Colorado is poised to return $428.3 million to taxpayers this year, but don’t look for a refund check in the mail.

The Taxpayer’s Bill of Rights mandates the rebate because the state exceeded the revenue limits in the 2018-19 fiscal year. The TABOR excess is so great it will force the state for the first time to temporarily reduce the income tax rate.

The automated rate cut is being celebrated by Gov. Jared Polis — even though he supported an unsuccessful ballot measure to end TABOR refunds in the future.

The new temporary rate for calculating 2019 state taxes is 4.5%, a decrease from the standard 4.63% flat income tax rate. And how much people will save varies widely depending on their income level.

For those who make up to $40,000 to $85,000 in adjusted gross income, the average tax break ranges from $58 for single filers to $31 for joint filers, according to a legislative analysis. And for those who make $226,000 or more, it will top $600.

To read the rest of this story, please click (HERE):