Colorado Tobacco Tax Revenue Beats Expectations, May Fund Expanded Preschool Education Programs

Colorado voters approved an increase in taxes on tobacco and nicotine products to fund comprehensive preschool education programs.

According to a recent report by Craigdailypress, voters in Colorado supported a tax increase on tobacco and nicotine products in a 2020 referendum, allowing the state government to use the revenue to fund comprehensive preschool education programs. 

However, the increased tax revenue has exceeded expectations by about $24 million. As a result, the legislature passed a bill requiring this year’s ballot measure to allow the state government to keep this extra money and all future tax revenues to expand preschool education programs.