SENATE BILL 24-228
BY SENATOR(S) Mullica and Lundeen, Baisley, Bridges, Gardner,
Kirkmeyer, Liston, Marchman, Pelton B., Pelton R., Priola, Rich, Roberts,
Simpson, Smallwood, Van Winkle, Will;
also REPRESENTATIVE(S) deGruy Kennedy and Pugliese, Amabile, Bird,
Clifford, Duran, Story, Titone, McCluskie.
C
ONCERNING MECHANISMS TO REFUND EXCESS STATE REVENUES , AND, IN
CONNECTION THEREWITH
, MAKING AN APPROPRIATION.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 39-22-627, amend (1),
(2), (3), and (6); repeal (5)(d); and add (10) and (11) as follows:
39-22-627. Temporary adjustment of rate of income tax - refund
of excess state revenues - authority of executive director - definition -
repeal. (1) (a) Subject to the provisions of this section, if, for any state
fiscal year commencing on or after July 1, 2010
JULY 1, 2024, BUT BEFORE
JULY 1, 2034, the amount of state revenues in excess of the limitation on
state fiscal year spending imposed by section 20 (7)(a) of article X of the
state constitution that are required to be refunded for such state fiscal year
exceeds the amount specified in paragraph (b) of this subsection (1)
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. SUBSECTION (1)(b) OF THIS SECTION, the executive director shall temporarily
reduce the state income tax rate for the income tax year commencing during
the calendar year in which the state fiscal year ended from four and
sixty-three one-hundredths percent ITS CURRENT PERCENTAGE of the federal
taxable income of every individual, estate, trust, and corporation, as
specified in sections 39-22-104 (1.7) and 39-22-301 (1)(d)(I)(I), to four and
one-half percent of the federal taxable income of every individual, estate,
trust, and corporation 39-22-301 (1)(d)(I), AS A METHOD to refund excess
state revenues that are required to be refunded pursuant to section 20 (7)(d)
of article X of the state constitution. E
XCEPT AS OTHERWISE PROVIDED IN
SUBSECTION
(1)(b)(II) OF THIS SECTION, THE STATE INCOME TAX RATE FOR
THE INCOME TAX YEAR COMMENCING DURING THE CALENDAR YEAR IN
WHICH THE STATE FISCAL YEAR ENDED IS REDUCED
, DEPENDING ON THE
TOTAL AMOUNT OF EXCESS STATE REVENUES REQUIRED TO BE REFUNDED
FOR A SPECIFIED STATE FISCAL YEAR PURSUANT TO SECTION
20 (7)(d) OF
ARTICLE
X OF THE STATE CONSTITUTION AS DETERMINED BY THE ANNUAL
CERTIFICATION OF EXCESS STATE REVENUES REQUIRED BY SECTION
24-77-106.5 THAT EXCEED THE AMOUNT OF EXCESS STATE REVENUES LESS
THE AMOUNT OF REIMBURSEMENT FOR PROPERTY TAX EXEMPTIONS
, BY AN
APPLICABLE AMOUNT SPECIFIED IN SUBSECTION
(1)(a)(I) OF THIS SECTION,
SUBJECT TO THE ANNUAL ADJUSTMENTS REQUIRED BY SUBSECTION (1)(a)(II)
OF THIS SECTION.
(I) (A) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS
GREATER THAN THREE HUNDRED MILLION DOLLARS BUT LESS THAN OR
EQUAL TO FIVE HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS
REDUCED BY FOUR ONE
-HUNDREDTHS OF ONE PERCENT ;
(B) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN FIVE HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO SIX
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY SEVEN
ONE
-HUNDREDTHS OF ONE PERCENT ;
(C) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN SIX HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO SEVEN
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY NINE
ONE
-HUNDREDTHS OF ONE PERCENT ;
(D) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN SEVEN HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO
PAGE 2-SENATE BILL 24-228 EIGHT HUNDRED MILLION DOLLARS , THE INCOME TAX RATE IS REDUCED BY
ELEVEN ONE
-HUNDREDTHS OF ONE PERCENT ;
(E) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN EIGHT HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO ONE
BILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY TWELVE
ONE
-HUNDREDTHS OF ONE PERCENT ;
(F) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN ONE BILLION DOLLARS BUT LESS THAN OR EQUAL TO ONE BILLION FIVE
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY
THIRTEEN ONE
-HUNDREDTHS OF ONE PERCENT ; AND
(G) IF THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN ONE BILLION FIVE HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE
IS REDUCED BY FIFTEEN ONE
-HUNDREDTHS OF ONE PERCENT .
(II) F
OR EACH STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, THE EXECUTIVE DIRECTOR SHALL ANNUALLY ADJUST THE EXCESS
STATE REVENUE AMOUNTS SPECIFIED IN SUBSECTION
(1)(a)(I) OF THIS
SECTION BY A PERCENTAGE EQUAL TO THE PERCENTAGE OF ALLOWABLE
INCREASE IN STATE FISCAL YEAR SPENDING CALCULATED PURSUANT TO
SECTION
24-77-103 (2)(a)(I) FOR THE STATE FISCAL YEAR FOR WHICH THE
EXCESS STATE REVENUE MUST BE REFUNDED
.
(b) (I) In order for
The provisions of subsection (1)(a) of this section
to take effect ONLY IF the amount of EXCESS state revenues required to be
refunded for the specified state fiscal year, must exceed AS OUTLINED IN
SUBSECTION
(1)(a)(I) OF THIS SECTION, EXCEEDS the total of the amount of
reimbursement for property tax revenues lost as a result of the
property tax
exemptions allowed by part 2 of article 3 of this title 39 paid by the state
treasurer to each county treasurer as required by section 39-3-207 (4) for the
property tax year that commenced during the specified state fiscal year plus
the estimated amount by which state revenues would be decreased as the
result of a
THE APPLICABLE reduction in the state income tax rate. from four
and sixty-three one-hundredths percent to four and one-half percent of
federal taxable income, as determined pursuant to this section
(II) FOR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, IF THE PERMANENT STATE INCOME TAX RATE THEN IN EFFECT IS
PAGE 3-SENATE BILL 24-228 FOUR AND TWENTY -FIVE ONE-HUNDREDTHS PERCENT OR LESS OF THE
FEDERAL TAXABLE INCOME OF EVERY INDIVIDUAL
, ESTATE, TRUST, AND
CORPORATION
, ANY OTHERWISE APPLICABLE TEMPORARY INCOME TAX RATE
REDUCTION OUTLINED IN SUBSECTION
(1)(a) OF THIS SECTION DOES NOT
TAKE EFFECT
; EXCEPT THAT, IF THE AMOUNT OF EXCESS STATE REVENUES
REQUIRED TO BE REFUNDED FOR THE STATE FISCAL YEAR IS EQUAL TO OR
GREATER THAN TWO BILLION DOLLARS
, THE EXECUTIVE DIRECTOR SHALL
TEMPORARILY REDUCE THE STATE INCOME TAX RATE TO THE EXTENT
NECESSARY TO REFUND ALL EXCESS STATE REVENUES THAT WOULD NOT
OTHERWISE BE REFUNDED BY ANOTHER METHOD ESTABLISHED BY LAW
OTHER THAN THE METHODS SET FORTH IN SECTIONS
39-22-2002 AND
39-22-2003.
(c) F
OR THE INCOME TAX YEAR BEGINNING ON JANUARY 1, 2024, THE
EXECUTIVE DIRECTOR SHALL TEMPORARILY REDUCE THE STATE INCOME TAX
RATE FROM FOUR AND FORTY ONE
-HUNDREDTHS PERCENT OF THE FEDERAL
TAXABLE INCOME OF EVERY INDIVIDUAL
, ESTATE, TRUST, AND
CORPORATION
, AS SPECIFIED IN SECTIONS 39-22-104 (1.7) AND 39-22-301
(1)(d)(I),
TO FOUR AND TWENTY-FIVE ONE-HUNDREDTHS PERCENT OF THE
FEDERAL TAXABLE INCOME OF EVERY INDIVIDUAL
, ESTATE, TRUST, AND
CORPORATION
, AS A METHOD TO REFUND EXCESS STATE REVENUES THAT ARE
REQUIRED TO BE REFUNDED PURSUANT TO SECTION
20 (7)(d) OF ARTICLE X
OF THE STATE CONSTITUTION FOR STATE FISCAL YEAR 2023-24.
(2) Except as otherwise provided in subsection (3) of this section,
no later than October 1, 2011,
OCTOBER 1, 2024, and no later than each
October 1 thereafter of any calendar year during which it is certified in
accordance with the provisions of section 24-77-106.5, C.R.S.
that state
revenues exceed the limitation on state fiscal year spending imposed by
section 20 (7)(a) of article X of the state constitution for the state fiscal year
ending in that calendar year and exceed any amount that the voters
statewide have authorized the state to retain and spend for the state fiscal
year ending in that calendar year, the executive director shall estimate the
amount by which state revenues would be decreased as the result of a
reduction THE APPLICABLE PERCENTAGE REDUCTION LISTED IN SUBSECTION
(1)(a)(I), (1)(b)(II), OR (1)(c) of this section in the state income tax rate
from four and sixty-three one-hundredths percent to four and one-half
percent of federal taxable income for the income tax year commencing
during the calendar year in which the state fiscal year ended.
