First Regular Session
Sixty-second General Assembly
LLS NO. 99-0456.01 Jason Gelender HOUSE BILL 99-1011
STATE OF COLORADO
BY REPRESENTATIVE Lee;
also SENATOR Lamborn.
FINANCE
A BILL FOR AN ACT
101 CONCERNING THE REFUNDING OF STATE REVENUES IN EXCESS OF THE
102 CONSTITUTIONAL LIMITATION ON STATE FISCAL YEAR SPENDING
103 FOR ANY GIVEN FISCAL YEAR.
Bill Summary
(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted.)
Requires that all excess state revenues for any given fiscal year
commencing on or after July 1, 1998, be refunded through a refund offset
against state tax liability. If the amount of excess state revenues required
to be refunded is large enough so that the amount of an identical refund
given to each qualified individual claiming a refund would exceed $5,
requires the executive director of the department of revenue to determine
a single percentage that, when used to calculate the amount of the refund
to be allowed to each taxpayer in the manner set forth in the statute, will
cause the total amount of refunds allowed to equal the amount of excess
state revenues required to be refunded. Requires the executive director
to give written notification of the single percentage determined and
amounts of the refund calculated to the executive committee of the
legislative council for review and approval or disapproval. Sets forth
procedures for the executive committee's review of the executive
director's percentage determination and refund calculations.
If the amount of excess state revenues required to be refunded for
any given fiscal year is large enough so that the amount of an identical
refund given to each qualified individual claiming a refund would exceed
$5, places each individual taxpayer into one of 3 categories based on the
taxpayer's federal adjusted gross income. Requires the executive director
of the department of revenue to adjust the amounts of federal adjusted
[ ] denotes HOUSE amendment. { } denotes SENATE amendment.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate material to be deleted from existing statute.
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gross income at which the categories are set to reflect annual changes in
the Denver-Boulder consumer price index, rounding to the nearest
$1,000. States that all taxpayers in the lowest income category shall
receive the identical amount of the refund calculated by multiplying the
percentage determined by the executive director by the dollar amount that
is the upper income limit of that category. States that each taxpayer in the
middle income category shall receive a refund calculated by multiplying
the percentage determined by the executive director by the taxpayer's
federal adjusted gross income. States that all taxpayers in the highest
income category shall receive the identical amount of the refund
calculated by multiplying the percentage determined by the executive
director by the dollar amount that is the lower income limit of that
category. States that 2 individuals filing a joint return shall be placed in
a category in the same manner as an individual taxpayer but shall be
allowed twice the amount of the refund allowed to an individual taxpayer.
If the amount of excess state revenues required to be refunded is
small enough so that the amount of an identical refund given to each
qualified individual claiming a refund would be less than or equal to $5,
allows an identical refund to each qualified individual.
Makes additional conforming amendments to the statutory
provisions regarding the state sales tax refund of excess revenues for the
1997-98 fiscal year through a state income tax refund to make such
amended provisions applicable to the refund of excess state revenues for
any given fiscal year. Sets forth the individuals who are eligible to claim
the refund.
1 Be it enacted by the General Assembly of the State of Colorado:
2 SECTION 1. Article 77 of title 24, Colorado Revised Statutes, is
3 amended BY THE ADDITION OF A NEW SECTION to read:
