Colorado Families Eligible for Up to $1,694 in Stimulus Tax Refunds

Colorado’s Taxpayer’s Bill of Rights (TABOR), certain residents can anticipate a shift in their tax refunds come 2024. 

Unlike the historical practice of disbursing TABOR refunds based on income levels, the state’s lawmakers have opted for a uniform distribution, signaling changes in the amount received by taxpayers.

Under this new approach, higher-income residents are poised to receive less than their usual refunds, while those with lower incomes stand to gain an additional few hundred dollars. 

The shift is anticipated to channel approximately $3.28 billion back to taxpayers.

Single filers are anticipated to receive approximately $847, while joint filers can expect to receive $1,694 in TABOR refunds in the upcoming year. 

The equalization initiative has come about as a result of Colorado voters’ decision to reject Proposition HH. 

This proposition aimed to raise the state’s revenue cap, implement a property tax break, and offer a one-time, uniform refund under TABOR.

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Colorado’s TABOR Refund Changes, Impact on Taxpayers

colorado-families-eligible-for-up-$1694-stimulus-tax-refunds
Colorado’s Taxpayer’s Bill of Rights (TABOR), certain residents can anticipate a shift in their tax refunds come 2024.

In addition, there was a potential risk associated with the proposal, as it could potentially result in the elimination of future tax refunds.

In tandem with this move, lawmakers also approved a bill to expand Colorado’s earned income tax credit, a decision that will consequently reduce TABOR refunds to an estimated $800.

Before this adjustment, individuals earning up to $51,000 were set to receive an estimated $586, while those falling within the $51,001 to $104,000 income bracket were slated for an estimated $769.

According to the bill, individuals earning above $104,001 can expect a decrease in their TABOR refunds. 

The reduction will vary, with the highest earners in this bracket experiencing a decrease of approximately $1,000, while others may see a slightly smaller reduction of just under $100. 

It has been observed that the recipients of the augmented TABOR funds are exclusively individuals earning up to $51,000 and those falling within the $51,001 to $104,000 income brackets.

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