On 14 May 2024, the governor of the U.S. State of Colorado signed Bill SB24-228 into law, which introduces amendments in regard to the refund of excess state revenues. This includes a reduction in both the individual and corporate income tax rates from 4.40% to 4.25% for the income tax year beginning on 1 January 2024.It is also provided that for state fiscal years beginning on or after 1 July…