The Board of Directors of the Colorado Springs Regional Business Alliance has voted to oppose Amendment 66 on the November 5 ballot. The central reasoning behind this recommendation is as follows:
- Amendment 66 raises approximately $1 billion per year for additional Pre-K through 12th grade education funding without specific and measurable goals or outcomes. There are education goals referenced in statute but they are too easily challenged and diluted, and still don’t have the specificity regarding outcomes that will drive needed education reform.
- Referencing the University of Colorado Leeds School of Business study, the tax increase is a net drain on the economy and a hindrance to private sector job creation, especially without established measurable education goals and outcomes.
- The two-tiered income tax structure raises equity concerns, and also hinders company creation and entrepreneurial development as most of these companies incorporate as S-Corporations who are subject to the tax increase.
- We have concerns that the crafting of the amendment with broad authority granted by the constitutional language creates a de-Taboring of the revenue, and guarantees a specific percentage (43%) of all General Fund revenues be spent on Pre-K through 12 education regardless of other needs or circumstances facing the state.
The organization believes strongly in providing all students in our region and state with a quality education focused on measurable achievement. As the leading business organization in the Pikes Peak region, we know first-hand the importance of an available and capable workforce to drive innovation in our existing and new companies. We will continue to work with higher education, workforce development and our K-12 partners in the region to ensure we have a demand-driven workforce market to remain competitive in a global economy