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Tax On Cola and Candy May Return
Lawmakers May Reinstate Sales Tax on Soft Drinks and Candy Items
POSTED: 2:33 pm MST January 21, 2010
UPDATED: 5:45 pm MST January 21, 2010
DENVER -- 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 planned to suspend or drop 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.
The sales tax on soft drinks and candy is at 2.9 percent. For a $1.50 bottle of soda, taxpayers would see a price increase of about 4 cents."To put it in perspective for you, we're coming out of the worst economy since the Great Depression. And that means for balancing the state budget, our budget lags the economy," said George Merritt, Ritter's spokesman.The governor also would like to revise credits for people who buy alernative fuel cars, like hybrids.
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