4 24-77-103.5. Excess revenues - refund. IF, FOR ANY STATE
5 FISCAL YEAR COMMENCING ON OR AFTER JULY 1, 1998, THE AMOUNT OF
6 STATE REVENUES EXCEEDS THE LIMITATION ON STATE FISCAL YEAR
7 SPENDING IMPOSED BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE
8 CONSTITUTION AND VOTERS STATEWIDE HAVE NOT AUTHORIZED THE STATE
9 TO RETAIN AND SPEND ALL OR ANY PORTION OF THE EXCESS STATE
10 REVENUES FOR THAT FISCAL YEAR, ALL EXCESS REVENUES REQUIRED TO BE
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1 REFUNDED FOR THAT FISCAL YEAR SHALL BE REFUNDED IN THE NEXT
2 FISCAL YEAR PURSUANT TO SECTION 39-22-120, C.R.S.
3 SECTION 2. 39-22-120 (1) (b), (1) (e), (1) (f), (1) (i), (2), (3),
4 (4), (5), and (9), Colorado Revised Statutes, are amended, and the said
5 39-22-120 is further amended BY THE ADDITION OF THE
6 FOLLOWING NEW SUBSECTIONS, to read:
7 39-22-120. Legislative declaration - state sales tax refund -
8 offset against state income tax. (1) The general assembly hereby finds
9 and declares that:
10 (b) During the 1997-98 fiscal year, state revenues from sources
11 not excluded from state fiscal year spending exceeded the limitation on
12 state fiscal year spending;
13 (e) IF VOTERS HAVE NOT APPROVED A REVENUE CHANGE, the state
14 is required to refund during the 1998-99 ANY GIVEN fiscal year all
15 revenues in excess of the state fiscal year spending limitation for the
16 1997-98 PRECEDING fiscal year; except that, if at the 1998 general election
17 voters statewide approve House Bill 98-1256, enacted at the second
18 regular session of the sixty-first general assembly, the state is required to
19 refund only that portion of the state excess revenues for the 1997-98 fiscal
20 year that the voters have not authorized the state to retain;
21 (f) It is within the legislative prerogative of the general assembly
22 to enact legislation to implement the refund of state excess revenues for
23 the 1997-98 ANY GIVEN fiscal year in compliance with section 20 of
24 article X of the state constitution IF THERE ARE EXCESS STATE REVENUES
25 FOR THAT FISCAL YEAR;
26 (i) It is the considered judgment of the general assembly that:
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1 (I) The State excess revenues, IF ANY, for the 1997-98 ANY GIVEN
2 fiscal year are WILL BE derived from a wide variety of state taxes and fees
3 ranging from state sales tax to severance and transportation taxes to
4 health service fees to court fines to permit and license fees and to higher
5 education fees and should, therefore, be returned to as large a group of
6 Colorado residents as is identifiable and economically feasible;
7 (II) It is not feasible to make proportional refunds of state excess
8 revenues, for the 1997-98 IF ANY, FOR ANY GIVEN fiscal year due to the
9 impossibility of identifying or returning prior payments;
10 (III) It is reasonable and fair to refund state excess revenues, for
11 the 1997-98 IF ANY, FOR ANY GIVEN fiscal year to a large group of
12 individuals as a refund of state sales tax revenues since more Coloradans
13 pay state sales tax than any other state tax;
14 (IV) The state collected over one billion four hundred fourteen
15 million dollars in state sales tax revenues during the 1997-98 fiscal year
16 from which the refund of state excess revenues may be made;
17 (V) Refunding state excess revenues, for the 1997-98 IF ANY, FOR
18 ANY GIVEN fiscal year through the state income tax system in the manner
19 set forth in this section is a reasonable method for refunding such excess
20 revenues; and
21 (VI) ONE OF the most cost-effective and expeditious method
22 METHODS of refunding state excess revenues, for the 1997-98 IF ANY, FOR
23 ANY GIVEN fiscal year is through the state income tax system but that a
24 refund offset against state income tax liability is merely a mechanism for
25 refunding said state excess revenues to a broad spectrum of persons.
26 (2) (a) As used in this section, "qualified individual" means:
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1 (I) A natural person who is domiciled in this state for the entire
2 taxable year commencing on January 1 1998, and ending ON December
3 31 1998, OF SUCH TAX YEAR and who is required to file a Colorado
4 individual income tax return for that tax year pursuant to section
5 39-22-601 (1) (a) or who files a Colorado individual income tax return to
6 claim a refund of Colorado income tax withheld from wages for that tax
7 year; or
8 (II) Any natural person who is domiciled in this state for the entire
9 taxable year commencing on January 1 1998, and ending ON December
10 31 1998, OF SUCH TAX YEAR and who is at least eighteen years of age as
11 of December 31 1997 OF THE TAXABLE YEAR PRECEDING SUCH TAX YEAR;
