Finance Committee Approves Bill To Support Universal Preschool Program
Legislation would refer a measure to the November 2023 ballot to retain excess revenue collected from Proposition EE
DENVER, CO – Senate Majority Leader Dominick Moreno, D-Commerce City, and Senator Rhonda Fields’, D-Aurora, bill to support and maintain Colorado’s Universal Preschool Program (UPK) cleared the Senate Finance Committee today.
HB23-1290 would refer a measure to the November 2023 ballot asking voters to allow the state to keep the excess revenue collected on tobacco and other tobacco products to fund UPK in Colorado. If approved by voters, the measure would allow the state to direct the nearly $24 million in excess revenue to support Colorado’s early childhood learners, instead of refunding that amount to the tobacco industry.
"Preschool programs play a vital role in Colorado's communities by laying a strong foundation for children and providing essential child care services for working parents," Moreno said. "This bill presents an opportunity for voters to redirect much-needed funds towards Colorado's early education system, instead of returning them to tobacco distributors and wholesalers. With the potential to infuse nearly $24 million into preschool programs, HB23-1290 represents a wise investment in the future of our children and our state."
“In 2020, voters overwhelmingly supported taxing tobacco and nicotine products to fund Colorado’s transformational Universal Preschool Program and boost learning opportunities for our youngest Coloradans,” said Fields. “This bill gives voters the chance to build on that progress and utilize existing funding to support even more families seeking preschool programs.”
In 2020 Colorado voters approved Proposition EE, which created new excise taxes on cigarettes, tobacco and nicotine products to fund a number of priorities, including UPK. The new tax rates are designed to phase in over the next few fiscal years through 2027. When originally approved by voters, it was estimated that this measure would raise $186.5 million in new tax revenue in its first year. Actual revenues from the new tobacco taxes exceeded that predicted amount by nearly $24 million.
HB23-1290 now heads to the Senate floor for further consideration. You can follow the bill’s progress HERE.