Colorado Lawmakers Put TABOR Refund Change for School Funding on November Ballot

Overview

• Senate Bill 135, which passed Tuesday on party-line votes in the House (42–21) and Senate (23–12), sends a statewide question to the November 2026 ballot.
• The measure would raise Colorado’s TABOR spending cap by the amount of one year’s K‑12 budget, now about $4.6 billion, letting the state keep revenue it would otherwise refund under TABOR.
• It requires a 2% boost to K‑12 funding each year for 10 years, directs at least half of any retained surplus to schools, steers the rest to child-focused programs like preschool and child care, and mandates annual audits.
• Near term, the governor’s office projects only about $711 million next year and $516 million the year after will exceed the cap, with some already set aside to reimburse local governments for a seniors’ property tax break.
• Supporters including the teachers union say it targets a $3.5–$4 billion school funding gap and could raise pay and cut class sizes, while Republicans and taxpayer groups say it cuts refunds and hands lawmakers a blank check.