12 or
13 (III) A natural person who died during the ANY taxable year
14 commencing on January 1 1998, and ending ON December 31 1998, OF
15 SUCH TAX YEAR who was domiciled in this state from January 1 1998, OF
16 SUCH TAX YEAR until the date of death, and whose estate or spouse is
17 required to file a Colorado individual income tax return for that tax year
18 pursuant to section 39-22-601 (1) (a) or whose estate or spouse files a
19 Colorado income tax return to claim a refund of Colorado income tax
20 withheld from wages for that tax year; or
21 (IV) A natural person who died during the ANY taxable year
22 commencing on January 1 1998, and ending ON December 31 1998, OF
23 SUCH TAX YEAR who was domiciled in this state from January 1 1998, OF
24 SUCH TAX YEAR until the date of death, and who was at least eighteen
25 years of age as of December 31 1997 OF THE TAXABLE YEAR PRECEDING
26 SUCH TAX YEAR.
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1 (b) "Qualified individual" does not include:
2 (I) Any natural person who was convicted of a felony and who
3 served a sentence of incarceration in a correctional facility operated by or
4 under contract with the department of corrections or in a county or
5 municipal jail awaiting transfer to the department of corrections pursuant
6 to section 16-11-308, C.R.S., or in both such facility and jail for a total of
7 one hundred eighty days or more during the 1997-98 ANY GIVEN fiscal
8 year FOR WHICH THERE ARE EXCESS STATE REVENUES REQUIRED TO BE
9 REFUNDED IN THE NEXT FISCAL YEAR, regardless of whether such person
10 meets the qualifications set forth in paragraph (a) of this subsection (2);
11 (II) Any natural person who is convicted of a misdemeanor or is
12 adjudicated for an offense that would constitute a misdemeanor if
13 committed by an adult and who is incarcerated in a county or municipal
14 jail for a total of one hundred eighty days or more during the 1997-98
15 ANY GIVEN fiscal year FOR WHICH THERE ARE EXCESS STATE REVENUES
16 REQUIRED TO BE REFUNDED IN THE NEXT FISCAL YEAR, regardless of
17 whether such person meets the qualifications set forth in paragraph (a) of
18 this subsection (2);
19 (III) Any person under eighteen years of age who is adjudicated
20 for an offense that would constitute a felony if committed by an adult and
21 who was committed to the department of human services for a total of
22 one hundred eighty days or more during the 1997-98 ANY GIVEN fiscal
23 year FOR WHICH THERE ARE EXCESS STATE REVENUES REQUIRED TO BE
24 REFUNDED IN THE NEXT FISCAL YEAR, regardless of whether such person
25 meets the qualifications set forth in paragraph (a) of this subsection (2).
26 (3) With respect to the ANY taxable year commencing on January
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1 1 1998, and ending ON December 31 1998 IN WHICH EXCESS STATE
2 REVENUES FOR THE FISCAL YEAR THAT ENDS DURING SUCH TAXABLE YEAR
3 ARE REQUIRED TO BE REFUNDED, there shall be allowed to each qualified
4 individual a state sales tax refund in an amount specified in subsection (4)
5 OR (14) of this section, WHICHEVER IS APPLICABLE, with respect to the
6 income taxes imposed by this article.
