3D7922B3273E6E1287258B160062741C Hearing Summary

Representatives deGruy Kennedy and Pugliese, co-prime sponsors, presented Senate Bill 24-228. The bill adjusts the mechanisms used to refund the state TABOR refund obligation starting with the FY 2023-24 surplus by reinstating a temporary state income tax rate cut, and creates a new refund mechanism - a temporary reduction in the state sales and use tax rate - starting with the FY 2024-25 surplus. The bill sponsors responded to questions from the committee.

Heidi Humphreys, representing the Colorado Department of Revenue, testified in support of the bill.

Members of the committee commented on their positions on the bill.