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Old 2009-12-20
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Exclamation Colorado: 2010 Ballot Measure Would Slash Car Taxes

Article: Colorado: 2010 Ballot Measure Would Slash Car Taxes

TaxesColorado voters will have an opportunity to decide on dramatic reductions in car-related taxes under a measure that qualified for the ballot earlier this month. Proposition 101, if given final approval in the November 2 general election, would roll back a number of vehicle-related fees and reduce income and telecommunications taxes.

"Proposition 101 was written to be simple, short, fair, and clear, unlike the tax code imposed by politicians," initiative sponsor Jeff Gross wrote. "Our target is to help everyone equally, with a tax reform easy to understand and apply."

The measure's biggest change is the near-elimination of the annual 2.1 percent tax on a car's value. Revenue from this "specific ownership tax" is not spent on road repair but is distributed to the general funds of local governments. The proposition would set the tax at a flat rate of $2 for each vehicle. The measure would also abolish the imposition of taxes on renting a car and replace all registration, title and licensing fees with a maximum charge of $10. Those looking to buy a new or used car would enjoy an exemption on the first $10,000 of the vehicle's value in the calculation of the sales tax.

For example, a driver who purchased a used car for $10,000 would owe a total of $1015 in car taxes under the present system. The proposition would lower that figure to just $11. The owner of a newer, $30,000 vehicle now faces $3130 in taxes, but Proposition 101 would cut that amount to $1212. The measure's proponents argue that slashing the cost of buying and owning a car will encourage residents to upgrade to safer and more efficient vehicles.

"Our petition will help vehicle purchases and accelerate replacement of gas-guzzling, high-polluting cars," Gross explained. "This is a more realistic and practical approach than the wasteful federal 'cash for clunkers' boondoggle."

The proposed changes to the tax rate would be phased in over four years and compliance with the measure would be enforced by an annual state audit. Proposition 101's other tax reforms would decrease the state income tax from 4.63 percent to 3.5 percent and ban state and local taxes on Internet and telephone services.

Local governments are mobilizing in force to thwart the initiative, saying it would "blow an estimated $1.2 billion hole in a state budget that is already cut to the bone." The association representing Colorado counties plans to file a challenge regarding the validity of the 142,680 signatures that were collected to qualify the ballot measure. More
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