Bill Tracker

This bill would reduce the state income tax rate from 4.55% to 4.4%. It sounds like a small decrease, but will likely drain millions from the state General Fund. Yes, the state is flush with cash this session, but almost all of it is one-time funds, available this budget cycle but not the following years. That one-time cash is useful for one-time expenditures, including building infrastructure, affordable housing, and paying down debt. But improving the supply of child care workers; adding mental health professionals to serve young people; and preventing, fighting, and recovering from wildfires all require spending money on people’s salaries not just this budget cycle, but for years to come. Cutting the income tax rate will reduce, not expand, the funds the state has, now and in the future, for these and other important services. The League of Women Voters supports adequate funding of government programs. This bill makes funding for government programs less adequate, and for these reasons the League of Voters of Colorado opposes the bill.

For income tax years commencing on and after January 1, 2022,
the bill reduces both the individual and the corporate state income tax
rates from 4.55% to 4.4%. The bill also exempts the rate reductions from
the existing statutory requirements that tax expenditure legislation include
a tax preference performance statement in a statutory legislative
declaration and a repeal after a specified period of tax years.

• March 14, 2022: House State, Civic, Military, & Veterans Affairs Committee Report

HB22-1059 would require a two-thirds vote in both houses to create or authorize any new fee or to increase or authorize increasing any existing fee. The League of Women Voters believes efficient and economical government requires adequate financing. This bill could block majorities in both chambers, representing a majority of Coloradans, from providing adequate financing for fee-funded programs such as transportation.

LWVUS Impact on Issues 2020-2022 Principles p 10

This bill has no immediate fiscal impact. To the extent that the bill prevents the passage of bills that impose or authorize new fees, it may reduce the number of new programs created and the associated fee revenue and spending. In addition, failure to pass a bill to increase a fee that is set in statute to cover program costs may result in a decrease in services provided or an increase in General Fund expenditures in order to maintain service levels. These impacts cannot be estimated.

The bill creates a requirement that any bill that imposes a new fee,
authorizes the imposition of a new fee, increases an existing fee, or
authorizes the increase of an existing fee be approved by a two-thirds vote

of all members elected to each house of the general assembly to become
law. The two-thirds vote requirement applies only to the vote on final
passage of such a bill in each house of the general assembly.
The bill defines a fee as a charge that is levied to defray the cost
of the particular government service provided to those charged and not
levied for the purpose of raising any revenue for a general public purpose.

• March 21, 2022: House State, Civic, Military, & Veterans Affairs Committee Report

The bill expands the state sales and use tax exemption for food,
which currently exempts most food for domestic home consumption, by
also exempting from state sales and use tax most food that is not for
domestic home consumption and is instead prepared for on-site
consumption at a restaurant, grocery store, or other establishment or to be

carried out and consumed without additional cooking or preparation.

• May 02, 2022: House Finance Committee Report

HB22-1123 would adjust Colorado’s income tax standard deduction for inflation. 

The League position supports a progressive tax system, with a higher overall tax rate for those who have more and a lower overall tax rate for those who have less. 

The bill sounds benign, and is a small bit progressive, exempting a slightly larger dollar amount of each taxpayer’s income each year. However, the fiscal note says the state will lose $213.7 million in fiscal year 2023-24, and I believe losses will only grow in future years as at least some inflation continues. 

This bill is a very blunt instrument, helping not only those at the lower end of the income distribution, but everyone who pays income tax, including the well-off. If the state wants to spend over $200 million a year to aid those who need help most, there are many more targeted ways, including increasing the earned income tax and child tax credits.

LWVCO Opposes this legislation.

For the purposes of determining state taxable income and
calculating state income tax for taxpayers who claim the standard
deduction allowed under section 63 (c) of the internal revenue code, the
bill subtracts an amount from the taxpayer's federal taxable income equal
to the standard deduction claimed by the taxpayer not adjusted pursuant

to section 63 (c)(4) or (c)(7)(B)(ii) of the internal revenue code multiplied
by the combination of:
  • The percentage change in the United States department of
labor's bureau of labor statistics consumer price index for
Denver-Aurora-Lakewood for all items paid by all urban
consumers, or its applicable predecessor or successor
index, (CPI) in the most recent year compared to 2017; and
  • Twenty thousandths of a percent for every percent that the
United States department of labor's bureau of labor
statistics motor fuel index, or its applicable predecessor or
successor index, exceeds the increase in CPI since 2017.
The subtraction is only allowed for income tax years commencing
on or after January 1, 2023.

