HB 22-1129

House Bill 22-1129, which has been signed into law, requires the state of Colorado to return a portion of its surplus funds from the general fund directly to taxpayers. The bill estimates that $1.846 billion will be rebated to eligible individuals through their income tax returns for the year 2022. This rebate is similar to how excess revenues are typically returned under the Taxpayer's Bill of Rights, but instead uses the surplus from the general fund. Since it has been signed, Colorado residents who qualify can expect a refund based on this bill when they file their taxes.

Official Summary

The bill requires the executive director to rebate $1,846,400,000 from the general fund to qualified individuals through income tax returns for the 2022 income tax year, which rebate amount is an estimate of the general fund surplus for the state fiscal year 2021-22. The rebates will be made to qualified individuals in the same manner as if the general fund surplus was excess state revenues under the Taxpayer's Bill of Rights being refunded through the 6-tiered sales tax refund mechanism.(Note: This summary applies to this bill as introduced.)