PAGE 4-SENATE BILL 24-228 (3) If one or more ballot questions are submitted to the voters at a
statewide election to be held in November of any given calendar year that
seek authorization for the state to retain and spend all or any portion of the
amount of excess state revenues for the state fiscal year ending during said
calendar year, the executive director shall not reduce the state income tax
rate until the results of said election are known so that the state income tax
rate may be reduced only if, after the results of said election, the amount of
excess state revenues required to be refunded for the state fiscal year
exceeds the total of the amount of reimbursement for property tax revenues
lost as a result of the property tax exemptions allowed by part 2 of article
3 of this title 39 paid by the state treasurer to each county treasurer as
required by section 39-3-207 (4) for the property tax year that commenced
during the specified state fiscal year plus the estimated amount by which
state revenues would be decreased as a result of a THE APPLICABLE
reduction in the state income tax rate from four and sixty-three
one-hundredths percent to four and one-half percent of federal taxable
income pursuant to this section.
(5) (d) Any income tax rate adjustment made pursuant to the
provisions of this section shall be made by rules promulgated by the
executive director in accordance with article 4 of title 24, C.R.S.
(6) If, based on the financial report prepared by the controller in
accordance with section 24-77-106.5, the controller certifies that the amount
of the state revenues for any state fiscal year commencing on or after July
1, 2017, exceeds the limitation on state fiscal year spending imposed by
section 20 (7)(a) of article X of the state constitution for that state fiscal
year and exceeds the amount of excess state revenues that the voters
statewide have authorized the state to retain and spend for that state fiscal
year by less than the total of the amount of reimbursement for property tax
revenues lost as a result of the property tax exemptions allowed by part 2 of
article 3 of this title 39 paid by the state treasurer to each county treasurer
as required by section 39-3-207 (4) for the property tax year that
commenced during the specified state fiscal year plus the estimated amount
by which state revenues would be decreased as the result of a THE
APPLICABLE
reduction in the state income tax rate from four and sixty-threeone-hundredths percent to four and one-half percent of federal taxable
income as calculated by the executive director pursuant to subsection (2) of
this section, then the reduction in the state income tax rate allowed pursuant
to subsection (1) of this section shall
IS not be allowed for the income tax
PAGE 5-SENATE BILL 24-228 year commencing during the calendar year in which the state fiscal year
ended.
(10) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
REQUIRES
:
(a) "E
XCESS STATE REVENUES" MEANS THE TOTAL AMOUNT OF THE
STATE REVENUES FOR THE STATE FISCAL YEAR IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7)(a) OF ARTICLE
X OF THE STATE CONSTITUTION THAT VOTERS STATEWIDE HAVE NOT
AUTHORIZED THE STATE TO RETAIN AND SPEND AND THAT THE STATE IS
REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF ARTICLE X OF THE STATE
CONSTITUTION
, INCLUDING ANY ADJUSTMENT FOR AMOUNTS SPECIFIED IN
SECTION
24-77-103.7 OR 24-77-103.8.
(b) "R
EIMBURSEMENT FOR PROPERTY TAX EXEMPTIONS " MEANS THE
AMOUNT OF REIMBURSEMENT FOR PROPERTY TAX REVENUES LOST AS A
RESULT OF THE PROPERTY TAX EXEMPTIONS ALLOWED BY PART
2 OF ARTICLE
3 OF THIS TITLE 39 PAID BY THE STATE TREASURER TO EACH COUNTY
TREASURER AS REQUIRED BY SECTION
39-3-207 (4) FOR THE PROPERTY TAX
YEAR THAT COMMENCED DURING THE SPECIFIED STATE FISCAL YEAR
.
(11) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2035.
SECTION 2. In Colorado Revised Statutes, 39-22-627, amend (1),
(2), (3), and (6); repeal (5)(d); and add (10) and (11) as follows:
39-22-627. Temporary adjustment of rate of income tax - refund
of excess state revenues - authority of executive director - definition -
repeal. (1) (a) Subject to the provisions of this section, if, for any state
fiscal year commencing on or after July 1, 2010
JULY 1, 2024, BUT BEFORE
JULY 1, 2034, the amount of state revenues in excess of the limitation on
state fiscal year spending imposed by section 20 (7)(a) of article X of the
state constitution that are required to be refunded for such state fiscal year
exceeds the amount specified in paragraph (b) of this subsection (1)
SUBSECTION (1)(b) OF THIS SECTION, the executive director shall temporarily
reduce the state income tax rate for the income tax year commencing during
the calendar year in which the state fiscal year ended from four and
sixty-three one-hundredths percent ITS CURRENT PERCENTAGE of the federal
taxable income of every individual, estate, trust, and corporation, as
PAGE 6-SENATE BILL 24-228 specified in sections 39-22-104 (1.7) and 39-22-301 (1)(d)(I)(I), to four and
one-half percent of the federal taxable income of every individual, estate,
trust, and corporation 39-22-301 (1)(d)(I), AS A METHOD to refund excess
state revenues that are required to be refunded pursuant to section 20 (7)(d)
of article X of the state constitution. E
XCEPT AS OTHERWISE PROVIDED IN
SUBSECTION
(1)(b)(II) OF THIS SECTION, THE STATE INCOME TAX RATE FOR
THE INCOME TAX YEAR COMMENCING DURING THE CALENDAR YEAR IN
WHICH THE STATE FISCAL YEAR ENDED IS REDUCED
, DEPENDING ON THE
TOTAL AMOUNT OF EXCESS STATE REVENUES REQUIRED TO BE REFUNDED
FOR A SPECIFIED STATE FISCAL YEAR PURSUANT TO SECTION
20 (7)(d) OF
ARTICLE
X OF THE STATE CONSTITUTION AS DETERMINED BY THE ANNUAL
CERTIFICATION OF EXCESS STATE REVENUES REQUIRED BY SECTION
24-77-106.5 THAT EXCEED THE AMOUNT OF EXCESS STATE REVENUES LESS
THE AMOUNT OF REIMBURSEMENT FOR PROPERTY TAX EXEMPTIONS
, BY AN
APPLICABLE AMOUNT SPECIFIED IN SUBSECTION
(1)(a)(I) OF THIS SECTION,
SUBJECT TO THE ANNUAL ADJUSTMENTS REQUIRED BY SUBSECTION (1)(a)(II)
OF THIS SECTION.
(I) (A) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS
GREATER THAN THREE HUNDRED MILLION DOLLARS BUT LESS THAN OR
EQUAL TO FIVE HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS
REDUCED BY FOUR ONE
-HUNDREDTHS OF ONE PERCENT ;
(B) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN FIVE HUNDRED MILLION DOLLARS BUT LESS T HAN OR EQUAL TO SIX
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY SEVEN
ONE
-HUNDREDTHS OF ONE PERCENT ;
(C) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN SIX HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO SEVEN
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY NINE
ONE
-HUNDREDTHS OF ONE PERCENT ;
(D) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN SEVEN HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO
EIGHT HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY
ELEVEN ONE
-HUNDREDTHS OF ONE PERCENT ;
(E) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN EIGHT HUNDRED MILLION DOLLARS BUT LESS THAN OR EQUAL TO ONE
PAGE 7-SENATE BILL 24-228 BILLION DOLLARS, THE INCOME TAX RATE IS REDUCED BY TWELVE
ONE
-HUNDREDTHS OF ONE PERCENT ;
(F) I
F THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN ONE BILLION DOLLARS BUT LESS THAN OR EQUAL TO ONE BILLION FIVE
HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE IS REDUCED BY
THIRTEEN ONE
-HUNDREDTHS OF ONE PERCENT ; AND
(G) IF THE AMOUNT OF SUCH EXCESS STATE REVENUES IS GREATER
THAN ONE BILLION FIVE HUNDRED MILLION DOLLARS
, THE INCOME TAX RATE
IS REDUCED BY FIFTEEN ONE
-HUNDREDTHS OF ONE PERCENT .
(II) F
OR EACH STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, THE EXECUTIVE DIRECTOR SHALL ANNUALLY ADJUST THE EXCESS
STATE REVENUE AMOUNTS SPECIFIED IN SUBSECTION
(1)(a)(I) OF THIS
SECTION BY A PERCENTAGE EQUAL TO THE PERCENTAGE OF ALLOWABLE
INCREASE IN STATE FISCAL YEAR SPENDING CALCULATED PURSUANT TO
SECTION
24-77-103 (2)(a)(I) FOR THE STATE FISCAL YEAR FOR WHICH THE
EXCESS STATE REVENUE MUST BE REFUNDED
.
