Here’s how much Coloradans can expect from largest taxpayer refunds in 20 years
Taxpayer’s Bill of Rights requires the government to return money in times of strong economic growth
The Denver Post
Colorado’s economy is stable enough that taxpayers will see a temporary income tax cut, as well as a refund.
Both those savings mechanisms are triggered by the Taxpayer’s Bill of Rights, which prohibits the state budget from unrestrained growth. It requires refunds to citizens in times of good economic health.
The savings are split among three categories: a sales tax refund, a temporary cut to the state’s flat income tax rate (in this case, from 4.55% to 4.5%), and reimbursements to local governments.
For the sales tax refund, the average single filer is expected to get $69 on average, the state controller estimates, and joint filers on average should see refunds of $166. Those would be the largest TABOR refunds in 20 years.
Read more via The Denver Post.
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