7 (3.5) (a) SUBJECT TO THE PROVISIONS OF PARAGRAPH (b) OF
8 SUBSECTION (13) OF THIS SECTION, AS APPLICABLE, NO LATER THAN
9 OCTOBER 1 OF ANY GIVEN CALENDAR YEAR IN WHICH IT IS CERTIFIED IN
10 ACCORDANCE WITH THE PROVISIONS OF SECTION 24-77-106.5, C.R.S.,
11 THAT STATE REVENUES EXCEED THE LIMITATION ON STATE FISCAL YEAR
12 SPENDING IMPOSED BY SECTION 20 (7) (a) OF ARTICLE X OF THE STATE
13 CONSTITUTION FOR THE FISCAL YEAR ENDING IN THAT CALENDAR YEAR
14 AND ARE REQUIRED TO BE REFUNDED PURSUANT TO SECTION 24-77-103.5,
15 C.R.S., THE EXECUTIVE DIRECTOR SHALL DIVIDE THE TOTAL AMOUNT OF
16 EXCESS STATE REVENUES REQUIRED TO BE REFUNDED BY THE NUMBER OF
17 QUALIFIED INDIVIDUALS EXPECTED TO CLAIM A REFUND IN ORDER TO
18 DETERMINE THE AMOUNT OF THE REFUND THAT EACH SUCH QUALIFIED
19 INDIVIDUAL WOULD RECEIVE IF EACH INDIVIDUAL RECEIVED AN IDENTICAL
20 REFUND.
21 (b) FOR ANY GIVEN FISCAL YEAR IN WHICH THE AMOUNT OF THE
22 IDENTICAL INDIVIDUAL REFUND CALCULATED PURSUANT TO PARAGRAPH
23 (a) OF THIS SUBSECTION (3.5) EXCEEDS FIVE DOLLARS, AND SUBJECT TO THE
24 PROVISIONS OF PARAGRAPH (b) OF SUBSECTION (13) OF THIS SECTION, NO
25 LATER THAN OCTOBER 1 OF ANY GIVEN CALENDAR YEAR DURING WHICH
26 IT IS CERTIFIED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
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1 24-77-106.5, C.R.S., THAT STATE REVENUES EXCEED THE LIMITATION ON
2 STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF ARTICLE
3 X OF THE STATE CONSTITUTION FOR THE FISCAL YEAR ENDING IN THAT
4 CALENDAR YEAR AND ARE REQUIRED TO BE REFUNDED PURSUANT TO
5 SECTION 24-77-103.5, C.R.S., THE EXECUTIVE DIRECTOR SHALL
6 DETERMINE A SINGLE PERCENTAGE THAT, WHEN USED TO CALCULATE THE
7 AMOUNT OF THE REFUND TO BE ALLOWED PURSUANT TO PARAGRAPHS (a)
8 AND (b) OF SUBSECTION (4) OF THIS SECTION, FOR THE TAXABLE YEAR
9 COMMENCING DURING SAID FISCAL YEAR, SHALL CAUSE THE TOTAL
10 AMOUNT OF REFUNDS TO BE ALLOWED PURSUANT TO THIS SECTION TO
11 EQUAL THE AMOUNT OF EXCESS STATE REVENUES REQUIRED TO BE
12 REFUNDED.
13 (4) The amount of the refund allowed under this section shall be
14 as follows:
15 (a) For a qualified individual filing a single return for the 1998 tax
16 year:
17 (I) If the qualified individual's federal adjusted gross income for
18 the 1998 tax year is less than or equal to twenty TWENTY-FIVE thousand
19 dollars, the refund shall be in the AN amount of one hundred forty-two
20 dollars, unless, at the 1998 general election, voters statewide approve
21 House Bill 98-1256, enacted at the second regular session of the
22 sixty-first general assembly, in which case the refund shall be in the
23 amount of ninety-two dollars EQUAL TO TWENTY-FIVE THOUSAND
24 DOLLARS MULTIPLIED BY THE PERCENTAGE DETERMINED BY THE
25 EXECUTIVE DIRECTOR PURSUANT TO PARAGRAPH (b) OF SUBSECTION (3.5)
26 OF THIS SECTION;
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1 (II) If the qualified individual's federal adjusted gross income for
2 the 1998 tax year is greater than twenty TWENTY-FIVE thousand dollars
3 but not more than fifty EIGHTY thousand dollars, the refund shall be in the
4 AN amount of one hundred ninety-five dollars, unless, at the 1998 general
5 election, voters statewide approve House Bill 98-1256, enacted at the
6 second regular session of the sixty-first general assembly, in which case
7 the refund shall be in the amount of one hundred twenty-six dollars
8 EQUAL TO THE QUALIFIED INDIVIDUAL'S FEDERAL ADJUSTED GROSS INCOME
9 MULTIPLIED BY THE PERCENTAGE DETERMINED BY THE EXECUTIVE
10 DIRECTOR PURSUANT TO PARAGRAPH (b) OF SUBSECTION (3.5) OF THIS
11 SECTION;
12 (III) If the qualified individual's federal adjusted gross income for
13 the 1998 tax year is greater than fifty EIGHTY thousand dollars, but not
14 more than ninety-five thousand dollars, the refund shall be in the AN
15 amount of two hundred seventy-six dollars, unless, at the 1998 general
16 election, voters statewide approve House Bill 98-1256, enacted at the
17 second regular session of the sixty-first general assembly, in which case
18 the refund shall be in the amount of one hundred seventy-eight dollars;
19 EQUAL TO EIGHTY THOUSAND ONE DOLLARS MULTIPLIED BY THE
20 PERCENTAGE DETERMINED BY THE EXECUTIVE DIRECTOR PURSUANT TO
21 PARAGRAPH (b) OF SUBSECTION (3.5) OF THIS SECTION.
22 (IV) If the qualified individual's federal adjusted gross income for
23 the 1998 tax year is greater than ninety-five thousand dollars, the refund
24 shall be in the amount of three hundred eighty-four dollars, unless, at the
25 1998 general election, voters statewide approve House Bill 98-1256,
26 enacted at the second regular session of the sixty-first general assembly,
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1 in which case the refund shall be in the amount of two hundred
2 forty-eight dollars;
3 (b) For two qualified individuals filing a joint return for the 1998
4 tax year:
5 (I) If the qualified individuals' aggregate federal adjusted gross
6 income for the 1998 tax year is less than or equal to twenty TWENTY-FIVE
7 thousand dollars, the refund shall be in the AN amount of two hundred
8 eighty-four dollars, unless, at the 1998 general election, voters statewide
9 approve House Bill 98-1256, enacted at the second regular session of the
10 sixty-first general assembly, in which case the refund shall be in the
11 amount of one hundred eighty-four dollars EQUAL TO THE AMOUNT OF THE
12 REFUND ALLOWED UNDER SUBPARAGRAPH (I) OF PARAGRAPH (a) OF THIS
13 SUBSECTION (4) MULTIPLIED BY TWO;
14 (II) If the qualified individuals' aggregate federal adjusted gross
15 income for the 1998 tax year is greater than twenty TWENTY-FIVE
16 thousand dollars but not more than fifty EIGHTY thousand dollars, the
17 refund shall be in the AN amount of three hundred ninety dollars, unless,
18 at the 1998 general election, voters statewide approve House Bill
19 98-1256, enacted at the second regular session of the sixty-first general
20 assembly, in which case the refund shall be in the amount of two hundred
21 fifty-two dollars EQUAL TO THE AMOUNT OF THE REFUND ALLOWED UNDER
22 SUBPARAGRAPH (II) OF PARAGRAPH (a) OF THIS SUBSECTION (4)
23 MULTIPLIED BY TWO;
24 (III) If the qualified individuals' aggregate federal adjusted gross
25 income for the 1998 tax year is greater than fifty EIGHTY thousand dollars,
26 but not more than ninety-five thousand dollars, the refund shall be in the
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1 AN amount of five hundred fifty-two dollars, unless, at the 1998 general