(b) (I) In order for
The provisions of subsection (1)(a) of this section
to take effect ONLY IF the amount of EXCESS state revenues required to be
refunded for the specified state fiscal year, must exceed AS OUTLINED IN
SUBSECTION
(1)(a)(I) OF THIS SECTION, EXCEEDS the total of the amount of
reimbursement for property tax revenues lost as a result of the
property tax
exemptions allowed by part 2 of article 3 of this title 39 paid by the state
treasurer to each county treasurer as required by section 39-3-207 (4) for the
property tax year that commenced during the specified state fiscal year plus
the estimated amount by which state revenues would be decreased as the
result of a
THE APPLICABLE reduction in the state income tax rate. from four
and sixty-three one-hundredths percent to four and one-half percent of
federal taxable income, as determined pursuant to this section.
(II) FOR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, IF THE PERMANENT STATE INCOME TAX RATE THEN IN EFFECT IS
FOUR AND TWENTY
-FIVE ONE-HUNDREDTHS PERCENT OR LESS OF THE
FEDERAL TAXABLE INCOME OF EVERY INDIVI DUAL
, ESTATE, TRUST, AND
CORPORATION
, ANY OTHERWISE APPLICABLE TEMPORARY INCOME TAX RATE
REDUCTION OUTLINED IN SUBSECTION
(1)(a) OF THIS SECTION DOES NOT
TAKE EFFECT
; EXCEPT THAT, IF THE AMOUNT OF EXCESS STATE REVENUES
PAGE 8-SENATE BILL 24-228 REQUIRED TO BE REFUNDED FOR THE STATE FISCAL YEAR IS EQUAL TO OR
GREATER THAN TWO BILLION DOLLARS
, THE EXECUTIVE DIRECTOR SHALL
TEMPORARILY REDUCE THE STATE INCOME TAX RATE TO THE EXTENT
NECESSARY TO REFUND ALL EXCESS STATE REVENUES THAT WOULD NOT
OTHERWISE BE REFUNDED BY ANOTHER METHOD ESTABLISHED BY LAW
OTHER THAN THE METHODS SET FORTH IN SECTIONS
39-22-2002 AND
39-22-2003.
(c) F
OR THE INCOME TAX YEAR BEGINNING ON JANUARY 1, 2024, THE
EXECUTIVE DIRECTOR SHALL TEMPORARILY REDUCE THE STATE INCOME TAX
RATE FROM FOUR AND FORTY ONE
-HUNDREDTHS PERCENT OF THE FEDERAL
TAXABLE INCOME OF EVERY INDIVIDUAL
, ESTATE, TRUST, AND
CORPORATION
, AS SPECIFIED IN SECTIONS 39-22-104 (1.7) AND 39-22-301
(1)(d)(I),
TO FOUR AND TWENTY-FIVE ONE-HUNDREDTHS PERCENT OF THE
FEDERAL TAXABLE INCOME OF EVERY INDIVIDUAL
, ESTATE, TRUST, AND
CORPORATION
, AS A METHOD TO REFUND EXCESS STATE REVENUES THAT ARE
REQUIRED TO BE REFUNDED PURSUANT TO SECTION
20 (7)(d) OF ARTICLE X
OF THE STATE CONSTITUTION FOR STATE FISCAL YEAR 2023-24.
(2) Except as otherwise provided in subsection (3) of this section,
no later than October 1, 2011,
OCTOBER 1, 2024, and no later than each
October 1 thereafter of any calendar year during which it is certified in
accordance with the provisions of section 24-77-106.5, C.R.S.
that state
revenues exceed the limitation on state fiscal year spending imposed by
section 20 (7)(a) of article X of the state constitution for the state fiscal year
ending in that calendar year and exceed any amount that the voters
statewide have authorized the state to retain and spend for the state fiscal
year ending in that calendar year, the executive director shall estimate the
amount by which state revenues would be decreased as the result of a
reduction THE APPLICABLE PERCENTAGE REDUCTION LISTED IN SUBSECTION
(1)(a)(I), (1)(b)(II), OR (1)(c) of this section in the state income tax rate
from four and sixty-three one-hundredths percent to four and one-half
percent of federal taxable income for the income tax year commencing
during the calendar year in which the state fiscal year ended.
(3) If one or more ballot questions are submitted to the voters at a
statewide election to be held in November of any given calendar year that
seek authorization for the state to retain and spend all or any portion of the
amount of excess state revenues for the state fiscal year ending during said
calendar year, the executive director shall not reduce the state income tax
PAGE 9-SENATE BILL 24-228 rate until the results of said election are known so that the state income tax
rate may be reduced only if, after the results of said election, the amount of
excess state revenues required to be refunded for the state fiscal year
exceeds the total of the amount of reimbursement for property tax revenues
lost as a result of the property tax exemptions allowed by part 2 of article
3 of this title 39 paid by the state treasurer to each county treasurer as
required by section 39-3-207 (4) for the property tax year that commenced
during the specified state fiscal year plus the estimated amount by which
state revenues would be decreased as a result of a THE APPLICABLE
reduction in the state income tax rate from four and sixty-three
one-hundredths percent to four and one-half percent of federal taxable
income pursuant to this section.
(5) (d) Any income tax rate adjustment made pursuant to the
provisions of this section shall be made by rules promulgated by the
executive director in accordance with article 4 of title 24, C.R.S.
(6) If, based on the financial report prepared by the controller in
accordance with section 24-77-106.5, the controller certifies that the amount
of the state revenues for any state fiscal year commencing on or after July
1, 2017, exceeds the limitation on state fiscal year spending imposed by
section 20 (7)(a) of article X of the state constitution for that state fiscal
year and exceeds the amount of excess state revenues that the voters
statewide have authorized the state to retain and spend for that state fiscal
year by less than the total of the amount of reimbursement for property tax
revenues lost as a result of the property tax exemptions allowed by part 2 of
article 3 of this title 39 paid by the state treasurer to each county treasurer
as required by section 39-3-207 (4) for the property tax year that
commenced during the specified state fiscal year plus the estimated amount
by which state revenues would be decreased as the result of a THE
APPLICABLE
reduction in the state income tax rate from four and sixty-threeone-hundredths percent to four and one-half percent of federal taxable
income as calculated by the executive director pursuant to subsection (2) of
this section, then the reduction in the state income tax rate allowed pursuant
to subsection (1) of this section shall
IS not be allowed for the income tax
year commencing during the calendar year in which the state fiscal year
ended.
(10) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
REQUIRES
:
PAGE 10-SENATE BILL 24-228 (a) "EXCESS STATE REVENUES" MEANS THE TOTAL AMOUNT OF THE
STATE REVENUES FOR THE STATE FISCAL YEAR IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7)(a) OF ARTICLE
X OF THE STATE CONSTITUTION THAT VOTERS STATEWIDE HAVE NOT
AUTHORIZED THE STATE TO RETAIN AND SPEND AND THAT THE STATE IS
REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF ARTICLE X OF THE STATE
CONSTITUTION
, INCLUDING ANY ADJUSTMENT FOR AMOUNTS SPECIFIED IN
SECTION
24-77-103.7 OR 24-77-103.8.
(b) "R
EIMBURSEMENT FOR PROPERTY TAX EXEMPTIONS " MEANS THE
AMOUNT OF REIMBURSEMENT FOR PROPERTY TAX REVENUES LOST AS A
RESULT OF BOTH THE PROPERTY TAX EXEMPTIONS ALLOWED BY PART
2 OF
ARTICLE
3 OF THIS TITLE 39 AND THE REDUCED VALUATION FOR ASSESSMENT
OF QUALIFIED
-SENIOR PRIMARY RESIDENCE REAL PROPERTY PURSUANT TO
SECTIONS
39-1-104.2 AND 39-1-104.6 THAT IS PAID BY THE STATE
TREASURER TO EACH COUNTY TREASURER AS REQUIRED BY SECTION
39-3-207 (4) OR 39-1-104.6 (9)(c) FOR THE PROPERTY TAX YEAR THAT
COMMENCED DURING THE SPECIFIED STATE FISCAL YEAR
.
(11) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2035.
SECTION 3. In Colorado Revised Statutes, 39-22-104, amend
(3)(p.5)(II) as follows:
39-22-104. Income tax imposed on individuals, estates, and
trusts - single rate - report - legislative declaration - definitions - repeal.
(3) There shall be added to the federal taxable income:
(p.5) (II) For the 2023-24 state fiscal year and state fiscal years
thereafter, the general assembly shall annually appropriate an amount at
least equal to the amount of revenue generated by the addition to federal
taxable income described in subsection (3)(p.5)(I) of this section,
CALCULATED WITHOUT REGARD TO ANY TEMPORARY RATE REDUCTION
PURSUANT TO SECTION
39-22-627, but not more than the amount required,
to fully fund the direct and indirect costs of implementing the healthy
school meals for all program as provided in section 22-82.9-209. The
provisions of subsection (3)(p.5)(I) of this section constitute a
voter-approved revenue change, approved by the voters at the statewide
election in November of 2022, and the revenue generated by this
voter-approved revenue change may be collected, retained, appropriated,
PAGE 11-SENATE BILL 24-228 and spent without subsequent voter approval, notwithstanding any other
limits in the state constitution or law. The addition to federal taxable income
described in subsection (3)(p.5)(I) of this section does not apply for an
income tax year that commences after the healthy school meals for all
program, or any successor program, is repealed. Upon repeal of the healthy
school meals for all program, or any successor program, the commissioner
of education shall promptly notify the executive director in writing that the
program is repealed.
