Bill > SB228

This bill proposes mechanisms to refund excess state revenues in Colorado. The key provisions are: 1. Temporarily reducing the state income tax rate for income tax years commencing between July 1, 2024 and June 30, 2034, with the reduction amount tied to the total excess state revenues required to be refunded for a given fiscal year. The income tax rate reduction is subject to certain thresholds and annual adjustments. 2. Temporarily reducing the state sales and use tax rates by 0.13% for the fiscal year following any fiscal year where the excess state revenues required to be refunded exceed $1.5 billion. This temporary reduction is also subject to annual adjustments. 3. Requiring the restoration of the standard sales and use tax rates if voters authorize the state to retain and spend excess state revenues that would have triggered the temporary rate reduction. 4. Defining "excess state revenues" as the total state revenues exceeding the constitutional spending limit that voters have not authorized the state to retain and spend. 5. Making related changes to various state tax provisions and appropriating funds to the Department of Revenue to implement the act.

Budget and Finance

https://leg.colorado.gov/bills/sb24-228