Colorado Voters Approve Income Tax Hike, Chamber of Commerce Voices Concerns
Colorado voters approved Amendment 87, which will raise the state's top income tax rate from 4.4% to 8.4% for both individuals and businesses, effective in 2027. The Colorado Chamber of Commerce is urging lawmakers to prevent further tax increases and…
Colorado Springs Pueblo, CO, November 12, 2026 —
Colorado voters have approved Amendment 87, a ballot measure that will increase the state’s top income tax rate. The measure, passed by voters, is set to raise the rate from the current 4.4% to 8.4% for both individual and business income. This change is scheduled to take effect starting in 2027.
The approval of Amendment 87 marks a significant fiscal shift for the state, impacting a broad spectrum of taxpayers. The increase in the top income tax rate applies to both individuals and businesses operating within Colorado.
Following the vote, the Colorado Chamber of Commerce has issued a call to action for state lawmakers. The organization is urging legislators to take steps to prevent any additional tax increases. Furthermore, the Chamber advocates for the preservation of existing economic development tools, emphasizing their importance for maintaining the state’s business competitiveness.
A spokesperson for the Colorado Chamber of Commerce stated that their primary concern is ensuring that Colorado remains an attractive and viable place for businesses to operate and invest. They believe that avoiding further tax burdens and safeguarding economic development initiatives are crucial for businesses to stay competitive within the state and the broader market.
The specific details regarding the types of businesses or income levels that will be most affected by the new 8.4% rate, beyond being the top rate, were not detailed in the information provided. Similarly, the specific economic development tools the Chamber wishes to preserve were not enumerated.
The full implications of this tax rate adjustment and the subsequent legislative responses are expected to unfold in the period leading up to and following the 2027 implementation date.
Story summarized from the original created by Loren Furman on gazette.com, see more information here.
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