Coloradans to receive money from TABOR as early as next week

DENVER, Colo. (KRDO) -- According to the Colorado Department of Revenue, taxpayers could expect to receive TABOR refunds from the state.

The Taxpayer Bill of Rights (TABOR) Amendment was approved by voters in 1992. It limits the amount of revenue the State of Colorado can retain and spend.

In the past, taxpayers received refunds from the "excess state revenue." However, following the passing of Senate Bill 22-233, Coloradans will receive the refunds differently from previous years. According to the state, SB 22-233 was meant to "provide immediate relief to Coloradans" by sending TABOR refunds out in the summer as opposed to the spring of 2023.

The state has dubbed this expedited tax rebate "Colorado Cash Back."

The Department of Revenue estimates the checks to be sent out the first week of August. According to the Colorado Cash Back website, checks should be received by September 30, 2022. Extended filers who have a deadline of October 17, 2022, will receive the refund by January 30, 2022.

Taxpayers will receive the checks through the mail.

Individual filers can expect $750 back and joint filers will receive $1,500.

Taxpayers are asked to make sure their current and correct address is on record with the Department of Revenue. To update your address, click here or submit a completed Address Change Form.