SB 22-233

  • Colorado Senate Bill
  • 2022 Regular Session
  • Introduced in Senate May 03, 2022
  • Passed Senate May 03, 2022
  • Passed House May 10, 2022
  • Signed by Governor May 23, 2022

TABOR Refund Mechanism For FY 2021-22 Only

Abstract

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 department of revenue is required to issue refund checks to every qualified individual in an identical amount; except that for qualified individuals who were granted an extension to file a state income tax return and timely file the state income tax return, then the department of revenue shall issue refund checks to such qualified individuals on or before January 31, 2023. 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 revenues. "Qualified individual" is defined for purposes of the bill as a natural person who is at least 18 years of age on or before December 31, 2021, 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. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (4)

Votes


Actions


May 23, 2022

Office of the Governor

Governor Signed

May 11, 2022

Office of the Governor

Sent to the Governor

House

Signed by the Speaker of the House

Senate

Signed by the President of the Senate

May 10, 2022

Senate

Senate Considered House Amendments - Result was to Concur - Repass

Senate

Senate Considered House Amendments - Result was to Reconsider

Senate

Senate Considered House Amendments - Result was to Concur - Repass

House

House Third Reading Passed with Amendments - Floor

May 06, 2022

House

House Third Reading Laid Over Daily - No Amendments

May 05, 2022

House

House Second Reading Special Order - Passed with Amendments - Committee

House

House Committee on Appropriations Refer Amended to House Committee of the Whole

  • Committee-Passage
  • Referral-Committee
House Committee of the Whole Appropriations

House

House Committee on Finance Refer Unamended to Appropriations

  • Referral-Committee
Appropriations Finance

May 03, 2022

House

Introduced In House - Assigned to Finance

  • Introduction
Finance

Senate

Senate Third Reading Passed - No Amendments

May 02, 2022

Senate

Senate Second Reading Special Order - Passed with Amendments - Committee, Floor

Senate

Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole

  • Committee-Passage
  • Referral-Committee
Senate Committee of the Whole Appropriations

Apr 29, 2022

Senate

Senate Committee on Finance Refer Amended to Appropriations

  • Referral-Committee
Appropriations Finance

Apr 27, 2022

Senate

Introduced In Senate - Assigned to Finance

  • Introduction
Finance

Bill Text

Bill Text Versions Format
Signed Act (05/23/2022) PDF
Final Act (05/11/2022) PDF
Rerevised (05/10/2022) PDF
Revised (05/05/2022) PDF
Reengrossed (05/03/2022) PDF
Engrossed (05/02/2022) PDF
Introduced (04/27/2022) PDF
PA3 (05/05/2022) PDF
PA2 (05/02/2022) PDF
PA1 (04/29/2022) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note SA1 (05/01/2022) PDF
Fiscal Note SA2 (05/06/2022) PDF
Fiscal Note FN1 (04/29/2022) PDF
Fiscal Note FN2 (05/04/2022) PDF

Sources

Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.