1. (1) As used in this section, unless the context otherwise requires:

   1. (a) Ballot issue means the ballot issue referred to the voters pursuant to subsection (2) of this section.
   2. (b) Proposition FF refund means an amount equal to twelve million four hundred thirty thousand three hundred eighty-eight dollars.
   3. (c) Proposition FF taxes means the increase in state taxable income resulting from section 39-22-104 (3)(p.5)(I).

2. (2)

   1. (a) At the statewide election held in November 2025, the secretary of state shall submit to the registered electors of the state for their approval or rejection the following ballot issue: Without raising taxes, may the state keep and spend all revenue generated by the 2022 voter-approved state tax deduction limits on individuals with incomes of $300,000 or more and maintain these deduction limits in order to continue funding the healthy school meals for all program, which pays for public schools to offer free breakfast and lunch to all students in kindergarten through twelfth grade?
   2. (b) For purposes of section 1-5-407, the ballot issue is a proposition. Section 1-40-106 (3)(d) does not apply to the ballot issue.

3. (3) If a majority of the electors voting on the ballot issue vote No/Against:

   1. (a) The department of revenue shall determine a reasonable method to distribute the Proposition FF refund in accordance with section 20 (3)(c) of article X of the state constitution. This method must include the distribution of the Proposition FF refund to taxpayers with a federal adjusted gross income of three hundred thousand or more dollars who paid the Proposition FF taxes.
   2. (b) On or before June 30, 2026, the state treasurer shall refund an amount equal to the Proposition FF refund in the manner determined by the department of revenue pursuant to subsection (3)(a) of this section.
4. (4) If a majority of the electors voting on the ballot issue vote Yes/For then this section is repealed, effective July 1, 2026.

Source: L. 2025: Entire section added, (HB 25-1274), ch. 402, p. 2281, § 2, effective June 3.

Cross references: For the legislative declaration in HB 25-1274, see section 1 of chapter 402, Session Laws of Colorado 2025.