2 election, voters statewide approve House Bill 98-1256, enacted at the
3 second regular session of the sixty-first general assembly, in which case
4 the refund shall be in the amount of three hundred fifty-six dollars EQUAL
5 TO THE AMOUNT OF THE REFUND ALLOWED UNDER SUBPARAGRAPH (III) OF
6 PARAGRAPH (a) OF THIS SUBSECTION (4) MULTIPLIED BY TWO.
7 (IV) If the qualified individuals' aggregate federal adjusted gross
8 income for the 1998 tax year is greater than ninety-five thousand dollars,
9 the refund shall be in the amount of seven hundred sixty-eight dollars,
10 unless, at the 1998 general election, voters statewide approve House Bill
11 98-1256, enacted at the second regular session of the sixty-first general
12 assembly, in which case the refund shall be in the amount of four hundred
13 ninety-six dollars.
14 (5) (a) (I) Except as otherwise provided in subparagraph (II) of
15 this paragraph (a), any refund allowed pursuant to this section shall be
16 claimed by a qualified individual as defined in subparagraph (I) or (III)
17 of paragraph (a) of subsection (2) of this section by filing a 1998 AN
18 income tax return FOR THE TAX YEAR FOR WHICH THE REFUND IS CLAIMED
19 with the department of revenue no later than April 15 1999 OF THE
20 CALENDAR YEAR FOLLOWING SUCH TAX YEAR.
21 (II) Any refund allowed pursuant to this section shall be claimed
22 by a qualified individual as defined in subparagraph (I) or (III) of
23 paragraph (a) of subsection (2) of this section who is granted an extension
24 of time to file a 1998 AN income tax return by filing a 1998 AN income
25 tax return FOR THE TAX YEAR FOR WHICH THE REFUND IS CLAIMED with the
26 department of revenue no later than October 15 1999 OF THE CALENDAR
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1 YEAR FOLLOWING SUCH TAX YEAR. Such qualified individual shall not be
2 required to pay all or any portion of the qualified individual's net tax
3 liability due prior to October 15 1999, OF SUCH CALENDAR YEAR in order
4 to be granted an extension of time to file said tax return; except that,
5 pursuant to section 39-22-621, such qualified individual may be subject
6 to a late payment penalty and interest on any net income tax liability not
7 paid by April 15 1999 OF SUCH CALENDAR YEAR.
8 (III) The department of revenue shall not allow said refund
9 claimed on any 1998 income tax return not filed in compliance with the
10 provisions of this article. In no event shall the refund claimed by a
11 qualified individual as defined in subparagraph (I) or (III) of paragraph
12 (a) of subsection (2) of this section on any 1998 income tax return be:
13 (A) Disallowed if said return is filed on or before October 15 1999
14 OF THE CALENDAR YEAR FOLLOWING THE TAX YEAR FOR WHICH THE
15 REFUND IS CLAIMED; and
16 (B) Allowed if said return is filed after October 15 1999 OF SUCH
17 CALENDAR YEAR.
18 (b) Any refund allowed pursuant to this section shall be claimed
19 by a qualified individual as defined in subparagraph (II) or (IV) of
20 paragraph (a) of subsection (2) of this section by filing a 1998 AN income
21 tax return FOR THE TAX YEAR FOR WHICH THE REFUND IS CLAIMED with the
22 department of revenue no later than April 15 1999 OF THE CALENDAR
23 YEAR FOLLOWING SUCH TAX YEAR. The department of revenue shall not
24 allow said refund claimed by a qualified individual as defined in
25 subparagraph (II) or (IV) of paragraph (a) of subsection (2) of this section
26 on any 1998 income tax return filed with the department of revenue after
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1 April 15 1999 OF SUCH CALENDAR YEAR.
2 (c) (I) Notwithstanding any provision of paragraph (b) of this
3 subsection (5) to the contrary, a qualified individual as defined in
4 subparagraph (II) or (IV) of paragraph (a) of subsection (2) of this section
5 who claims a property tax assistance grant pursuant to section 39-31-101
6 or a heat or fuel expenses assistance grant pursuant to section 39-31-104
7 may claim a refund authorized by this section on the assistance grant
8 application form described in section 39-31-102 (2). Claiming a refund
9 on such assistance grant application form shall be in lieu of claiming the
10 refund on an income tax return pursuant to paragraph (b) of this
11 subsection (5). Any refund claimed pursuant to this paragraph (c) shall
12 be claimed on or before April 15 1999 OF THE CALENDAR YEAR
13 FOLLOWING THE TAX YEAR FOR WHICH THE REFUND IS CLAIMED.
14 (II) The department of revenue shall not allow a refund authorized
15 by this section that is claimed on an assistance grant application form if:
16 (A) The assistance grant application form is filed after April 15
17 1999 OF THE CALENDAR YEAR FOLLOWING THE TAX YEAR FOR WHICH THE
18 REFUND IS CLAIMED; or
19 (B) The qualified individual has claimed the refund authorized by
20 this section on an income tax form filed in accordance with paragraph (b)
21 of this subsection (5) for the tax year for which the refund is allowed.
