SB26-135 Asks Voters To Change TABOR & Shift Billions To State Spending
Colorado voters may soon see a ballot question framed around “funding education” … that is if SB26-135 continues advancing through the legislature.
This bill doesn’t directly change the law on its own. Instead, it’s designed to put a question on the 2026 ballot, asking voters to approve a major change to how the state handles excess tax revenue.
Here’s what you need to know:
SB26-135 would ask you to approve a change allowing the state to keep billions in TABOR refunds that would otherwise go back to you and other taxpayers. Recent reporting shows this could mean up to $6 billion in the near term, and tens of billions over time – that money staying with the government instead of being refunded.
This measure is being sold to the public as “education funding”. The truth is, only a portion of that money is actually directed to K-12 education. The rest can be spent by lawmakers on virtually anything, turning your TABOR refunds into a legislative slush fund.
Right now, TABOR guarantees that when the state collects more than it’s allowed to spend, that money is returned to you. SB26-135 would ask voters to change that. It raises the cap and allows the state to keep the excess, permanently reshaping the system going forward.
Analyses show the average taxpayer could lose thousands of dollars in refunds over the next decade.
I believe we can support strong schools without rewriting the rules in a way that lets the government keep more of your money year after year.
As a controller and CFO, I have spent more than 40 years analyzing and balancing budgets while helping multi-million dollar companies navigate everything from growth to economic downturn. I will be ready on day one to tackle the state budget so you can keep your TABOR refunds and still support education.
Sources:
https://www.cbsnews.com/colorado/news/colorado-taxpayers-37-billion-tabor-refunds-proposed-ballot-measure/
https://leg.colorado.gov/bills/SB26-135
