An initiative petition that would, if adopted, drastically cut taxes charged by the state for auto registrations has been filed with the Office of Legislative Council.
The petition, which is sponsored by Jeff Gross of Kersey and former Greenwood Village mayor Freda Poundstone, would also cap the state's income tax rate at a flat 4.5 percent in 2011 and then reduce it by 0.1 percent in each year that state income tax revenues exceeded a six percent growth rate until reaching 3.5 percent. That step-by-step reduction would occur over ten years.
If approved for the ballot and adopted by voters, the measure would lower the state's auto registration tax to $2 for new vehicles and $1 for used vehicles by means of a staged process that commences on Jan. 1, 2011.
It would also cap title, registration and license fees at $10 per vehicle per year.
The initiative forbids state and local taxes or fees on motor vehicle rentals and leases.
Finally, the proposal would eliminate all fees and taxes assessed by state and local governments on any form of telecommunications.
The initiative is due for a review and comment hearing on Feb. 9.