• April 25, 2022: House Finance Committee Report

Any TABOR reduction in income tax rates becomes permanent. Each reduction is .05% for both individuals and corporations.  For the rate to fall, the refund must exceed revenue from the .05% reduction plus the state reimbursement for lost property tax revenues due to senior and disabled veteran exemptions. This would be a permanent ratcheting down of income tax rates; subsequent large TABOR refunds would continue to reduce income tax rates by another .05%, permanently.

This will drain millions from the state General Fund. Yes, the state is flush with cash this session, but almost all of it is one-time funds, available this budget cycle but not the following years. That one-time cash is useful for one-time expenditures, including building infrastructure, affordable housing, and paying down debt. But improving the supply of child care workers; adding mental health professionals to serve young people; and preventing, fighting, and recovering from wildfires all require spending money on people’s salaries not just this budget cycle, but for years to come, so cannot wisely be done with one-time funding. Letting TABOR refunds cut income tax rates permanently will reduce, not expand, the funds the state has, now and in the future, for these and other important services, and cut funds further with each TABOR rebate. The League of Women Voters believes efficient and economical government requires adequate financing. This bill makes funding for government programs less and less adequate.

LWVUS Impact on Issues 2020-2022 Principles p 10

One of the mechanisms for refunding state revenues in excess of
the state fiscal year spending limit imposed by the Taxpayer's Bill of
Rights (TABOR) is a temporary income tax rate reduction. For any state
fiscal year commencing on or after July 1, 2022, the bill makes this
income tax rate reduction permanent and establishes the reduction as

always equaling a .05% reduction of the current income tax rate.
Thus, under the bill, every year when the executive director of the
department of revenue determines it is necessary to reduce the state
income tax, both the individual state income tax rate and the corporate tax
rate are permanently reduced by .05%.
The bill exempts the state income tax rate and corporate tax rate
reduction in the bill from the otherwise required tax preference
performance statement and repeal date.

• March 14, 2022: House State, Civic, Military, & Veterans Affairs Committee Report

For 5 income tax years beginning in 2022, the bill creates a
refundable state income tax credit for a Colorado teacher or classroom
paraprofessional (eligible educator) for their classroom expenses. An
eligible educator cannot claim the credit for an expense that the educator
claims as a federal educator expense deduction for purposes of the
educator's federal income tax, and the maximum amount of the credit per

income tax year is $500.

• March 03, 2022: House Finance Committee Report
• February 28, 2022: House Finance Committee Report

The bill creates an income tax deduction of up to $17,500 for tenants with taxable income under $40,000 for an individual or under $80,000 for a head-of-household or a married couple for rent paid on a rental residence in Colorado. The League of Women Voters supports a tax system that is progressive, taking a smaller share of smaller incomes and a larger share of larger incomes. This would make Colorado’s income tax more progressive.

The bill creates an income tax deduction of up to $17,500 for
tenants with taxable income under $40,000 for an individual or under
$80,000 for a head-of-household or a married couple for rent paid on a
rental residence in Colorado.

• March 24, 2022: House Finance Committee Report

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.

• March 17, 2022: House Finance Committee Report

The objective of the bill is to Increase the use by commuting employees of alternative transportation options other than single-occupancy vehicles and, thus, to reduce auto-related air pollution, traffic congestion, and transportation costs.  In particular, the bill addresses areas of Colorado that are designated by EPA as severe nonattainment areas with respect to standards for ozone. 

An income tax credit is created for employers as an inducement to creating a clean commuting plan that will increase use of alternative transportation options and strategies to reduce the number of trips taken by employees in single-occupancy vehicles when commuting to work.  To be eligible to claim a tax credit, an employer’s Clean Commuting Plan must offer the alternative transportation options to essential workers and workers earning less than $40K/year, which can be part of providing for economic equity.  Alternative transportation options include (but are not limited to) flexible work schedules, facilitating ridesharing, providing employer vans, subsidies for public transit or bike sharing, bicycling amenities, on-site daycare.  

