Tabor caps the amount of tax revenues local governments. The amount is deducted from state income taxes when you file a return โ not in the form of a check like the ones issued ahead of the 2022 election.
Were at least 18 years old when the tax year began, do not have a colorado income tax liability, are not claiming a refund of wage withholding, and. Boasting that child poverty in colorado would soon be cut nearly in half, gov.
This Fiscal Year, Itโs Expected To Trigger Roughly $2 Billion In Refunds That Would Go Out In 2025 โ But Lawmakers Have Wide Discretion In How They Distribute The Money.
Ways the tabor surplus can be refunded.
The Amount Is Deducted From State Income Taxes When You File A Return โ Not In The Form Of A Check Like The Ones Issued Ahead Of The 2022 Election.
The amount of the income tax rate reduction depends on the amount of the revenue surplus.
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Tabor Refunds Happen Every Time The State Collects Above That Constitutional Cap, Which Is Determined By Population And Inflation.
If applications are received by april 15, 2024, applicants can also receive a tabor refund, which equates to $800 for single filers and $1,600 for married couples filing jointly.