Testimony as prepared for the House State, Military And Veterans Affairs Committee In Support Of House Concurrent Resolution 1014
HCR 1014 begins to permanently untangle the knot of inflexible formulas that have become the hallmark of Colorado’s fiscal system. By trading off two of the most restrictive formulas in the constitution, the revenue limit in TABOR and the spending requirements of Amendment 23, HCR 1014 creates the room for a savings account for education that can protect public investments during unanticipated economic conditions. It further allows for the revenue generated at current, very low relative tax rates to be invested in education, the hallmark of a strong democracy and a vital economy.
Released April 29, 2008