The League supports measures to reduce vehicular pollution. 

Last year we supported a successful transportation bill SB21-260, Sustainability of the Transportation System, as enabling part of the solution for reducing air pollution that results from burning of fossil-fuels for transportation.  A Nonattainment Area Air Pollution Mitigation Enterprise was created to fund projects that reduce traffic or directly reduce air pollution through the congestion mitigation.

We have sent questions by email to bill sponsors for clarification of an option for “use of ZEVs for traveling to and from a work site in a vehicle leased or owned by the employer.”   Although use of ZEVs will reduce ambient air pollution It is not clear how this option, alone, would address the stated objective of reducing single-occupancy vehicles and could justify an additional tax expenditure.  

At this time, we will Monitor the bill for clarifications on this option.

For income tax years beginning on or after January 1, 2023, but
before January 1, 2030, the bill creates an income tax credit (tax credit)
for any employer that:

  • Creates a clean commuting plan to implement strategies to
increase the use of alternative transportation options and
reduce the number of measurable vehicle miles driven by
its employees in single-occupancy vehicles when
commuting to and from their work site (clean commuting
plan) for the purpose of reducing automobile-related air
pollution, traffic congestion, and transportation costs,
particularly for essential workers and workers earning
under $40,000 per year;
  • Conducts an employer commuter survey to determine how
its employees commute to and from their work site; and
  • Offers 2 or more alternative transportation options to some
or all of its employees in furtherance of the employer's
clean commuting plan.
The amount of the tax credit is 50% of the amount spent by the
employer to provide alternative transportation options to some or all of its
employees.
In addition, the bill requires the executive director of the
department of transportation (director), in coordination with the Colorado
energy office and metropolitan planning organizations, to create an
annual commuter survey for employers to use to determine how their
employees commute to and from their work site. The director and the
Colorado energy office are required to determine the content of the
commuter survey and the form and manner in which the commuter survey
will be completed and returned to the department of transportation.
Beginning in specified calendar years, in an effort to reduce the
number of employees who commute to and from their work site in a
single-occupancy vehicle, employers with over 100 employees are
required to:
  • Annually conduct a commuter survey of its employees and
submit the completed commuter surveys to the department
of transportation by April 30 of the year in which the
survey was conducted;
  • Offer its employees qualified transportation fringe benefits
allowed pursuant to federal law;
  • Offer its employees commuter choice information in
electronic or hard copy format and update the information
every 6 months; and
  • Offer a cash allowance in lieu of a parking space under
certain circumstances.
The bill requires that any private sector employer that wishes to
claim the tax credit participate in the employer commuter survey and
submit the results of the survey to the department by April 30 of the year
in which the survey is conducted, even if the employer's participation in
the commuter survey is not otherwise required.
For the 2023-24 state fiscal year, and for each state fiscal year
thereafter through the 2029-30 state fiscal year, of the money allocated to
the transportation commission for state multimodal projects from the
multimodal transportation and mitigation options fund, the transportation
commission is required to allocate $250,000 to each of the transportation
management associations and transportation management organizations
operating in a nonattainment area for the purposes of assisting employers
in creating a clean commuting plan and complying with the requirements
of the bill.

• February 28, 2022: House Finance Committee Report

The bill establishes a private school tuition income tax credit that allows any taxpayer to claim a credit when the taxpayer enrolls a qualified child in a private school or the taxpayer provides a scholarship to a qualified child for enrollment in a private school. The bill also establishes an income tax credit any taxpayer who uses home-based education. Fiscally, the results of this bill would subtract from our tax base.

The position of the League is that local public school districts should have adequate sources of income and should have control over the use of public funds. Since 1978 the US League adopted a position opposing tax credits for private schools.  The LWVCO has consistently opposed tuition tax credits for private school tuition in 2011, 2013, 2014, 2015 and 2019. Public money should be used for public education.

