This memorandum presents information on emergency fiscal provisions in Article X, Section 20, of the Colorado Constitution (TABOR). Specifically, it discusses the emergency reserve and emergency taxation provisions contained in subsections (5)and (6) of TABOR, respectively.

Revenue collected in excess of the constitutional revenue limit, or TABOR limit, must be refunded to taxpayers unless voters authorize retention of the excess amount. This memorandum presents information on this constitutional requirement and its administration at the state level.