Ritter wants to speed up plan to tax candy, soda
January 21, 2010
DENVER (AP) – Gov. Bill Ritter wants to speed up a plan to tax things like candy and soda and computer software to help balance this year’s budget.
Ritter previously announced plans to suspend or eliminate 13 tax exemptions and credits starting in July to help next year’s budget.
But because tax revenues have continued to decline, this year’s budget must be cut by another $48 million. Ritter now wants to suspend or eliminate seven of the breaks starting in March to raise $18 million. That means only $30 million would have to be cut from the rest of the budget.
Members of Ritter’s staff met with business leaders on Wednesday to explain the plan.
It will be up to state lawmakers to decide whether to agree to it.