SECTION 4. In Colorado Revised Statutes, 39-22-2002, amend
(1), (2), (3) introductory portion, (4), (5)(b), and (5)(c); repeal (3)(a), (3)(b),
and (7); and add (3.5) as follows:
39-22-2002. Fiscal years commencing on or after July 1, 1998 -
state sales tax refund - authority of executive director - repeal. (1) If,
for any state fiscal year commencing on or after July 1, 1998, the amount
of state revenues exceeds the limitation on state fiscal year spending
imposed by section 20 (7)(a) of article X of the state constitution and voters
statewide either have not authorized the state to retain and spend all of the
excess revenues for that fiscal year or have authorized the state to retain and
spend only a portion of the excess revenues for that fiscal year, the
executive director shall, if the amount of the identical individual refund
calculated pursuant to paragraph (a) of subsection (2)
SUBSECTION (2)(a) of
this section exceeds fifteen dollars THE IDENTICAL REFUND THRESHOLD , for
the taxable year commencing on or after January 1 of the calendar year in
which that fiscal year ended, but prior to January 1 of the subsequent
calendar year, calculate a temporary state sales tax refund in accordance
with the provisions of this section to refund the amount of excess state
revenues. that is not refunded by another method established by law
(2) (a) Subject to the provisions of paragraph (b) of subsection (7)
of this section, as applicable, For the taxable year commencing on or after
January 1 of the calendar year in which that fiscal year ended, but prior to
January 1 of the subsequent calendar year, the executive director shall
divide the total amount of excess state revenues that is not refunded by
another method established by law and is required to be refunded by the
number of qualified individuals expected to claim a refund in order to
determine the amount of the refund that each such qualified individual
would receive if each individual received an identical refund.
PAGE 12-SENATE BILL 24-228 (b) If the amount of the identical individual refund calculated
pursuant to paragraph (a) of this subsection (2) SUBSECTION (2)(a) OF THIS
SECTION
is less than or equal to fifteen dollars
THE IDENTICAL REFUND
THRESHOLD
, the executive director shall allow each qualified individual an
identical refund in the manner set forth in section 39-22-2003 (3)(a) and
(3)(b).
(3) As used in this section, unless the context otherwise requires,
"excess state revenues" means the total combined
amount of THE STATE
REVENUES FOR THE STATE FISCAL YEAR IN EXCESS OF THE LIMITATION ON
STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7)(a) OF ARTICLE X
OF THE STATE CONSTITUTION , THAT VOTERS STATEWIDE HAVE NOT
AUTHORIZED THE STATE TO RETAIN AND SPEND
, THAT THE STATE IS
REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF ARTICLE X OF THE STATE
CONSTITUTION
, INCLUDING ANY ADJUSTMENT FOR AMOUNTS SPECIFIED IN
SECTION
24-77-103.7 OR 24-77-103.8, AND THAT ARE NOT REFUNDED BY
ANOTHER METHOD ESTABLISHED BY LAW
.
(a) Excess revenues that voters statewide have not authorized the
state to retain and spend and that are required to be refunded pursuant to
section 20 (7)(d) of article X of the state constitution and that are not
refunded by another method established by law for said fiscal year ending
in that calendar year;
(b) Excess revenues that voters statewide did not authorize the state
to retain and spend and were required to be refunded pursuant to section 20
(7)(d) of article X of the state constitution for any other fiscal year and that
were not refunded by another method established by law prior to said fiscal
year, but that were not refunded by the state as required; and
(3.5) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
REQUIRES
, "IDENTICAL REFUND THRESHOLD " MEANS AN AMOUNT EQUAL TO
ONE
-HALF OF THE LOWEST AMOUNT LISTED FOR MARRIED , FILING JOINTLY,
FOR COLORADO IN THE MOST RECENT TABLE PRESCRIBED PURSUANT TO
SECTION
164 (b)(5)(H)(ii) OF THE INTERNAL REVENUE CODE ; EXCEPT THAT
IF
, BY SEPTEMBER 1 OF ANY CALENDAR YEAR, THE EXECUTIVE DIRECTOR HAS
NOT RECEIVED ADVICE FROM THE INTERNAL REVENUE SERVICE THAT SUCH
AN IDENTICAL REFUND IS REGARDED AS A REFUND OF SALES TAX AND NOT AS
AN ACCESSION TO WEALTH
, THE IDENTICAL REFUND THRESHOLD IS FIFTEEN
DOLLARS
.
PAGE 13-SENATE BILL 24-228 (4) No later than October 1 of any given calendar year commencing
on or after January 1, 1999, during which the controller certifies, in
accordance with the provisions of section 24-77-106.5, C.R.S.
that state
revenues exceed the limitation on state fiscal year spending imposed by
section 20 (7)(a) of article X of the state constitution for the fiscal year
ending in that calendar year, the executive director shall, if the amount of
the identical individual refund calculated pursuant to subsection (2) of this
section exceeds fifteen dollars
THE IDENTICAL REFUND THRESHOLD ,
calculate the income classifications and the amount of the refund allowed
for each income classification pursuant to section 39-22-2003 (3) for the
taxable year commencing during said fiscal year that would refund the
amount of excess state revenues that is not refunded by another method
established by law.
(5) If one or more ballot questions are submitted to the voters at a
statewide election to be held in November of any given calendar year
commencing on or after January 1, 1999, that seek authorization for the
state to retain and spend all or any portion of the amount of excess revenues
for the fiscal year ending during said calendar year, no later than October
1 of said calendar year, the executive director shall, in addition to the
calculations required by subsection (4) of this section:
(b) If the amount of any identical refund calculated pursuant to
subparagraph (I) of paragraph (a) of this subsection (5)
SUBSECTION
(5)(a)(I) OF THIS SECTION exceeds fifteen dollars THE IDENTICAL REFUND
THRESHOLD
, calculate income classifications and the amount of the refund
to be allowed for each income classification pursuant to section 39-22-2003
(3) for the taxable year commencing during said fiscal year that would
refund the amount of excess state revenues, if any, required to be refunded
if one or more of such ballot questions are approved by voters statewide;
and that is not refunded by another method established by law
(c) If the amount of the identical refund calculated pursuant to
subparagraph (II) of paragraph (a) of this subsection (5) SUBSECTION
(5)(a)(II) OF THIS SECTION exceeds fifteen dollars THE IDENTICAL REFUND
THRESHOLD
, calculate income classifications and the amount of the refund
to be allowed for each income classification pursuant to section 39-22-2003
(3) for the taxable year commencing during said fiscal year that would
refund the amount of excess state revenues, if any, required to be refunded
if all of such ballot questions are not approved by voters statewide. and that
PAGE 14-SENATE BILL 24-228 is not refunded by another method established by law
(7) (a) The amount of any sales tax refund calculated pursuant to the
provisions of this section shall be published in rules promulgated by the
executive director in accordance with article 4 of title 24, C.R.S., and shall
be included in income tax forms for that taxable year.
(b) If one or more ballot questions are submitted to the voters at a
statewide election to be held in November of any calendar year
commencing on or after January 1, 1999, that seek authorization for the
state to retain and spend all or any portion of the amounts of excess state
revenues for the fiscal year ending during said calendar year, the executive
director shall not publish rules or income tax forms containing any sales tax
refund calculated pursuant to this section until such rules and forms may be
published to reflect the impact of the results of said election on the amount
of the refund to be allowed pursuant to section 39-22-2003 and that is not
refunded by another method established by law.
SECTION 5. In Colorado Revised Statutes, 39-22-2003, amend
(1)(b)(I), (2), (3), (5)(a)(I), (5)(b), (5)(c), and (10); repeal (1)(b)(II),
(1)(b)(III), (5)(a)(II), (8), and (9); and add (1.7) and (9.5) as follows:
39-22-2003. State sales tax refund - offset against state income
tax - qualified individuals - definitions. (1) (b) "Qualified individual"
does not include:
(I) Any natural person who was convicted of a felony and who
served a sentence of incarceration in a correctional facility operated by or
under contract with the department of corrections or in a county or
municipal jail awaiting transfer to the department of corrections pursuant
to section 16-11-308, C.R.S., or in both such facility and jail THE FEDERAL
BUREAU OF PRISONS
for a total of one hundred eighty days or more during
the fiscal year ending during the taxable year, regardless of whether such
person meets the qualifications set forth in paragraph (a) of this subsection
(1) SUBSECTION (1)(a) OF THIS SECTION.
(II) Any natural person who is convicted of a misdemeanor or is
adjudicated for an offense that would constitute a misdemeanor if
committed by an adult and who is incarcerated in a county or municipal jail
for a total of one hundred eighty days or more during the fiscal year ending
PAGE 15-SENATE BILL 24-228 during the taxable year, regardless of whether such person meets the
qualifications set forth in paragraph (a) of this subsection (1);
(III) Any natural person under eighteen years of age who is
adjudicated for an offense that would constitute a felony if committed by an
adult and who was committed to the department of human services for a
total of one hundred eighty days or more during the fiscal year ending
during the taxable year, regardless of whether such person meets the
qualifications set forth in paragraph (a) of this subsection (1).
