SB 23B-003 CO

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Became Law

The act changes the refund mechanism for state revenues that exceed the state's fiscal year spending limit (TABOR refunds). Before passage of the act, 3 refund mechanisms for TABOR refunds applied for the 2022-23 state fiscal year: Reimbursement, paid to counties for allocation to local governments that levy property taxes, for the reduction in property taxes resulting from the property tax exemptions for qualifying seniors and veterans with a disability; An additional reimbursement that is paid to counties for allocation to local governmental entities that levy property taxes for the reduction in property taxes resulting from reductions in valuation for assessment; and A sales tax refund for individual taxpayers, the amount of which is either based on 6 tiers of income or, if there is insufficient revenue for the tiered approach, is an identical refund amount. The act creates a new temporary refund mechanism that replaces the sales tax refund mechanism for the 2022-23 state fiscal year. Under this mechanism, each qualified individual is eligible to receive an identical refund payment from the remaining excess state revenues after refunds are made through the county reimbursement mechanisms (remaining excess state revenues). The amount of the refund is equal to the amount of remaining excess state revenues divided by the number of qualified individuals, and it is a refund from all sources of state fiscal year spending. A qualified individual filing a single return is entitled to one refund, and 2 qualified individuals filing a joint return are entitled to 2 refunds. The executive director of the department of revenue is required to administer this refund in the same manner as the identical sales tax refund. The refund is not to be reported to the department of revenue as a payment of a refund, credit, or offset of state income taxes in any information return required to be filed pursuant to federal law. APPROVED by Governor November 20, 2023 EFFECTIVE November 20, 2023(Note: This summary applies to this bill as enacted.)

• Nick Hinrichsen Democratic · primary
• Janice Marchman Democratic · primary
• Javier Mabrey Democratic · primary
• Ruby Dickson · primary

1. Nov 20, 2023 Governor Signed · executive
2. Nov 20, 2023 Sent to the Governor · executive
3. Nov 20, 2023 Signed by the Speaker of the House · lower
4. Nov 20, 2023 Signed by the President of the Senate · upper
5. Nov 20, 2023 House Third Reading Passed - No Amendments · lower
6. Nov 19, 2023 House Second Reading Special Order - Passed - No Amendments · lower
7. Nov 19, 2023 House Committee on Finance Refer Unamended to House Committee of the Whole · lower
8. Nov 19, 2023 Introduced In House - Assigned to Finance · lower
9. Nov 19, 2023 Senate Third Reading Passed - No Amendments · upper
10. Nov 18, 2023 Senate Second Reading Special Order - Passed with Amendments - Floor · upper
11. Nov 17, 2023 Senate Second Reading Special Order - Laid Over Daily - No Amendments · upper
12. Nov 17, 2023 Senate Committee on State, Veterans, & Military Affairs Refer Unamended to Senate Committee of the Whole · upper
13. Nov 17, 2023 Introduced In Senate - Assigned to State, Veterans, & Military Affairs · upper