DENVER (KDVR) — Roughly 2.4 million payments are on the way to Colorado taxpayer mailboxes this month, and Gov. Jared Polis and state leaders are outlining what people should expect.
These checks are mainly thanks to the Colorado Taxpayer Bill of Rights (TABOR), which basically means Colorado can’t spend more taxpayer money than it generates. Every time the state has a tax surplus and brings in more taxes than it plans to spend, that money is refunded.
The refunded surplus this year comes out to $750 per individual taxpayer or $1,500 for those who filed jointly.
Polis signed a bill that tweaks this year’s TABOR refund, which creates an even amount for every taxpayer instead of a proportional refund and sends that refund out earlier than the spring of 2023. This is despite Polis and Democrats supporting a ballot initiative that would do away with TABOR in 2019.
Polis, Treasurer Dave Young, Mark Ferrandino with the Department of Revenue and other leaders outlined the process Wednesday.
You can watch the address on FOX31 NOW in the player above.