The bill establishes a private school tuition income tax credit for
income tax years commencing on or after January 1, 2023, but prior to
January 1, 2028, that allows any taxpayer to claim a credit when the
taxpayer enrolls a qualified child in a private school or the taxpayer
provides a scholarship to a qualified child for enrollment in a private
school. The private school issues the taxpayer a credit certificate and the

amount of the credit is:
  • For full-time attendance, an amount equal to either the
tuition paid or the scholarship provided to a qualified child,
as applicable, or 50% of the previous year's state average
per pupil revenues, whichever is less; and
  • For half-time attendance, an amount equal to either the
tuition paid or the scholarship provided to a qualified child,
as applicable, or 25% of the previous year's state average
per pupil revenues, whichever is less.
The bill also establishes an income tax credit for income tax years
commencing on or after January 1, 2023, but prior to January 1, 2028,
that allows any taxpayer who uses home-based education for a qualified
child to claim an income tax credit in an amount equal to:
  • $1,500 for a taxpayer who uses home-based education for
a qualified child who was enrolled on a full-time basis in a
public school in the state prior to being taught at home; and
  • $750 for a taxpayer who uses home-based education for a
qualified child who was enrolled on a half-time basis in a
public school in the state prior to being taught at home.
Both credits may be carried forward for 3 years but may not be
refunded. In addition, the credits may be transferred, subject to certain
limitations.

• February 24, 2022: House Education Committee Report

This bill would exempt mobile homes with assessed value under $2,000 from property tax.  Mobile homes in general are more affordable housing than most housing, occupied by those with lower incomes. Low-value mobile homes are especially likely to be occupied by low-income Coloradans. The League of Women Voters believes a tax system should be progressive, with a higher tax rate for those who have more and a lower tax rate for those who have less.

By removing property taxes from those low-value mobile homes, this bill makes Colorado’s tax code more progressive.  LWVCO supports this bill.

Section 1 of the bill creates a property tax exemption for mobile
homes that have an assessed value of $2,000 or less.

Section 2 eliminates the requirement that a county treasurer
publish a notice in a newspaper of a sale of a mobile home due to
property taxes owed if:
  • A distraint warrant has been delivered to the owner of the
mobile home or to his or her agent; and
  • The county treasurer publishes a notice of the sale on the
treasurer's website.

• May 09, 2022: Senate Appropriations Committee Report
• May 05, 2022: House Appropriations Committee Report
• March 01, 2022: House Transportation & Local Government Committee Report

On or before June 1, 2023, the executive director (executive
director) of the Colorado department of public health and environment
(department) must designate a nonprofit organization (organization) to
implement and manage a statewide program (program) that provides
recycling services to covered entities in the state, which are defined as
residences, businesses, schools, government buildings, and public places.

