CO HB1129

Requires the Department of Revenue executive director to rebate $1,846,400,000 from the general fund surplus to qualified individuals through 2022 income tax returns.

Rebates administered using the same mechanism as excess state revenue refunds under Colorado's Taxpayer's Bill of Rights, except certain limitation provisions do not apply.

Defines "qualified individuals" using the same meaning as Section 39-22-2003(1) and limits rebates to the 2022 income tax year only (January 1, 2022 through December 31, 2022).

Establishes that if total rebates made are less than the $1.8 billion surplus, the executive director is not required to make additional rebates in subsequent tax years.

Legislation repeals effective July 1, 2024, and takes effect 90 days after final adjournment unless subject to a referendum petition, in which case it requires voter approval at the November 2022 general election.