Colorado taxpayers possibly headed for both TABOR refund and tax cut
Coloradans are inching closer to their first TABOR tax refunds in years, according to updated state revenue forecasts released Wednesday.
In fact, state collections have been so strong that taxpayers are likely to get both a sales tax refund and a state income tax cut, according to Kate Watkins, the chief economist for Colorado’s Legislative Council.
She and her team estimate TABOR will drop the state’s income tax rate from 4.63 percent to 4.5 percent for both 2019 and 2020. For someone who makes $50,000 a year that’s a savings of $65. The sales tax refund amount is based on a complicated formula, but it ranged from $13 to $41 when the state last gave them out, in 2015.