C.R.S. § 39-22-2005

[Editor’s note: This section takes effect only if a ballot issue is referred to and approved by the registered electors in accordance with section 24-77-202 , Colorado Revised Statutes. See the editor’s note following this section.] (1) As used in this section, unless the context otherwise requires: (a) “Qualified individual” has the same meaning as set forth in section 39-22-2003 (1). (b) “Remaining excess state revenues” means the total amount of the state revenues for the state fiscal year commencing on July 1, 2022, in excess of the limitation on state fiscal year spending imposed by section 20 (7)(a) of article X of the state constitution that the state is required to refund under section 20 (7)(d) of article X of the state constitution, including any amount specified in section 24-77-103.8 , that exceeds the amounts to be refunded as required by sections 39-3-209 and 39-3-210 for the state fiscal year. (2) Notwithstanding sections 39-22-2002 and 39-22-2003 , any remaining excess state revenues for the state fiscal year commencing on July 1, 2022, are refunded through an identical payment to qualified individuals. The amount of each refund is equal to the amount of the remaining excess state revenues divided by the number of qualified individuals expected to claim a refund pursuant to section 39-22-2003 for the income tax year commencing on January 1, 2023. This is a refund of excess state revenues from all sources of fiscal year spending. (3) A qualified individual filing a single return is entitled to one refund under this section and two qualified individuals filing a joint return are entitled to two refunds under this section. The executive director shall calculate the amount of the refund required by this section and shall administer the refund in the same manner as the refund set forth in section 39-22-2003 . (4) This section is repealed, effective December 31, 2028.