Colo. lawmakers agree on spending cuts
DENVER — Teachers, farmers and retailers may have some good news from a budget agreement struck in the Colorado Legislature. A stalemate over next year’s budget appeared to end today with Democrats and Republicans agreeing to a spending plan that eases cuts, or restores tax breaks, for those favored constituents.
The bill due to be introduced in the Senate later in the day cuts K-12 education funding by $250 million. It’s a painful bite, but not as bad as a cut of $332 million proposed by Democratic Gov. John Hickenlooper.
Lawmakers also agreed to give retailers a small portion of the sales taxes they collect as compensation for collecting them. And the plan calls for getting rid of sales taxes on certain agricultural products, such as pesticides.