Bill Summary:

If the state exceeds its fiscal year spending limit, it is required to refund the excess state revenues (TABOR refund). The act changes the way the state will distribute a TABOR refund for the 2022-23 state fiscal year. Currently, there are 3 different methods to effectuate a TABOR refund:

A reimbursement to counties for property tax revenue reductions as a result of the senior and veteran property tax exemption;

A reimbursement to counties for reductions in property tax revenues due to reductions in valuation for assessment; and

A six-tier sales tax refund for individual taxpayers under which refunds increase, based on the tiers, as a taxpayer's income increases.

APPROVED by Governor May 24, 2023

PORTIONS EFFECTIVE May 24, 2023

PORTIONS EFFECTIVE January 1, 2024

NOTE: Section 2 of the act states that section 1 of the act takes effect only if, at the November 2023 statewide election, a majority of voters approve the ballot issue submitted for their approval or rejection pursuant to section 24-77-202, C.R.S., as enacted by Senate Bill 23-303 and that if the voters at the November 2023 statewide election approve the ballot issue, then section 1 of this act takes effect on the later of January 1, 2024, or the date of the official declaration of the vote thereon by the governor. (Note: This summary applies to this bill as enacted.)