It’s tax filing season.
What to know: Colorado residents will get a tax refund worth $800 per filer on their 2023 taxes through TABOR.
- The amount is deducted from state income taxes when you file a return — not in the form of a check like the ones issued ahead of the 2022 election.
Be smart: The Taxpayer’s Bill of Rights requires any state tax collections in excess of the limit (defined as inflation plus population growth) to go back to taxpayers. This year, the total is $3.7 billion.
- The $3.3 billion in individual refunds comes from state sales tax collections and used to be distributed via a six-tier method that gives higher-income earners larger amounts.
Yes, but: Gov. Jared Polis and the Democratic-led Legislature changed the individual refund mechanism in the November special session to make it a flat amount for everyone — a more progressive system.
- The remaining $400 million will go to local governments to cover property tax breaks.
By the numbers: All taxpayers who make more than $104,000 will get $100 less than originally intended, legislative forecasts show. Those making less will get more.
Of note: The tax filing deadline for 2024 is April 15.
