SB22-233 Summary

• Provides a one-time refund of excess state revenues from fiscal year 2021-22 to Colorado resident individuals in equal amounts ($400 for single filers, $800 for joint filers).

• Defines qualified individuals as Colorado residents at least 18 years old as of December 31, 2021, who filed a 2021 state income tax return or applied for a grant by June 30, 2022 (or by extended filing deadline for those granted extensions).

• Requires the Department of Revenue to issue reimbursement warrants no later than September 30, 2022, with funds paid from the general fund.

• Allows the Executive Director to adjust the refund amount up to 85% of total excess revenues or down to avoid over-refunding more than 87% of excess revenues, maintaining equal amounts per filer with joint filers receiving double.

• Appropriates $2,578,995 to the Department of Revenue for implementation, including personnel, operating expenses, document management services, and IT system support.

• Section automatically repeals effective July 1, 2027.