22 (9) The executive director shall not print individual income tax
23 forms for the 1998 ANY taxable year IN WHICH ONE OR MORE BALLOT
24 QUESTIONS ARE SUBMITTED TO THE VOTERS AT A STATEWIDE ELECTION TO
25 BE HELD IN NOVEMBER OF SUCH TAXABLE YEAR THAT SEEK
26 AUTHORIZATION FOR THE STATE TO RETAIN AND SPEND ALL OR ANY
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1 PORTION OF THE AMOUNTS OF EXCESS STATE REVENUES FOR THE FISCAL
2 YEAR ENDING DURING SUCH TAXABLE YEAR until the results of the 1998
3 general THE election are known so that forms will reflect the impact of the
4 results of said THE election on the amount of the refund to be allowed in
5 accordance with subsection (4) OR SUBSECTION (14) of this section,
6 WHICHEVER IS APPLICABLE.
7 (12) SUBJECT TO THE PROVISIONS OF PARAGRAPH (b) OF
8 SUBSECTION (13) AND SUBSECTION (14) OF THIS SECTION, AS APPLICABLE,
9 NO LATER THAN OCTOBER 1 OF ANY GIVEN CALENDAR YEAR DURING
10 WHICH IT IS CERTIFIED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
11 24-77-106.5 (1) (b), C.R.S., THAT STATE REVENUES EXCEED THE
12 LIMITATION ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7)
13 (a) OF ARTICLE X OF THE STATE CONSTITUTION FOR THE FISCAL YEAR
14 ENDING IN THAT CALENDAR YEAR THAT ARE REQUIRED TO BE REFUNDED
15 PURSUANT TO SECTION 24-77-103.5, C.R.S.:
16 (a) THE EXECUTIVE DIRECTOR SHALL CALCULATE THE AMOUNT OF
17 THE REFUND TO BE ALLOWED PURSUANT TO PARAGRAPHS (a) AND (b) OF
18 SUBSECTION (4) OR SUBSECTION (14) OF THIS SECTION, WHICHEVER IS
19 APPLICABLE, FOR THE TAXABLE YEAR COMMENCING DURING SAID FISCAL
20 YEAR. THE SINGLE PERCENTAGE USED TO CALCULATE THE AMOUNT OF
21 ANY REFUND TO BE ALLOWED PURSUANT TO SUBSECTION (4) OF THIS
22 SECTION SHALL BE CALCULATED IN ACCORDANCE WITH THE PROVISIONS OF
23 PARAGRAPH (b) OF SUBSECTION (3.5) AND SUBSECTION (4) OF THIS
24 SECTION. BOTH THE SINGLE PERCENTAGE USED TO CALCULATE THE
25 AMOUNT OF ANY REFUND TO BE ALLOWED PURSUANT TO SUBSECTION (4)
26 OF THIS SECTION AND THE AMOUNTS OF ANY REFUND TO BE ALLOWED
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1 PURSUANT TO SUBSECTION (4) OR SUBSECTION (14) OF THIS SECTION,
2 WHICHEVER IS APPLICABLE, SHALL BE PUBLISHED IN RULES PROMULGATED
3 BY THE EXECUTIVE DIRECTOR IN ACCORDANCE WITH ARTICLE 4 OF TITLE
4 24, C.R.S., AND SHALL BE INCLUDED IN INCOME TAX FORMS FOR THAT
5 TAXABLE YEAR.
6 (b) NOTWITHSTANDING ANY PROVISION OF THIS SECTION TO THE
7 CONTRARY, FOR THE TAXABLE YEAR COMMENCING ON JANUARY 1, 2000,
8 AND ENDING DECEMBER 31, 2000, AND FOR EACH SUBSEQUENT TAXABLE
9 YEAR, THE EXECUTIVE DIRECTOR SHALL ADJUST THE AMOUNTS OF FEDERAL
10 ADJUSTED GROSS INCOME OF QUALIFIED INDIVIDUALS, AS SPECIFIED IN
11 SUBSECTION (4) OF THIS SECTION, TO REFLECT THE PERCENTAGE CHANGE
12 IN THE CONSUMER PRICE INDEX FOR THE DENVER-BOULDER
13 CONSOLIDATED METROPOLITAN STATISTICAL AREA FOR ALL URBAN
14 CONSUMERS, ALL GOODS, AS PUBLISHED BY THE UNITED STATES
15 DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS, OR ITS SUCCESSOR,
16 FOR THE FISCAL YEAR THAT ENDS IN SUCH TAXABLE YEAR. THE AMOUNTS
