Senate Bill 24-228 Summary

• Establishes tiered income tax rate reductions for state fiscal years 2024-2034 based on excess revenues, with rates reduced by 0.04% to 0.15% depending on revenue thresholds ranging from $300 million to over $1.5 billion.

• Creates temporary state sales and use tax rate reductions of 0.13% when excess revenues exceed $1.5 billion, triggered only if income tax reductions and property tax reimbursements don't fully refund the excess.

• Adjusts TABOR refund thresholds annually starting in 2025 based on the percentage of allowable increase in state fiscal year spending.

• Modifies the "identical refund threshold" for sales tax refunds to be one-half of the lowest married filing jointly amount on IRS tax tables (or $15 if IRS guidance unavailable) instead of the previous $15 fixed amount.

• Repeals the section on July 1, 2035, and includes a $59,443 appropriation to the Department of Revenue for implementation.