Colorado has recovered nicely from the pandemic, and many will see stimulus payments from the TABOR refund as a result.
Spending and job growth have bounced back, creating a budget surplus.
By law, whenever there’s a surplus, Colorado residents see checks sent out.
What happens if things keep going well economically for Colorado?
Not only will Colorado residents see stimulus checks cut from the TABOR refund system, but there will be a tax cut next year.
TABOR is the Colorado Taxpayer Bill of Rights.
This makes it so the state has to cap off how much it’s collecting from taxpayers before it gives money back.
The ways it can give money back is by offering an income tax reduction from 4.55% to 4.5%, a property tax reductions, or a sales tax refund.
This time, everyone in the state will receive a refund check.
The amount is still unknown, but could be between $30 and $120 per person.
The state is expected to have a surplus worth $2.8 billion dollars.
This will be one of the the biggest the state has seen since 1992 when TABOR was passed.
Before now, the biggest was seen in 2000.