17 OF FEDERAL ADJUSTED GROSS INCOME, AS ADJUSTED PURSUANT TO THIS
18 PARAGRAPH (b), SHALL BE ROUNDED TO THE NEAREST ONE THOUSAND
19 DOLLARS, SHALL BE PUBLISHED IN RULES PROMULGATED BY THE
20 EXECUTIVE DIRECTOR IN ACCORDANCE WITH ARTICLE 4 OF TITLE 24,
21 C.R.S., AND SHALL BE INCLUDED IN INCOME TAX FORMS FOR THAT
22 TAXABLE YEAR.
23 (13) (a) UPON CALCULATING THE SINGLE PERCENTAGE USED TO
24 CALCULATE THE AMOUNTS OF ANY REFUND TO BE ALLOWED PURSUANT TO
25 SUBSECTION (4) OF THIS SECTION AND THE AMOUNTS OF ANY REFUND TO
26 BE ALLOWED PURSUANT TO SUBSECTION (4) OR SUBSECTION (14) OF THIS
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1 SECTION FOR ANY TAXABLE YEAR IN ACCORDANCE WITH THE PROVISIONS
2 OF PARAGRAPH (b) OF SUBSECTION (3.5) AND SUBSECTION (4) OR
3 PARAGRAPH (a) OF SUBSECTION (3.5) AND SUBSECTION (14) OF THIS
4 SECTION, WHICHEVER ARE APPLICABLE, THE EXECUTIVE DIRECTOR SHALL
5 NOTIFY IN WRITING THE EXECUTIVE COMMITTEE OF THE LEGISLATIVE
6 COUNCIL CREATED PURSUANT TO SECTION 2-3-301 (1), C.R.S., OF ANY
7 PERCENTAGE AND AMOUNTS OF THE REFUND SO CALCULATED AND THE
8 BASIS FOR SUCH CALCULATIONS. SUCH WRITTEN NOTIFICATION SHALL BE
9 GIVEN WITHIN FIVE WORKING DAYS AFTER SUCH CALCULATIONS ARE
10 COMPLETED AND SHALL BE GIVEN NO LATER THAN OCTOBER 1 OF THE
11 CALENDAR YEAR.
12 (b) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION TO
13 THE CONTRARY, IF ONE OR MORE BALLOT QUESTIONS ARE SUBMITTED TO
14 THE VOTERS AT A STATEWIDE ELECTION TO BE HELD IN NOVEMBER OF ANY
15 GIVEN CALENDAR YEAR THAT SEEK AUTHORIZATION FOR THE STATE TO
16 RETAIN AND SPEND ALL OR ANY PORTION OF THE AMOUNT OF EXCESS
17 STATE REVENUES FOR THE FISCAL YEAR ENDING DURING SAID CALENDAR
18 YEAR, THE EXECUTIVE DIRECTOR SHALL DETERMINE, IN THE MANNER SET
19 FORTH IN PARAGRAPH (b) OF SUBSECTION (3.5) AND SUBSECTION (4) OR
20 PARAGRAPH (a) OF SUBSECTION (3.5) AND SUBSECTION (14) OF THIS
21 SECTION, WHICHEVER ARE APPLICABLE, AS MANY ALTERNATIVE SINGLE
22 PERCENTAGES AS ARE NECESSARY AND CALCULATE AS MANY
23 ALTERNATIVE REFUND AMOUNTS AS ARE NECESSARY TO ENSURE THAT, IF
24 ONE OR MORE OF SUCH BALLOT QUESTIONS ARE APPROVED BY THE VOTERS,
25 AN APPROPRIATE ALTERNATIVE SINGLE PERCENTAGE, IF ANY, AND
26 APPROPRIATE REFUND AMOUNTS ARE USED SO THAT THE TOTAL AMOUNT
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1 OF REFUNDS TO BE ALLOWED PURSUANT TO THIS SECTION EQUALS THE
2 AMOUNT OF EXCESS STATE REVENUES REQUIRED TO BE REFUNDED. THE
3 EXECUTIVE DIRECTOR SHALL NOTIFY IN WRITING THE EXECUTIVE
4 COMMITTEE OF THE LEGISLATIVE COUNCIL CREATED PURSUANT TO SECTION
5 2-3-301 (1), C.R.S., OF ANY PERCENTAGE AND AMOUNTS OF THE REFUND
6 SO CALCULATED AND THE BASIS FOR SUCH CALCULATIONS WITHIN FIVE
7 WORKING DAYS AFTER SUCH CALCULATIONS ARE COMPLETED AND NO
8 LATER THAN OCTOBER 1 OF THE CALENDAR YEAR.
9 (c) IT IS THE FUNCTION OF THE EXECUTIVE COMMITTEE OF THE
10 LEGISLATIVE COUNCIL TO REVIEW AND APPROVE OR DISAPPROVE ANY
11 PERCENTAGE OR AMOUNTS OF THE REFUND CALCULATED BY THE
12 EXECUTIVE DIRECTOR WITHIN TWENTY DAYS AFTER RECEIPT OF THE
13 WRITTEN NOTIFICATION FROM THE EXECUTIVE DIRECTOR. ANY