The program is funded by annual dues (producer responsibility dues) paid
by producers of products that use covered materials (producers). Covered
materials are defined as packaging materials and paper products that are
sold, offered for sale, or distributed in the state.
The bill creates the producer responsibility program for statewide
recycling advisory board (advisory board) that consists of members who
have expertise in recycling programs and are knowledgeable about
recycling services in the different geographic regions of the state.
Prior to the implementation of the program, the organization must:
  • On or before September 1, 2023, hire an independent third
party to conduct an assessment of the recycling services
currently provided in the state and the recycling needs in
the state that are not being met (needs assessment);
  • On or before April 1, 2024, report the results of the needs
assessment to the advisory board and the executive
director; and
  • On or before February 1, 2025, after soliciting input from
the advisory board and other key stakeholders, submit a
plan proposal for the program (plan proposal) to the
advisory board and executive director.
The plan proposal will initially cover recycling services only for
residential covered entities. The plan proposal must:
  • Describe how the organization will meet certain
convenience standards and statewide recycling, collection,
and postconsumer-recycled-content rates (rates);
  • Establish a funding mechanism through the collection of
producer responsibility dues that covers the organization's
costs in implementing the program and the costs of the
department in overseeing the program;
  • Establish an objective formula to reimburse 100% of the
net recycling services costs of public and private recycling
service providers (providers) performing services under the
program;
  • Provide a list of covered materials (minimum recyclable
list) that providers performing services under the program
must collect to be eligible for reimbursement under the
program;
  • Set minimum rate targets that the state will strive to meet
by January 1, 2030, and January 1, 2035, and describe how
the state can meet increased rates after 2035; and
  • Describe a process and timeline, beginning no later than
2028, to expand recycling services to applicable
nonresidential covered entities.
As part of the program, the organization must:
  • Utilize and expand on providers' existing recycling services
to provide statewide recycling services at no charge to
covered entities for all covered materials on the minimum
recyclable list;
  • Develop and implement a statewide education and outreach
program on the recycling and reuse of covered materials;
  • Contract with an independent third party to conduct an
annual audit of the program; and
  • Submit an annual report to the advisory board and the
executive director describing the progress of the program
(annual report).
Effective July 1, 2025, a producer may not sell or distribute any
products that use covered materials in the state unless the producer is
participating in the program or, after January 1, 2029, as set forth in an
additional producer responsibility program that has been approved by the
executive director.
The advisory board has the following duties:
  • Advise the organization on the needs assessment;
  • Review the needs assessment;
  • Review the plan proposal and make recommendations to
the executive director regarding its approval or rejection;
  • Review any necessary amendments to the program, make
recommendations on the amendments to the organization,
and then make recommendations to the executive director
regarding approval or rejection of the amendments;
  • Review the annual report submitted by the organization;
and
  • Consult with the organization on the development and
updating of the minimum recyclable list.
The bill establishes an administrative penalty for the organization's
or a producer's violation of the relevant statutes and rules. The collected
penalties are deposited into the recycling resources economic opportunity
fund.

• May 06, 2022: Senate Appropriations Committee Report
• May 04, 2022: Senate Finance Committee Report
• April 26, 2022: House Appropriations Committee Report
• April 13, 2022: House Energy & Environment Committee Report

The bill requires the state treasurer to transfer $723 million from
the general fund to the state education fund for the 2022-23 budget year.
The bill repeals the budget stabilization factor starting in the
2023-24 budget year, and for each budget year thereafter.
The bill creates the Hope Scholarship Program (program) in the

department of education (department). The purpose of the program is to
meet the educational needs of every eligible student by assisting with
certain education expenses. The bill requires:
  • The department to contract with an entity that will
administer the program (administering entity);
  • The department to transfer to the administering entity an
amount equal to 125% of the prior budget year's average
state share of per pupil revenues for an eligible student who
receives a scholarship;
  • The department to prorate the amount transferred to the
administering entity based on the amount of time remaining
in the budget year, and deduct the amount transferred from
the amount that the department distributes to the eligible
student's school district of residence for the budget year in
which an account is created, subject to limitations;
  • The parent of an eligible student to apply to the
administering entity for a scholarship;

  • A parent of an eligible student to only spend scholarship
money on defined eligible expenses; and
  • The administering entity to oversee the program and
perform an audit to ensure scholarship money is spent on
defined eligible expenses.

• February 24, 2022: Senate Education Committee Report

The bill:
  • Requires the state treasurer to transfer $1.1 billion from the
general fund to the unemployment compensation fund
(fund) to restore the balance of the fund to the fund's
pre-pandemic level; and

  • Requires the director of the division of unemployment
insurance to repay the federal government for $1.014
billion of advances received from the federal government
in responding to the COVID-19 pandemic.

• May 03, 2022: Senate State, Veterans, & Military Affairs Committee Report

For property tax years commencing on or after January 1, 2022, the
bill:
  • Increases the maximum amount of actual value of the
owner-occupied residence of a qualifying senior or veteran
with a disability that is exempt from property taxation from
$200,000 to $400,000; and
  • Specifies that a senior is deemed to be a 10-year
owner-occupier of a primary residence that the senior has
owned and occupied for less than 10 years and therefore
qualifies for the senior property tax exemption for the
residence if:
  • The senior would have qualified for the senior
property tax exemption for the senior's former
primary residence but for the fact that medical
necessity required the senior to stop occupying the
former primary residence;
  • The senior has not previously received the
exemption for a former primary residence on the
basis of medical necessity; and
  • The senior has not owned and occupied another
primary residence since the senior first stopped
occupying his or her former primary residence due
to medical necessity.
Medical necessity is defined as a medical condition of a senior that a
physician licensed to practice medicine in Colorado has certified, on a
form developed by the state property tax administrator, as having required
the senior to stop occupying the senior's prior primary residence.
When applying for an exemption on the basis of medical necessity,
a senior must provide the form establishing proof of medical necessity.