(1.7) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
REQUIRES
:
(a) "E
XCESS STATE REVENUES" HAS THE SAME MEANING AS SET
FORTH IN SECTION
39-22-2002 (3).
(b) "I
DENTICAL REFUND THRESHOLD " HAS THE SAME MEANING AS
SET FORTH IN SECTION
39-22-2002 (3.5).
(2) With respect to the taxable year commencing on January 1, 1999,
and ending December 31, 1999, and for each subsequent taxable year, there
shall be
IS allowed to each qualified individual a state sales tax refund in an
amount specified in subsection (3) of this section to be claimed in the
manner specified in subsection (4) of this section if there were excess state
revenues for the fiscal year ending in that tax year. that voters statewide
have not authorized the state to retain and spend and that are required to be
refunded pursuant to section 20 (7)(d) of article X of the state constitution.
(3) The amount of the refund allowed under this section shall be IS
as follows:
(a) For a qualified individual filing a single return
OR FOR A
QUALIFIED INDIVIDUAL FILING A JOINT RETURN WITH AN INDIVIDUAL WHO IS
NOT QUALIFIED
, the amount of the identical individual sales tax refund
calculated pursuant to section 39-22-2002 (2) or (5)(a) if the amount of such
identical individual refund is less than or equal to fifteen dollars THE
IDENTICAL REFUND THRESHOLD
;
(b) For any two qualified individuals filing a joint return, double the
amount of the identical individual sales tax refund calculated pursuant to
PAGE 16-SENATE BILL 24-228 section 39-22-2002 (2) or (5)(a) if the amount of such identical individual
refund is less than or equal to fifteen dollars THE IDENTICAL REFUND
THRESHOLD
;
(c) For a qualified individual filing a single return
OR FOR A
QUALIFIED INDIVIDUAL FILING A JOINT RETURN WITH AN INDIVIDUAL WHO IS
NOT QUALIFIED
, if the amount of the identical individual sales tax refund
calculated pursuant to section 39-22-2002 (2) or (5)(a) exceeds fifteen
dollars THE IDENTICAL REFUND THRESHOLD :
(I) If the qualified individual's adjusted gross income for the tax year
is less than or equal to twenty-five thousand dollars, the refund shall be in
IS an amount equal to the amount of excess state revenues required to be
refunded pursuant to subsection (1) of this section, multiplied by
twenty-five percent, divided by the estimated number of said qualified
individuals expected to claim the credit for that taxable year;
(II) If the qualified individual's adjusted gross income for the tax
year is greater than twenty-five thousand dollars but not more than fifty
thousand dollars, the refund shall be in
IS an amount equal to the amount of
excess state revenues required to be refunded pursuant to subsection (1) of
this section, multiplied by twenty-three percent, divided by the estimated
number of said qualified individuals expected to claim the credit for that
taxable year;
(III) If the qualified individual's adjusted gross income for the tax
year is greater than fifty thousand dollars but not more than seventy-five
thousand dollars, the refund shall be in
IS an amount equal to the amount of
excess state revenues required to be refunded pursuant to subsection (1) of
this section, multiplied by nineteen percent, divided by the estimated
number of said qualified individuals expected to claim the credit for that
taxable year;
(IV) If the qualified individual's adjusted gross income for the tax
year is greater than seventy-five thousand dollars but not more than one
hundred thousand dollars, the refund shall be in
IS an amount equal to the
amount of excess state revenues required to be refunded pursuant to
subsection (1) of this section, multiplied by twelve percent, divided by the
estimated number of said qualified individuals expected to claim the credit
for that taxable year;
PAGE 17-SENATE BILL 24-228 (V) If the qualified individual's adjusted gross income for the tax
year is greater than one hundred thousand dollars but not more than one
hundred twenty-five thousand dollars, the refund shall be in
IS an amount
equal to the amount of excess state revenues required to be refunded
pursuant to subsection (1) of this section, multiplied by six percent, divided
by the estimated number of said qualified individuals expected to claim the
credit for that taxable year;
(VI) If the qualified individual's adjusted gross income for the tax
year is greater than one hundred twenty-five thousand dollars, the refund
shall be in
IS an amount equal to the amount of excess state revenues
required to be refunded pursuant to subsection (1) of this section, multiplied
by fifteen percent, divided by the estimated number of said qualified
individuals expected to claim the credit for that taxable year;
(d) For two qualified individuals filing a joint return, if the amount
of the identical individual sales tax refund calculated pursuant to section
39-22-2002 (2) or (5)(a) exceeds fifteen dollars
THE IDENTICAL REFUND
THRESHOLD
, the amount of the refund shall be
IS based upon the aggregate
adjusted gross income of the qualified individuals and shall be IS an amount
equal to double the amount of the refund allowed under paragraph (c) of
this subsection (3) for such aggregate income amount.
(5) (a) (I) Except as otherwise provided in subparagraph (II) of this
paragraph (a), any refund allowed pursuant to this section shall be claimed
by A qualified individual as defined in subparagraph (I) or (III) of
paragraph (a) of subsection (1) SUBSECTION (1)(a)(I) OR (1)(a)(III) of this
section
MAY CLAIM A REFUND ALLOWED BY THIS SECTION by timely
filing an
income tax return with the department of revenue for a taxable year for
which the refund is allowed NO LATER THAN OCTOBER 15 OF THE CALENDAR
YEAR FOLLOWING THE TAXABLE YEAR FOR WHICH THE REFUND IS BEING
CLAIMED
, in compliance with the provisions of this article ARTICLE 22.
(II) Any refund allowed pursuant to this section shall be claimed by
a qualified individual as defined in subparagraph (I) or (III) of paragraph (a)
of subsection (1) of this section or by a qualified individual that is required
to file a Colorado individual income tax return for that tax year pursuant to
section 39-22-601 (1)(a) who is granted an extension of time to file an
income tax return by filing an income tax return with the department of
revenue no later than October 15 of the calendar year following the taxable
PAGE 18-SENATE BILL 24-228 year for which the refund is being claimed. Such qualified individual shall
not be required to pay all or any portion of the qualified individual's net tax
liability due prior to October 15 of said calendar year in order to be granted
an extension of time to file said tax return; except that, pursuant to section
39-22-621, such qualified individual may be subject to a late payment
penalty and interest on any net income tax liability not paid by April 15 of
said calendar year.
(b) Except as otherwise provided in subparagraph (II) of paragraph
(a) of this subsection (5), any refund allowed pursuant to this section shall
be claimed by A qualified individual as defined in subparagraph (II) or (IV)
of paragraph (a) of subsection (1) SUBSECTION (1)(a)(II) OR (1)(a)(IV) of
this section
MAY CLAIM A REFUND ALLOWED BY THIS SECTION by filing an
income tax return for the taxable year for which the refund is allowed with
the department of revenue no later than April 15
OCTOBER 15 of the
calendar year following the tax year for which the refund is being claimed.
The department of revenue shall not allow said refund claimed by a
qualified individual as defined in subparagraph (II) or (IV) of paragraph (a)
of subsection (1) of this section on any income tax return filed with the
department of revenue after April 15 of the calendar year following the tax
year for which the refund is being claimed.
(c) (I) Notwithstanding any provision of paragraph (b) of this
subsection (5) SUBSECTION (5)(b) OF THIS SECTION to the contrary, a
qualified individual as defined in subparagraph (II) or (IV) of paragraph (a)
of subsection (1) SUBSECTION (1)(a)(II) OR (1)(a)(IV) of this section who
claims a property tax assistance grant pursuant to section 39-31-101 or a
heat or fuel expenses assistance grant pursuant to section 39-31-104 may
claim a refund authorized by this section on the assistance grant application
form described in section 39-31-102 (2). Claiming a refund on such
assistance grant application form shall be
IS in lieu of claiming the refund
on an income tax return pursuant to paragraph (b) of this subsection (5)
SUBSECTION (5)(b) OF THIS SECTION. Any refund claimed pursuant to this
paragraph (c) SUBSECTION (5)(c) shall MUST be claimed on or before April
15 OCTOBER 15 of the calendar year following the tax year for which the
refund is being claimed.
(II) The department of revenue shall not allow a refund authorized
by this section that is claimed on an assistance grant application form if:
PAGE 19-SENATE BILL 24-228 (A) The assistance grant application form is filed after April 15
OCTOBER 15 of the calendar year following the tax year for which the
refund is being claimed; or
(B) The qualified individual has claimed the refund authorized by
this section on an income tax form filed in accordance with paragraph (b)
of this subsection (5) SUBSECTION (5)(b) OF THIS SECTION for the tax year
for which the refund is allowed.
(8) The state sales tax refund allowed to any qualified individual
under this section shall not be reported by the department of revenue as a
payment of a refund, credit, or offset of state income taxes to such qualified
individual in any information return required to be filed pursuant to federal
law.
