SIGNED! Mullica’s Bipartisan Legislation to Create New TABOR Refund Mechanism

DENVER, CO – Today, Governor Jared Polis signed bipartisan legislation sponsored by Senator Kyle Mullica, D-Thornton, that restructures the refund mechanisms for state revenue collected above the TABOR cap and ensures Colorado is able to meet its commitment to fund critical services and schools.

SB24-228, also sponsored by Senate Minority Leader Paul Lundeen, R-Monument, temporarily lowers income tax rates and creates a new formula to determine future refund amounts through a six-tier refund mechanism and income tax rate reduction, and sales and use tax reductions in years with higher surpluses. 

"Making sure Colorado's tax code works for all Coloradans is one of my top priorities, which is why this new law is so important,” Mullica said. "This measure will put more money into the pockets of working Colorado families and help make ends meet. I’m proud to see this important legislation be signed into law today."

SB24-228 will ensure Colorado meets its funding obligations during a recession and, when paired with the new Family Affordability Tax Credit and expanded Earned Income Tax Credit, will support working Colorado families by reducing child poverty and boosting the incomes of hardworking people.