14 PERCENTAGE OR REFUND AMOUNTS CALCULATED PURSUANT TO THE
15 PROVISIONS OF THIS SECTION THAT ARE NOT APPROVED OR DISAPPROVED
16 BY THE EXECUTIVE COMMITTEE WITHIN SAID TWENTY DAYS SHALL BE
17 AUTOMATICALLY APPROVED; EXCEPT THAT, IF WITHIN SAID TWENTY DAYS
18 THE EXECUTIVE COMMITTEE SCHEDULES A HEARING ON SUCH PERCENTAGE
19 OR REFUND AMOUNTS, SUCH AUTOMATIC APPROVAL SHALL NOT OCCUR
20 UNLESS THE EXECUTIVE COMMITTEE DOES NOT APPROVE OR DISAPPROVE
21 SUCH PERCENTAGE OR REFUND AMOUNTS AFTER THE CONCLUSION OF SUCH
22 HEARING. ANY HEARING CONDUCTED BY THE EXECUTIVE COMMITTEE
23 PURSUANT TO THE PROVISIONS OF THIS PARAGRAPH (c) SHALL BE HELD NO
24 LATER THAN TWENTY-FIVE DAYS AFTER RECEIPT OF THE WRITTEN
25 NOTIFICATION FROM THE EXECUTIVE DIRECTOR.
26 (d) (I) IF THE EXECUTIVE COMMITTEE OF THE LEGISLATIVE COUNCIL
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1 DISAPPROVES ANY PERCENTAGE OR REFUND AMOUNTS CALCULATED BY
2 THE EXECUTIVE DIRECTOR, THE EXECUTIVE COMMITTEE SHALL SPECIFY THE
3 ADJUSTED PERCENTAGE OR REFUND AMOUNTS TO BE IMPLEMENTED BY THE
4 EXECUTIVE DIRECTOR. ANY PERCENTAGE OR REFUND AMOUNTS SPECIFIED
5 BY THE EXECUTIVE COMMITTEE PURSUANT TO THIS SUBPARAGRAPH (I)
6 SHALL BE CALCULATED IN ACCORDANCE WITH THE PROVISIONS OF
7 PARAGRAPH (b) OF SUBSECTION (3.5) AND SUBSECTION (4) OF THIS SECTION
8 OR PARAGRAPH (a) OF SUBSECTION (3.5) AND SUBSECTION (14) OF THIS
9 SECTION, WHICHEVER ARE APPLICABLE.
10 (II) THE EXECUTIVE DIRECTOR SHALL NOT SET ANY PERCENTAGE
11 OR REFUND AMOUNTS AT ANY NUMBER THAT HAS NOT BEEN APPROVED
12 PURSUANT TO THE PROVISIONS OF PARAGRAPH (c) OF THIS SUBSECTION
13 (13).
14 (14) FOR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY
15 1, 1998, FOR WHICH THE AMOUNT OF THE IDENTICAL INDIVIDUAL REFUND
16 CALCULATED PURSUANT TO PARAGRAPH (a) OF SUBSECTION (3.5) OF THIS
17 SECTION IS LESS THAN OR EQUAL TO FIVE DOLLARS, THE AMOUNT OF THE
18 REFUND ALLOWED UNDER THIS SECTION SHALL BE SUCH THAT:
19 (a) EACH QUALIFIED INDIVIDUAL FILING A SINGLE RETURN
20 RECEIVES THE AMOUNT OF THE IDENTICAL INDIVIDUAL REFUND
21 CALCULATED PURSUANT TO PARAGRAPH (a) OF SUBSECTION (3.5) OF THIS
22 SECTION;
23 (b) ANY TWO QUALIFIED INDIVIDUALS FILING A JOINT RETURN
24 RECEIVE THE AMOUNT OF THE REFUND ALLOWED UNDER PARAGRAPH (a) OF
25 THIS SUBSECTION (14) MULTIPLIED BY TWO; AND
26 (c) THE TOTAL AMOUNT OF REFUNDS TO BE ALLOWED PURSUANT
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1 TO THIS SUBSECTION (14) EQUALS THE AMOUNT OF EXCESS REVENUES
2 REQUIRED TO BE REFUNDED.
3 SECTION 3. Effective date. This act shall take effect at 12:01
4 a.m. on the day following the expiration of the ninety-day period after
5 final adjournment of the general assembly that is allowed for submitting
6 a referendum petition pursuant to article V, section 1 (3) of the state
7 constitution; except that, if a referendum petition is filed against this act
8 or an item, section, or part of this act within such period, then the act,
9 item, section, or part, if approved by the people, shall take effect on the
10 date of the official declaration of the vote thereon by proclamation of the
11 governor.