DENVER (KDVR) — On the heels of what will likely be an expensive summer for Coloradans, state lawmakers and Gov. Jared Polis announced Monday, most people in the state can expect to see some sort of relief, saying if you pay your state taxes by the end of May, you can expect $400 back for single filers and $800 back for joint filers.
This is something we first told you all about last summer, leaders said the refunds are the result of the state being in good fiscal shape and the news is even better for taxpayers than they anticipated.
Last June, Polis told us every resident who pays taxes in Colorado should expect a refund this year. He and lawmakers revealed Coloradans will see an amount much larger than originally expected.
“Check your mailbox in late August, [or] early September and if you are [a] Colorado resident and pay taxes, you’ll get $400 back. $800 for joint filers, it’s that simple,” said Polis.
Leaders said a strong Coloradan economy paved the way for the returns.
“A strong recovery in Colorado’s economy means that the state will have the financial limits set by the Colorado Taxpayer Bill of Rights. We’ve hit those limits or we will soon,” said state Treasurer Dave Young.
The Taxpayer Bill of Rights, also known as TABOR, is an amendment to the state constitution limiting how much money the state government can keep or spend because the state had a surplus on the limit for the 2021-2022 fiscal year, by law, they have to return that money to taxpayers.
Republicans’ reaction at the Capitol
While state Republicans are happy about taxpayers getting some money back, some are questioning the governor’s motives. Colorado GOP Spokeswoman Kristi Burton Brown wrote in a statement:
“I’m happy that Jared Polis and Democrats in the state legislature have publicly reversed course and are now joining Republicans is touting the Taxpayer Bill of Rights. For years, these same Democrats have worked to undermine tabor and fought to increase fees and taxes on everyday Coloradans. However, I’m pleased to see their apparent change of heart, even if it is clearly just an election-year game.”-Kristi Burton Brown, COGOP Chairwoman
“Thanks to the Taxpayers Bill of Rights, Coloradans will now receive some of their hard-earned money back to pay for the soaring costs of food, housing and energy in Colorado thanks to the terrible policies of the Democrats. The governor and Democrats can re-package their attempt to “gift” Coloradans with their own money any way they choose during this election year — but these much-needed dollars are not a gift or a refund — THESE are dollars that belong to Coloradans. It’s unfortunate that with only two weeks left of the legislative session, Governor Polis and the Democrats have finally stepped up to agree with Republicans that Colorado families should keep more of their hard-earned dollars.”– House Minority Leader Hugh McKean (R) Loveland
Polis responded to that claim, “It would make no sense, just because this year happens to be an election year, to delay these refunds close to an additional year for nine or 10 more months when people need it now,” Polis said.
According to the governor, the money will go out this summer to help lessen the stress of inflation. Typically, the refunds wouldn’t go out until sometime next spring.