Colorado voters will decide two statewide ballot measures Tuesday that would affect their pocketbooks as well as state coffers.

Proposition HH asks voters to allow the state to keep some amount of surplus tax revenue that the state constitution currently requires be refunded back to taxpayers.

In exchange, the measure would lower property tax rates for 10 years. A portion of the funds the state retains would be spent on education and rental assistance. 

The proposal was introduced by Democratic Gov. Jared Polis and Democratic lawmakers.

Proposition II would allow the state keep and spend $23.7 million in tax revenue that has already been collected from the sale of tobacco and nicotine products.

It would maintain current tax rates on tobacco and nicotine products and direct the revenue to be spent on preschool programs.

Both proposals involve Colorado’s Taxpayer Bill of Rights, which is an amendment added to the state constitution in 1992. 

The amendment requires the state to refund any surplus tax revenue to voters, as determined by a formula based on inflation and population growth. It also requires voter approval for any tax increases.

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