Multiple Methods For Receipt Of Income Tax Refunds

Currently, a taxpayer may opt to receive his or her income tax refund in the form of a check, or may elect to have his or her income tax refund directly deposited into one of the following: a savings account, a checking account, or a college savings account administered by collegeinvest, a division of the Colorado department of higher education. The bill requires the department of revenue to provide a taxpayer the opportunity to apportion his or her income tax refund among up to 4 such methods; except that collegeinvest savings account refund deposits must be at least $25, and also the department of revenue retains the right to issue refunds in a manner it deems the most administratively efficient. (Note: This summary applies to this bill as introduced.)