(9) (a) The department of revenue shall identify any qualified
individual who has been convicted of a felony and who, at the time of filing
for a refund pursuant to this section, is incarcerated in a correctional facility
operated by or under contract with the department of corrections or in a
county or municipal jail awaiting transfer to a correctional facility pursuant
to section 16-11-308. C.R.S. The department of revenue shall transfer the
amount of any refund owed to said qualified individual to the department
of corrections.
(b) The department of corrections shall transmit the amount of said
refund as follows:
(I) Except as otherwise provided in paragraph (c) of this subsection
(9), if the qualified individual is under a valid court order to pay restitution
or costs and under a valid court order or administrative order to pay child
support then:
(A) One-half of the refund to the clerk of the district court that
issued an order for payment of restitution entered pursuant to article 18.5
of title 16, C.R.S., or an order for costs pursuant to section 18-1.3-701,
C.R.S. Such refund shall be credited in the priority specified in section
16-11-101.6 (1), C.R.S.; and
(B) One-half of the refund to the department of human services for
application toward the qualified individual's child support obligation for
PAGE 20-SENATE BILL 24-228 individuals receiving services pursuant to section 26-13-106, C.R.S.; or
(II) If the qualified individual is not under a valid court order or
administrative order to pay child support but is under a valid court order to
pay restitution or costs, then to the clerk of the district court that issued an
order for payment of restitution entered pursuant to article 18.5 of title 16,
C.R.S., or an order for costs pursuant to section 18-1.3-701, C.R.S.,
whereupon such refund shall be credited in the priority specified in section
16-11-101.6 (1), C.R.S.; or
(III) If the qualified individual is not under a valid court order to pay
restitution or costs but is under a valid court order or administrative order
to pay child support, then to the department of human services for
application toward the qualified individual's child support obligation for
individuals receiving services pursuant to section 26-13-106, C.R.S.; or
(IV) If the qualified individual is not under a valid court order or
administrative order to pay child support and is not under a valid court order
to pay restitution or costs, then to the qualified individual subject to other
applicable provisions of law.
(c) If a refund is transmitted in accordance with the provisions of
subparagraph (I), (II), or (III) of paragraph (b) of this subsection (9) and
results in excess refund moneys remaining after satisfaction of the qualified
individual's restitution or child support obligation, the excess refund moneys
shall be first applied toward any outstanding restitution obligation or child
support obligation of the qualified individual before being returned to the
qualified individual.
(9.5) THE PROVISIONS OF SECTION 39-21-108 (3) APPLY TO THE
REFUND ALLOWED PURSUANT TO THIS PART
20 IN THE SAME MANNER AS AN
OVERPAYMENT OF TAX
.
(10) The department of corrections the department of human
services, and each county of the state, to the extent each such county has the
capability within existing resources, shall provide in a timely manner the
information requested by the department of revenue necessary to identify
the persons specified in paragraph (b) of subsection (1)
SUBSECTION (1)(b)
of this section. and in subsection (9) of this section The information shall
MUST be provided in the form requested by the department of revenue. The
PAGE 21-SENATE BILL 24-228 department of revenue shall maintain the confidentiality of any social
security number received pursuant to this subsection (10).
SECTION 6. In Colorado Revised Statutes, repeal 39-22-120.
SECTION 7. In Colorado Revised Statutes, 19-1-305, amend (1)(e)
and (1)(f); and repeal (1)(g) as follows:
19-1-305. Operation of juvenile facilities. (1) Except as otherwise
authorized by section 19-1-303 or 19-1-304 (8), all records prepared or
obtained by the department of human services in the course of carrying out
its duties pursuant to article 2.5 of this title 19 are confidential and
privileged. The records may be disclosed only:
(e) To persons authorized by court order after notice and a hearing,
to the juvenile, and to the custodian of the record;
AND
(f) For research or evaluation purposes pursuant to rules regarding
research or evaluation promulgated by the department of human services.
Any rules so promulgated shall require that persons receiving information
for research or evaluation purposes are required to keep such information
confidential. and
(g) To the department of revenue pursuant to sections 39-22-120 and
39-22-2003, C.R.S.
SECTION 8. In Colorado Revised Statutes, 39-21-108, amend
(3)(a)(I)(A) as follows:
39-21-108. Refunds. (3) (a) (I) (A) Whenever it is established that
any taxpayer has, for any period open under the statutes, overpaid a tax
covered by articles 22 and 26 to 29 of this title 39, article 60 of title 34, and
article 3 of title 42
OR THAT ANY TAXPAYER IS ALLOWED A REFUND
PURSUANT TO PART
20 OF ARTICLE 22 OF THIS TITLE 39 and that: There is an
unpaid balance of tax and interest accrued, according to the records of the
executive director, owing by such taxpayer for any other period; there is an
amount required to be repaid to the unemployment compensation fund
pursuant to section 8-81-101 (4), the amount of which has been determined
to be owing as a result of a final agency determination or judicial decision
or that has been reduced to judgment by the division of unemployment
PAGE 22-SENATE BILL 24-228 insurance in the department of labor and employment; there is any unpaid
child support debt as set forth in section 14-14-104, or child support
arrearages that are the subject of enforcement services provided pursuant
to section 26-13-106, as certified by the department of human services;
there are any unpaid obligations owing to the state as set forth in section
26-2-133, for overpayment of public assistance or medical assistance
benefits, the amount of which has been determined to be owing as a result
of final agency determination or judicial decision or that has been reduced
to judgment, as certified by the department of human services; there are any
unpaid obligations owing to the state as set forth in section 26.5-4-119, for
overpayment of child care assistance, the amount of which has been
determined to be owing as a result of final agency determination or judicial
decision or that has been reduced to judgment as certified by the department
of early childhood; there is any unpaid loan or other obligation due to a
state-supported institution of higher education as set forth in section
23-5-115, the amount of which has been determined to be owing as a result
of a final agency determination or judicial decision or that has been reduced
to judgment, as certified by the appropriate institution; there is any unpaid
loan due to the student loan division of the department of higher education
as set forth in section 23-3.1-104 (1)(p), the amount of which has been
determined to be owing as a result of a final agency determination or
judicial decision or that has been reduced to judgment, as certified by the
division; there is any unpaid loan due to the collegeinvest division of the
department of higher education as set forth in section 23-3.1-206, the
amount of which has been determined to be owing as a result of a final
agency determination or judicial decision or that has been reduced to
judgment; there is any outstanding judicial fine, fee, cost, or surcharge as
set forth in section 16-11-101.8, or judicial restitution as set forth in section
16-18.5-106.8, the amount of which has been determined to be owing as a
result of a final judicial department determination or certified by the judicial
department as a judgment owed the state or a victim;
OR there is any unpaid
debt owing to the state or any agency thereof by such taxpayer, and that is
found to be owing as a result of a final agency determination or the amount
of which has been reduced to judgment and as certified by the state agency,
or the taxpayer is a qualified individual identified pursuant to section
39-22-120 (10) or 39-22-2003 (9) so much of the overpayment of tax plus
interest allowable thereon as does not exceed the amount of such unpaid
balance or unpaid debt must be credited first to the unpaid balance of tax
and interest accrued and then to the unpaid debt, and any excess of the
overpayment must be refunded. If the taxpayer elects to designate his or her
PAGE 23-SENATE BILL 24-228 THE TAXPAYER'S refund as a credit against a subsequent year's tax liability,
the amount allowed to be so credited must be reduced first by the unpaid
balance of tax and interest accrued and then by the unpaid debt. If the
taxpayer filed a joint return, the executive director shall notify the other
taxpayer named on the joint return that the portion of the overpayment that
is generated by the other taxpayer's income will be refunded upon receipt
of a request detailing said amount.
SECTION 9. In Colorado Revised Statutes, 39-21-113, repeal (11)
as follows:
39-21-113. Reports and returns - rule - repeal.
(11) Notwithstanding the provisions of this section, the executive director
of the department of revenue shall supply the department of corrections
with any information obtained pursuant to this section which is necessary
to implement the procedure to offset state sales tax refunds against
restitution and costs pursuant to section 39-22-120 (10) or 39-22-2003 (9).
SECTION 10. In Colorado Revised Statutes, 39-26-106, amend
(1)(a)(II); and repeal (1)(a)(I) as follows:
39-26-106. Schedule of sales tax. (1) (a) (I) Except as otherwise
provided in subparagraph (II) of this paragraph (a), there is imposed upon
all sales of commodities and services specified in section 39-26-104 a tax
at the rate of three percent of the amount of the sale, to be computed in
accordance with schedules or systems approved by the executive director
of the department of revenue. Said schedules or systems shall be designed
so that no such tax is charged on any sale of seventeen cents or less.
(II) EXCEPT AS OTHERWISE PROVIDED IN SECTION 39-26-901, on and
after January 1, 2001, there is imposed upon all sales of commodities and
services specified in section 39-26-104 a tax at the rate of two and ninety
one-hundredths percent of the amount of the sale to be computed in
accordance with schedules or systems approved by the executive director
of the department of revenue. Said schedules or systems shall
MUST be
designed so that no such tax is charged on any sale of seventeen cents or
less.
