Colorado HB1419 addresses over-refunds of state revenues due to federal tax policy changes.

Colorado HB1419 responds to the impact of federal tax policy changes on state revenues. The bill requires the office of the state controller, in consultation with the office of state planning and budgeting and the department of revenue, to determine the amount of the over-refund for state fiscal year 2024-25. This over-refund is the difference between the amount the state is required to refund under the Taxpayer's Bill of Rights (TABOR) and the actual amount of state fiscal year spending in excess of the constitutional limitation.

Colorado HB1419 addresses over-refunds of state revenues due to federal tax policy changes.

Colorado HB1419 responds to the impact of federal tax policy changes on state revenues. The bill requires the office of the state controller, in consultation with the office of state planning and budgeting and the department of revenue, to determine the amount of the over-refund for state fiscal year 2024-25. This over-refund is the difference between the amount the state is required to refund under the Taxpayer's Bill of Rights (TABOR) and the actual amount of state fiscal year spending in excess of the constitutional limitation.