The Colorado Legislature is redistributing your TABOR surplus as they see fit instead of rightfully returning the surplus to you.
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Americans in One State Could See Tax Refunds Significantly Drop

Colorado residents can score an extra check this year worth up to $1,600 if they qualify for the TABOR refund, but the state program could see refunds drop if a new bill goes through.

Colorado Governor Jared Polis and several lawmakers have proposed SB24-228, which would cause a temporary income tax reduction and cuts the sales tax rate. The new bill would get rid of the automatic TABOR refund and instead offer the rebate only in certain years with high surpluses.

If the bill passes, the state will lower income tax rates based on the amount of money it collects, and when the surplus reaches $1.5 billion, the income tax rate would drop by 0.15 percent. So the more money the state takes in, the lower residents’ income tax rates will be.

Colorado Governor Jared Polis speaks at the opening day of Fan Expo at the Colorado Convention Center on June 30, 2023, in Denver. Polis proposed a new law that affects residents’ TABOR amounts over the… More THOMAS COOPER/GETTY IMAGES

The Taxpayer’s Bill of Rights (TABOR) refund currently provides $800 for single filers and $1,600 for couples filing jointly.

“TABOR is the Taxpayer Bill of Rights and provides a refund when the state collects more tax revenue than allowed under the statute,” Kevin Thompson, a finance expert and the founder/CEO of 9i Capital Group, told Newsweek. “This helps residents by giving money back to them when the state collects tax revenues over the stated amount based on the statute.”

To continue reading this TABOR article, click (HERE) to go to Newsweek.