• February 10, 2022: Senate State, Veterans, & Military Affairs Committee Report

This bill would encourage more low-income Coloradans to take advantage of available tax credits (such as the earned income tax credit, EITC, and the child tax credit, CTC) by increasing awareness and support to free tax filing services. The League supports a progressive tax system, taking a higher share of income from those with the most and a smaller share from those with the least. From the IRS: “The recent expansion of this [Earned Income Tax] credit means that more people may qualify to have some much-needed money put back in their pocket.

“The IRS urges people to check to see if they qualify for this important credit. While people with income under a certain amount aren't required to file a tax return because they won't owe any tax, those who qualify for EITC may get a refund if they file a 2021 tax return.”

This bill will help more low-income Coloradans take advantage of available tax credits, making the tax system more progressive in fact rather than only on paper.

The bill creates the economic mobility program within the
department of public health and environment and creates the economic
mobility program fund, requiring a $4 million transfer to the fund from

the economic recovery and relief cash fund.

• May 03, 2022: House Appropriations Committee Report
• May 02, 2022: House Finance Committee Report
• April 22, 2022: Senate Appropriations Committee Report
• April 13, 2022: Senate Finance Committee Report

Concerning a requirement that the ballot title and fiscal summary for any ballot initiative that increases or decreases state income tax rates include a table showing the average tax change for tax filers in different income categories.

The bill is a referred measure that will, if approved by the voters
of the state at the 2022 general election, require:

  • The director of research of the legislative council of the
general assembly to include a table in the fiscal summary
for any initiated measure that would either increase or
decrease the individual income tax rate. The table must
have 4 columns as follows:
  • A column identifying 8 income categories;
  • A column identifying the current average income
tax owed by taxpayers in each income category;
  • A column identifying the average income tax owed
by taxpayers in each income category if the initiated
measure were to pass; and
  • A column identifying the difference between the
average income tax owed by taxpayers in each
income category if the initiated measure were to
pass and if the initiated measure were not to pass.
  • The ballot title for a measure that either increases or
decreases the individual income tax rate to include the table
created by the director of research of the legislative council
of the general assembly for the measure's fiscal summary.

• May 05, 2022: House Appropriations Committee Report
• May 04, 2022: House State, Civic, Military, & Veterans Affairs Committee Report
• April 29, 2022: Senate Appropriations Committee Report
• April 26, 2022: Senate State, Veterans, & Military Affairs Committee Report

State revenue subject to TABOR is expected to exceed the cap by $2.0 billion in 2021-22, twice the previous record. SB22-233 adjusts how this TABOR refund would get distributed to taxpayers. As per current statute, state revenue exceeding the TABOR cap will reimburse local governments for senior and disabled veterans’ property tax exemptions (CRS 39-3-209) and temporarily cut the income tax rate to 4.5% (CRS 39-22-627). This bill would add a $400 check for each person filing income tax and each elderly or disabled person receiving a rent, heat or fuel grant. Income tax must be filed by May 31, 2022, even if the individual does not owe tax and would otherwise not have filed. Checks would be mailed by September 30, 2022. If 2021-22 revenue over the TABOR cap turns out to be too small for $400 checks, the checks will be smaller.

The League of Women Voters supports a progressive tax system, with higher rates for those who earn more and lower rates for those who earn less. Because a $400 refund is a larger share of a barista’s income than of a surgeon’s income, this bill would lower the barista’s effective income tax rate more than it would lower the surgeons. Thus it would make Colorado’s tax system slightly more progressive, if only for a year.