SECTION 11. In Colorado Revised Statutes, 39-26-202, amend
(1)(b) as follows:
PAGE 24-SENATE BILL 24-228 39-26-202. Authorization of tax. (1) (b) E XCEPT AS OTHERWISE
PROVIDED IN SECTION
39-26-901, on and after January 1, 2001, there is
imposed and shall
MUST be collected from every person in this state a tax
or excise at the rate of two and ninety one-hundredths percent of storage or
acquisition charges or costs for the privilege of storing, using, or consuming
in this state any articles of tangible personal property purchased at retail.
SECTION 12. In Colorado Revised Statutes, add part 9 to article
26 of title 39 as follows:
PART 9
TEMPORARY STATE SALES AND USE TAX
RATE REDUCTIONS
39-26-901. Temporary adjustment of rates of state sales and use
taxes - refund of excess state revenues - definition - repeal. (1) (a) I
F,
FOR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY 1, 2024, BUT
BEFORE
JULY 1, 2034, THE ESTIMATED AMOUNT OF STATE REVENUES IN
EXCESS OF THE LIMITATION ON STATE FISCAL YEAR SPENDING IMPOSED BY
SECTION
20 (7)(a) OF ARTICLE X OF THE STATE CONSTITUTION THAT ARE
REQUIRED TO BE REFUNDED FOR THE STATE FISCAL YEAR IS GREATER THAN
ONE BILLION FIVE HUNDRED MILLION DOLLARS
, THE EXECUTIVE DIRECTOR
SHALL TEMPORARILY REDUCE
, FOR THE FOLLOWING STATE FISCAL YEAR, THE
STATE SALES TAX RATE SET FORTH IN SECTION
39-26-106 AND THE STATE
USE TAX RATE SET FORTH IN SECTION
39-26-202 BY THIRTEEN
ONE
-HUNDREDTHS OF ONE PERCENT .
(b) (I) T
HE CALCULATION OF THE ESTIMATED AMOUNT OF EXCESS
STATE REVENUES FOR A STATE FISCAL YEAR REQUIRED BY SUBSECTION
(1)(a)
OF THIS SECTION IS BASED ON THE MARCH ECONOMIC AND REVENUE
FORECAST THAT IS SELECTED BY THE JOINT BUDGET COMMITTEE AS THE
BASIS FOR THE STATE
'S BUDGET FOR THE FOLLOWING STATE FISCAL YEAR .
(II) F
OR EACH STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, THE EXECUTIVE DIRECTOR SHALL ANNUALLY ADJUST THE EXCESS
STATE REVENUE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION
BY A PERCENTAGE EQUAL TO THE PERCENTAGE OF ALLOWABLE INCREASE IN
STATE FISCAL YEAR SPENDING CALCULATED PURSUANT TO SECTION
24-77-103 (2)(a)(I) FOR THE STATE FISCAL YEAR FOR WHICH THE EXCESS
STATE REVENUE MUST BE REFUNDED
.
PAGE 25-SENATE BILL 24-228 (c) THE TEMPORARY STATE SALES AND USE TAX RATE REDUCTION IN
SUBSECTION
(1)(a) OF THIS SECTION TAKES EFFECT ONLY IF THE AMOUNT OF
EXCESS STATE REVENUES REQUIRED TO BE REFUNDED FOR A STATE FISCAL
YEAR EXCEEDS THE TOTAL OF THE AMOUNT OF REIMBURSEMENT FOR
PROPERTY TAX REVENUES LOST AS A RESULT OF THE PROPERTY TAX
EXEMPTIONS ALLOWED BY PART
2 OF ARTICLE 3 OF THIS TITLE 39 PAID BY
THE STATE TREASURER TO EACH COUNTY TREASURER AS REQUIRED BY
SECTION
39-3-207 (4) FOR THE PROPERTY TAX YEAR THAT COMMENCED
DURING THE STATE FISCAL YEAR PLUS THE ESTIMATED AMOUNT BY WHICH
STATE REVENUES WILL BE DECREASED AS THE RESULT OF A REDUCTION IN
THE STATE INDIVIDUAL INCOME TAX RATE REQUIRED BY SECTION
39-22-627.
(2) I
F, AT A STATEWIDE ELECTION, VOTERS AUTHORIZE THE STATE TO
RETAIN AND SPEND ALL OR ANY PORTION OF AN AMOUNT OF EXCESS STATE
REVENUES FOR A STATE FISCAL YEAR THAT WAS EQUAL TO OR EXCEEDED
THE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION, AND
THEREFORE REQUIRED A REDUCTION OF THE STATE SALES AND USE TAX
RATES
, SO THAT THE AMOUNT OF REMAINING EXCESS STATE REVENUES IS
LESS THAN THE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION,
THE EXECUTIVE DIRECTOR SHALL RESTORE THE STATE SALES AND USE TAX
RATES TO THE STANDARD RATES IMPOSED BY SECTION
39-26-106 (1) OR
39-26-202 (1) BEGINNING ON JANUARY 1 OF THE FOLLOWING CALENDAR
YEAR
. ANY AMOUNT REFUNDED BY SUCH A REDUCTION IN THE STATE SALES
AND USE TAX RATES CONSTITUTES AN OVER
-REFUND AS DEFINED IN SECTION
24-77-103.7 (1).
(3) A
S USED IN THIS PART 9, UNLESS THE CONTEXT OTHERWISE
REQUIRES
, "EXCESS STATE REVENUES" MEANS THE TOTAL AMOUNT OF THE
STATE REVENUES FOR THE STATE FISCAL YEAR IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7)(a) OF ARTICLE
X OF THE STATE CONSTITUTION THAT VOTERS STATEWIDE HAVE NOT
AUTHORIZED THE STATE TO RETAIN AND SPEND AND THAT THE STATE IS
REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF ARTICLE X OF THE STATE
CONSTITUTION
, INCLUDING ANY ADJUSTMENT FOR AMOUNTS SPECIFIED IN
SECTION
24-77-103.7 OR 24-77-103.8.
(4) A
NY TEMPORARY STATE SALES AND USE TAX RATE REDUCTION
PURSUANT TO SUBSECTION
(1) OF THIS SECTION DOES NOT AFFECT THE
CALCULATION OF THE AMOUNT OF
:
PAGE 26-SENATE BILL 24-228 (a) THE VENDOR FEE CREDITED TO THE HOUSING DEVELOPMENT
GRANT FUND IN ACCORDANCE WITH SECTION
39-26-123 (3)(b);
(b) T
HE STATE SALES TAX INCREMENT REVENUE FOR REGIONAL
TOURISM ZONES IN ACCORDANCE WITH PART
3 OF ARTICLE 46 OF TITLE 24;
OR
(c) THE AVIATION FUND CREATED IN SECTION 43-10-109.
(5) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT
TEMPORARY STATE SALES AND USE TAX RATE REDUCTIONS ARE REAS ONABLE
METHODS OF REF UNDING A PORTION OF THE EXCESS STATE REVENUES
REQUIRED TO BE REFUNDED IN ACCORDANCE WITH SECTION
20 (7)(d) OF
ARTICLE
X OF THE STATE CONSTITUTION.
(6) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2035.
SECTION 13. In Colorado Revised Statutes, add part 9 to article
26 of title 39 as follows:
PART 9
TEMPORARY STATE SALES AND USE TAX
RATE REDUCTIONS
39-26-901. Temporary adjustment of rates of state sales and use
taxes - refund of excess state revenues - definition - repeal. (1) (a) I
F,
FOR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY 1, 2024, BUT
BEFORE
JULY 1, 2034, THE ESTIMATED AMOUNT OF STATE REVENUES IN
EXCESS OF THE LIMITATION ON STATE FISCAL YEAR SPENDING IMPOSED BY
SECTION
20 (7)(a) OF ARTICLE X OF THE STATE CONSTITUTION THAT ARE
REQUIRED TO BE REFUNDED FOR THE STATE FISCAL YEAR IS GREATER THAN
ONE BILLION FIVE HUNDRED MILLION DOLLARS
, THE EXECUTIVE DIRECTOR
SHALL TEMPORARILY REDUCE
, FOR THE FOLLOWING STATE FISCAL YEAR, THE
STATE SALES TAX RATE SET FORTH IN SECTION
39-26-106 AND THE STATE
USE TAX RATE SET FORTH IN SECTION
39-26-202 BY THIRTEEN
ONE
-HUNDREDTHS OF ONE PERCENT .
(b) (I) T
HE CALCULATION OF THE ESTIMATED AMOUNT OF EXCESS
STATE REVENUES FOR A STATE FISCAL YEAR REQUIRED BY SUBSECTION
(1)(a)
OF THIS SECTION IS BASED ON THE MARCH ECONOMIC AND REVENUE
PAGE 27-SENATE BILL 24-228 FORECAST THAT IS SELECTED BY THE JOINT BUDGET COMMITTEE AS THE
BASIS FOR THE STATE
'S BUDGET FOR THE FOLLOWING STATE FISCAL YEAR .
