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Over-Refund of Excess State Revenues

Concerning the over-refund amount for state fiscal year 2024-25 of state revenues in excess of the state fiscal year spending limit under section 20 of article X of the state constitution, and, in connection therewith, making an appropriation.

HB26-1419 2026 Regular Session Signed into Law Fiscal Policy & Taxes

Cost estimates

At the first note read
$22,597
FACT April 22, 2026
At the last note read
Conditional only
FACT September 3, 2026
What it actually cost
not published
No Colorado source reports spending for one bill

Every figure here is an estimate by Legislative Council Staff on the date shown, about the version of the bill in front of them that day. It is not a cost.

The appropriation

The bill carries its own money. A note saying a bill “requires and includes” an appropriation means the money is in the bill itself.

An appropriation is money the legislature sets aside. It is not money spent.

The appropriation field, read from the note: For FY 2026-27, the bill requires and includes an appropriation of $18,021 to the Office of the State Auditor in the Legislative Department.

Bill summary

     Section 20 of article X of the state constitution (TABOR) imposes a limitation on the amount of state fiscal year spending. If state fiscal year spending exceeds that limitation, the state is required to refund the amount of state fiscal year spending in excess of that limitation (TABOR refund). Under current law, if the state issues a TABOR refund for a state fiscal year, and the amount of that TABOR refund is greater than the amount of state fiscal year spending in excess of the limitation of state fiscal year spending for the state fiscal year (over-refund), the state reduces the amount of the next available TABOR refund by the amount of the over-refund.

     Changes in federal tax policy in 2025 reduced the amount of state tax revenue for the 2025 tax year. Due to when this change in federal tax policy was signed into law, it was not reflected in the amount of state fiscal year 2024-25 spending, even though the change impacted the 2025 tax year. Accordingly, if the state controller certifies in September 2026 that state revenues for state fiscal year 2025-26 did not exceed the limitation on the amount of state fiscal year spending for that state fiscal year, the act directs the office of the state controller, in consultation with the office of state planning and budgeting and the department of revenue, to determine the amount of the over-refund for state fiscal year 2024-25, taking into account the impact on state revenues from the federal tax policy change. No more than one-half of this over-refund can offset future TABOR refunds for any single state fiscal year beginning with the 2026-27 state fiscal year.

     $18,021 is appropriated from the general fund to the legislative department for use by the office of the state auditor to implement the act.

FACT Bill summary by Colorado Legislative Council Staff, read 2026-09-23. Printed as published, word for word. Source: leg.colorado.gov (opens in a new tab)