If the state exceeds its constitutional spending limit, then it is
required by the Taxpayer's Bill of Rights (TABOR) to refund the excess
state revenues (TABOR refunds). There are currently 3 TABOR refund

mechanisms: Reimbursement to counties for the senior homestead
exemption, a temporary income tax rate reduction, and a sales tax refund.
The bill establishes a temporary fourth TABOR refund mechanism
for excess state revenues from all sources for state fiscal year 2021-22.
Under this mechanism, if the amount of excess state revenues exceeds the
projected total amount of TABOR refunds issued as reimbursement to
counties for the senior homestead exemption and, if applicable, through
the temporary income tax rate reduction, then on or before September 30,
2022, the state treasurer is required to issue refund checks to every
qualified individual in an identical amount. The amount of the refund is
$400 for every qualified individual who files a single income tax return
or who receives a property tax, rent, or heat credit rebate and $800 for
each pair of qualified individuals who file a joint income tax return or
who receive a property tax, rent, or heat credit rebate; except that the
executive director of the department of revenue has the authority to adjust
these amounts to avoid refunding more excess state revenues than are
required to be refunded based on the amount or anticipated amount of
excess state revenues set forth in the state controller's certification of state
revenues.
Qualified individual is defined for purposes of the bill as a
natural person who is a Colorado resident for the entire 2021income tax
year and files a state income tax return for the 2021 income tax year or
receives a property tax, rent, or heat credit rebate.

• May 05, 2022: House Finance Committee Report
• May 05, 2022: House Appropriations Committee Report
• May 02, 2022: Senate Appropriations Committee Report
• April 29, 2022: Senate Finance Committee Report

For the 2023 property tax year:
  • Section 1 of the bill reduces the valuation for assessment
of nonresidential property, excluding agricultural and
renewable energy production nonresidential property, from
29% of the actual value of the property to 27.9% of the
actual value of the property;
  • Section 2 reduces the valuation for assessment of
residential property, including multi-family residential
property, to 6.765% of the actual value of the property; and
  • Sections 1 and 3 reduce the actual value used for purposes
of the valuation for assessment of commercial real property
by $30,000 and of residential real property by $15,000, but
in either case to no less than $1,000.
For the 2024 property tax year:
  • Section 1 continues the valuation for assessment of real
and personal property that is classified as agricultural
property or renewable energy production property at 26.4%
of the actual value of the property;
  • Section 2 establishes the valuation for assessment for all
residential real property other than multi-family residential
real property as a percentage of the actual value of the
property based on there being a specific modification
determined by the property tax administrator; and
  • Section 2 also establishes the valuation for assessment for
multi-family residential real property as 6.8% of the actual
value of the property.
Section 4 requires the adjustment of the ratio of valuation for
assessment for all residential real property other than multi-family
residential real property for the 2024 property tax year, so that the
aggregate decrease in local government property tax revenue during the
2023 and 2024 property tax years, as a result of the bill, equals $700
million.
Section 5 requires the state treasurer to reimburse counties for the
reduction in property tax revenue resulting from the bill during the 2023
property tax year and requires the property tax administrator to report this
amount to the general assembly. The state treasurer is required to fully
reimburse any county that:
  • Received an increase of less than 10% in assessed value of
real property between the 2022 and 2023 property tax
years; and
  • Has a population of 300,000 or less.
The state treasurer is also required to reimburse a county 90% of the
amount of the reduction if the county:
  • Received an increase of 10% or more in assessed value of
real property between the 2022 and 2023 property tax
years; and
  • Has a population of 300,000 or less.
Lastly, the state treasurer is also required to reimburse any county that
does not qualify for full or 90% reimbursement 65% of the amount of the
reduction. County treasurers must then distribute these reimbursements
to the local governmental entities, excluding school districts, within the
treasurer's county as if the revenue had been regularly paid as property
tax.
For school districts, section 6 requires the state treasurer to
transfer $200 million from the general fund to the public school fund to
offset school district property tax revenue reductions.
Section 5 also requires the property tax administrator to prepare
a report that identifies the aggregate reduction in local government
property tax revenue during the 2023 property tax year resulting from the
bill.

• May 05, 2022: House Appropriations Committee Report
• May 03, 2022: Senate Appropriations Committee Report