When Colorado collects more tax revenue than permitted by TABOR, residents who file their tax returns can anticipate receiving a rebate check.
The TABOR refund, which was $800 for single filers and $1,600 for joint filers in 2024, will be given to every qualifying taxpayer in Colorado.
If the total amount of money collected by the state or local government in any given year surpasses the Taxpayer’s Bill of Rights limit, the initiative’s main goal is to guarantee that surplus revenue is returned to taxpayers.
The refund is computed from revenue collected beyond the TABOR limit.
When will TABOR make its next payment?
In Colorado, surplus state revenues are redistributed to taxpayers through the TABOR program. There will be three methods for returning surpluses in the upcoming year, according to auditors.
Colorado taxpayers will receive about $1.4 million in excess state income tax refunds from fiscal year 2024, which will be distributed in the spring of 2025, according to a Post Independent story.
These refunds are anticipated to go below adjusted gross income in the following amounts:
| Income Range | Individual | Joint |
| $0 to $53,000 | $181 | $362 |
| $53,001 to $107,000 | $241 | $482 |
| $107,001 to $172,000 | $277 | $554 |
| $172,001 to $243,000 | $330 | $660 |
| $243,001 to $320,000 | $355 | $710 |
| $320,001 or more | $571 | $1,142 |
Read Also: Need Your Social Security Payment Tomorrow? Here’s How to Secure Up to $4,873!
How to submit a TABOR program application?
To apply for the Colorado TABOR refund, go to the Colorado Department of Revenue website, fill out the form, attach the needed paperwork, and make sure all the information is correct before submitting.
Individuals must apply for a personal tax credit before April 15, 2025, or file a Colorado tax return in 2024 in order to be eligible for the 2025 TABOR refund.
They must be 18 years of age or older on January 1, 2025, and have resided in Colorado for at least half of the 2024 tax year.