(II) F
OR EACH STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
1, 2025, THE EXECUTIVE DIRECTOR SHALL ANNUALLY ADJUST THE EXCESS
STATE REVENUE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION
BY A PERCENTAGE EQUAL TO THE PERCENTAGE OF ALLOWABLE INCREASE IN
STATE FISCAL YEAR SPENDING CALCULATED PURSUANT TO SECTION
24-77-103 (2)(a)(I) FOR THE STATE FISCAL YEAR FOR WHICH THE EXCESS
STATE REVENUE MUST BE REFUNDED
.
(c) T
HE TEMPORARY STATE SALES AND USE TAX RATE REDUCTION IN
SUBSECTION
(1)(a) OF THIS SECTION TAKES EFFECT ONLY IF THE AMOUNT OF
EXCESS STATE REVENUES REQUIRED TO BE REFUNDED FOR A STATE FISCAL
YEAR EXCEEDS THE TOTAL OF THE AMOUNT OF REIMBURSEMENT FOR
PROPERTY TAX REVENUES LOST AS A RESULT OF BOTH THE PROPERTY TAX
EXEMPTIONS ALLOWED BY PART
2 OF ARTICLE 3 OF THIS TITLE 39 AND THE
REDUCED VALUATION FOR ASSESSMENT OF QUALIFIED
-SENIOR PRIMARY
RESIDENCE REAL PROPERTY PURSUANT TO SECTIONS
39-1-104.2 AND
39-1-104.6 THAT IS PAID BY THE STATE TREASURER TO EACH COUNTY
TREASURER AS REQUIRED BY SECTION
39-3-207 (4) OR 39-1-104.6 (9)(c) FOR
THE PROPERTY TAX YEAR THAT COMMENCED DURING THE STATE FISCAL
YEAR PLUS THE ESTIMATED AMOUNT BY WHICH STATE REVENUES WILL BE
DECREASED AS THE RESULT OF A REDUCTION IN THE STATE INDIVIDUAL
INCOME TAX RATE REQUIRED BY SECTION
39-22-627.
(2) I
F, AT A STATEWIDE ELECTION, VOTERS AUTHORIZE THE STATE TO
RETAIN AND SPEND ALL OR ANY PORTION OF AN AMOUNT OF EXCESS STATE
REVENUES FOR A STATE FISCAL YEAR THAT WAS EQUAL TO OR EXCEEDED
THE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION, AND
THEREFORE REQUIRED A REDUCTION OF THE STATE SALES AND USE TAX
RATES
, SO THAT THE AMOUNT OF REMAINING EXCESS STATE REVENUES IS
LESS THAN THE AMOUNT SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION,
THE EXECUTIVE DIRECTOR SHALL RESTORE THE STATE SALES AND USE TAX
RATES TO THE STANDARD RATES IMPOSED BY SECTION
39-26-106 (1) OR
39-26-202 (1) BEGINNING ON JANUARY 1 OF THE FOLLOWING CALENDAR
YEAR
. ANY AMOUNT REFUNDED BY SUCH A REDUCTION IN THE STATE SALES
AND USE TAX RATES CONSTITUTES AN OVER
-REFUND AS DEFINED IN SECTION
24-77-103.7 (1).
PAGE 28-SENATE BILL 24-228 (3) AS USED IN THIS PART 9, UNLESS THE CONTEXT OTHERWISE
REQUIRES
, "EXCESS STATE REVENUES" MEANS THE TOTAL AMOUNT OF THE
STATE REVENUES FOR THE STATE FISCAL YEAR IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7)(a) OF ARTICLE
X OF THE STATE CONSTITUTION THAT VOTERS STATEWIDE HAVE NOT
AUTHORIZED THE STATE TO RETAIN AND SPEND AND THAT THE STATE IS
REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF ARTICLE X OF THE STATE
CONSTITUTION
, INCLUDING ANY ADJUSTMENT FOR AMOUNTS SPECIFIED IN
SECTION
24-77-103.7 OR 24-77-103.8.
(4) A
NY TEMPORARY STATE SALES AND USE TAX RATE REDUCTION
PURSUANT TO SUBSECTION
(1) OF THIS SECTION DOES NOT AFFECT THE
CALCULATION OF THE AMOUNT OF
:
(a) T
HE VENDOR FEE CREDITED TO THE HOUSING DEVELOPMENT
GRANT FUND IN ACCORDANCE WITH SECTION
39-26-123 (3)(b);
(b) T
HE STATE SALES TAX INCREMENT REVENUE FOR REGIONAL
TOURISM ZONES IN ACCORDANCE WITH PART
3 OF ARTICLE 46 OF TITLE 24;
OR
(c) THE AVIATION FUND CREATED IN SECTION 43-10-109.
(5) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT
TEMPORARY STATE SALES AND USE TAX RATE REDUCTIONS ARE REAS ONABLE
METHODS OF REFUNDING A PORTION OF THE EXCESS STATE REVENUES
REQUIRED TO BE REFUNDED IN ACCORDANCE WITH SECTION
20 (7)(d) OF
ARTICLE
X OF THE STATE CONSTITUTION.
(6) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2035.
SECTION 14. In Colorado Revised Statutes, 39-26-105, amend
(1)(a)(I)(A) as follows:
39-26-105. Vendor liable for tax - definitions - repeal.
(1) (a) (I) (A) Except as provided in subsections (1)(a)(I)(B), (1.3), and
(1.5) of this section, every retailer shall irrespective of the provisions of
section 39-26-106, be liable and responsible for the payment of an amount
equivalent to two and ninety one-hundredths percent of all sales made on
or after January 1, 2001, by the retailer of commodities or services as
PAGE 29-SENATE BILL 24-228 specified in section 39-26-104 THE TAX IMPOSED BY SECTION 39-26-106 (1).
SECTION 15. In Colorado Revised Statutes, 39-26-112, amend (1)
as follows:
39-26-112. Excess tax - remittance - repeal. (1) If any vendor,
during any reporting period, collects as a tax an amount in excess of three
percent of all taxable sales made prior to January 1, 2001, and two and
ninety one-hundredths percent of all taxable sales made on or after January
1, 2001 THE TAX IMPOSED BY SECTION 39-26-106 (1), such vendor shall
remit to the executive director of the department of revenue the full net
amount of the tax imposed in this part 1 and also such excess. The retention
by the retailer or vendor of any excess of tax collections over the said
percentage of the total taxable sales of such retailer or vendor, or the
intentional failure to remit punctually to the executive director the full
amount required to be remitted by the provisions of this part 1 is declared
to be unlawful and constitutes a misdemeanor.
SECTION 16. In Colorado Revised Statutes, 43-10-109, amend
(2)(a) as follows:
43-10-109. Aviation fund created. (2) (a) (I) In accordance with
section 18 of article X of the Colorado constitution, for the 1991-92 fiscal
year, and each fiscal year thereafter, one hundred percent of the sales and
use taxes collected during that fiscal year by the state pursuant to sections
39-26-104 and 39-26-202 C.R.S.,
on aviation fuels used in turbo-propeller
or jet engine aircraft shall be credited to the aviation fund.
(II) I
F A TEMPORARY REDUCTION OF THE STATE SALES AND USE TAX
RATES PURSUANT TO SECTION
39-26-901 IS IN EFFECT, THE STATE
TREASURER SHALL CREDIT ADDITIONAL SALES AND USE TAXES COLLECTED
ON OTHER PROPERTY AND SERVICES TO THE AVIATION FUND SO THAT THE
AVIATION FUND RECEIVES AN AMOUNT EQUAL TO THE AMOUNT THAT IT
WOULD HAVE RECEIVED IF THE SALES AND USE TAX RATES HAD NOT BEEN
TEMPORARILY REDUCED FOR THAT FISCAL YEAR
.
SECTION 17. Effective date. (1) Except as otherwise provided in
this section, this act takes effect upon passage.
(2) Sections 1 and 12 of this act take effect only if Senate Bill
PAGE 30-SENATE BILL 24-228 24-111 does not become law.
(3) Sections 2 and 13 of this act take effect only if Senate Bill
24-111 becomes law, in which case sections 2 and 13 of this act take effect
upon the effective date of this act or Senate Bill 24-111, whichever is later.
SECTION 18. Appropriation. (1) For the 2024-25 state fiscal
year, $59,443 is appropriated to the department of revenue. This
appropriation is from the general fund. To implement this act, the
department may use this appropriation as follows:
(a) $16,625 for use by the executive director's office for personal
services related to administration and support;
(b) $27,810 for the taxation business group for tax administration
IT system (GenTax) support; and
(c) $15,008 for the taxation business group for personal services
related to taxation services.
SECTION 19. Safety clause. The general assembly finds,
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, or safety or for appropriations for
PAGE 31-SENATE BILL 24-228 the support and maintenance of the departments of the state and state
institutions.
____________________________ ____________________________
Steve Fenberg
Julie McCluskie
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Cindi L. Markwell Robin Jones
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 32-SENATE BILL 24-228