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Legislative Year: 2022 Change

Bill Detail: SB22-233

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Title TABOR Refund Mechanism For FY 2021-22 Only
Status Governor Signed (05/23/2022)
Bill Subjects
  • Fiscal Policy & Taxes
  • State Revenue & Budget
House Sponsors T. Exum Sr. (D)
L. Daugherty (D)
Senate Sponsors R. Rodriguez (D)
N. Hinrichsen (D)
House Committee Finance
Senate Committee Finance
Date Introduced 04/27/2022

If the state exceeds its constitutional spending limit, then it is
required by the Taxpayer's Bill of Rights (TABOR) to refund the excess
state revenues (TABOR refunds). There are currently 3 TABOR refund

mechanisms: Reimbursement to counties for the senior homestead
exemption, a temporary income tax rate reduction, and a sales tax refund.
The bill establishes a temporary fourth TABOR refund mechanism
for excess state revenues from all sources for state fiscal year 2021-22.
Under this mechanism, if the amount of excess state revenues exceeds the
projected total amount of TABOR refunds issued as reimbursement to
counties for the senior homestead exemption and, if applicable, through
the temporary income tax rate reduction, then on or before September 30,
2022, the state treasurer is required to issue refund checks to every
qualified individual in an identical amount. The amount of the refund is
$400 for every qualified individual who files a single income tax return
or who receives a property tax, rent, or heat credit rebate and $800 for
each pair of qualified individuals who file a joint income tax return or
who receive a property tax, rent, or heat credit rebate; except that the
executive director of the department of revenue has the authority to adjust
these amounts to avoid refunding more excess state revenues than are
required to be refunded based on the amount or anticipated amount of
excess state revenues set forth in the state controller's certification of state
Qualified individual is defined for purposes of the bill as a
natural person who is a Colorado resident for the entire 2021income tax
year and files a state income tax return for the 2021 income tax year or
receives a property tax, rent, or heat credit rebate.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/04/2022) (most recent)  
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