Coloradans could receive refunds from state
By Joe St. George
FOX 31 DENVER
Coloradans could be getting a refund check from the state.
According to the latest economic analysis, Colorado’s economy is booming to such an extent that automatic refunds have been triggered.
Under TABOR (Colorado’s Taxpayer Bill of Rights), if the state generates too much revenue from taxes, Coloradans are entitled to a lower income tax rate and, if necessary, refunds.
Both cases have now been triggered.
Under the current forecast, a single Coloradan making around $50,000 will receive about $89 in savings from lower tax rates and refunds.
Checks would be written next year.
A couple making $175,000 will receive around $246. A couple earning more than $226,000 would receive $751.
“It’s primarily because of a stronger economy,” said State Sen. Rachel Zenzinger, who sits on the state’s Joint Budget Committee. “That will be refunded to people in the form of a check.”