As tax season ramps up, Coloradans are starting to wonder when they might expect to get their TABOR refund, in what manner the refund will be provided to them, and how much they will be receiving from it. These answers depend on a few factors related to income and how much extra money Colorado collected this year.
Taxpayer’s Bill of Rights, or TABOR, is an amendment to the Colorado constitution that was passed by voters in 1992. TABOR limits Colorado’s government revenue and requires voter approval for tax hikes. Extra funds obtained by the government must be refunded unless voters allow the state to keep them.
In simpler terms — it’s a rule that says the government can’t raise taxes or spend too much money without asking the people first. If more money is collected by the government than it’s allowed, then it has to give some of those funds back to Coloradans.
This year, the Colorado Department of Revenue has said that taxpayers can expect TABOR refunds. The refund amounts vary based on income levels. Those who file state taxes before April 15 can expect their TABOR refund to be included in their tax filing.
Westword reported that “last year, every taxpayer received $800 (or $1,600 if married filing jointly) regardless of income, thanks to a one-year resolution passed by state legislators in 2023.” This year, the system has returned to being based on income level.
Westword reported the following statistics in October 2024 regarding the TABOR refund Coloradans can expect this year:
“Single filers who make up to $53,000 will receive $177, according to the DOR. Earners from $53,001 to $105,000 will see a $240 refund. People who pull in $105,001 to $166,000 will get $277 in TABOR dollars. For those with incomes between $166,001 and $233,000, the refund will be $323. Individuals who make $233,001 to $302,000 will get $350. The highest earners, those with incomes of $302,001 and up, will see $565 refunds. For those filing jointly, the amount is double and based on total household income.”
If taxpayers miss the April 15 deadline to file their state taxes, they may forfeit their TABOR refund for this year.
