Colorado State Archives
Executive Orders from the Administration of Governor Bill Owens 1999-2005
Friday, October 8, 1999
Amy Jewett Sampson
DENVER - Governor Bill Owens announced today that final figures show the state's 1999 surplus revenues over TABOR limitations will total $679.6 million.
Amounts calculated by the Department of Revenue using parameters established by the legislature indicate that of that sum $602.2 million will be returned to qualified taxpayers through sales tax refunds claimed on 1999 income tax returns.
The remaining surplus will be or has already been distributed through refund mechanisms enacted during the 1999 legislative session, such as creation of an earned income credit and refund of the business personal property tax.
In addition, the legislature has permanently lowered the income tax rate from 5 percent to 4.75 percent of federal taxable income, retroactive to Jan. 1, 1999. Last year, the state refunded $563 million. Under a formula enacted by the legislature in its last session, future sales tax refunds will be computed according to six income tiers.
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