COLORADO, USA — The money Colorado residents will be getting ahead of the November election as part of the TABOR (Taxpayer Bill of Rights) refund will be larger than expected due to new, stronger budget estimates.
That was announced during a Joint Budget Committee update to lawmakers on Tuesday morning. The law requires that refunds be given based on forecasts, which means individual filers will now get $750 and joint filers will receive $1,500.
However, that is still a forecast since they don't have the final state revenue that's subject to TABOR for the current year. So it's still possible that the number is too high or too low.
Colorado Gov. Jared Polis (D) also announced the new refund amounts during a news conference Tuesday afternoon. He said the checks should be in citizens' mailboxes in August.
A prior budget forecast called for refunds of $400 for individuals and $800 for joint filers.
Under TABOR, which was passed in 1992, the amount of revenue governments in the state can retain and spend is limited, and excess revenue must be given to taxpayers.
The majority of Coloradans are eligible to receive checks from the state government due to TABOR, which passed in 1992.
Most full-time residents have already taken the necessary step to get their checks mailed to them filing their 2021 state income tax return. The returns will come in the form of physical checks, not direct deposits.
Any full-time resident who hasn't filed can still ensure they get a check by filling out and submitting Form DR 0104 by June 30. Legislators tweaked the original deadline of May 31.
The funds would normally be sent out in April of the following year, but Polis and Democratic lawmakers wanted to make that money available sooner.
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