and 2023, the bill reduces property tax assessment rates for residential property, agricultural property, and property used for renewable energy production. It also expands the state property tax deferral program to all homeowners whose property taxes increase by at least a certain rate each year, and requires a study of the program. The bill reduces local government revenue and increases state and local government expenditures.” Governor Polis signed SB21-293 into law on June 23, 2021.
… eliminated taxes on social security.
Governor Polis Signed HB 1311 Into Law Which Made “All Federally Taxed Social Security Income… Deductible.” The Colorado Sun reported, “Here are five big changes awaiting Gov. Jared Polis’ signature before going into effect and what you need to know about them. […] House Bill 1311 makes a number of changes to state income taxes, including by… Removing a cap so that all federally taxed Social Security income is deductible in Colorado, although caps still apply to other pension and annuity income.” Governor Polis signed HB21-1311 into law on June 23, 2021.
… cut fees for hikers and outdoor enthusiasts.
Governor Polis Signed SB21-249, “Keep Colorado Wild Annual Pass” Which Created A Discounted State Parks And Public Lands Pass For Colorado Residents. 9News reported, “Good news for outdoor enthusiasts: Starting next year, anyone who registers a personal vehicle at a Colorado DMV will automatically pay $29 for an annual state parks pass – unless they chose to opt out. The Colorado Parks and Wildlife (CPW) Commission on Wednesday passed the $29 price point, which is less than half the $84 price of a current annual pass that gives access to all 43 state parks. […] Senate Bill 21-249 directed the creation of the pass and the automatic DMV fee no earlier than Jan. 1, 2023, and no later than Jan. 1, 2024.” Governor Polis signed SB21-249 into law on June 21, 2021.
… created free, full day kindergarten for families.
Governor Polis Signed HB19-1262, “State Funding For Full-day Kindergarten” Which Funded Full Day Public Kindergarten. CPR reported, “Almost 12,000 more kids enrolled in kindergarten after Colorado started offering it all day and for free this past fall. The law went into effect for the current school year and provides 100 percent funding for full-day kindergarten. The state used to only pay for half-day kindergarten. Almost 62,000 Colorado kids enrolled in full-day kindergarten this year, according to numbers released Thursday by the Colorado Department of Education. […] One of Gov. Jared Polis’ main campaign promises was to make full-day kindergarten free to every family in Colorado.” Governor Polis signed HB19-1262 into law on May 21, 2019.
Colorado has always been about moving forward, not turning back.
We’re strengthening Colorado’s recovery, ensuring Coloradans can hold on to more of their hard-earned money, making our families and communities healthier and safer, and creating opportunities for more people to get ahead. Governor Jared Polis will never stop working to save you money and make Colorado the best it can be for generations to come.
