Coloradans to receive more money through the TABOR Refund
COLORADO (KRDO) -- Coloradans can anticipate receiving more money through the Colorado Cashback Plan, according to the Colorado Joint Budget Committee. The committee attributes the increase in cash back to Colorado's rebounding economy.
On Monday, May 23, Governor Jared Polis signed the Colorado Cashback Plan into action, announcing that individuals would get a tax rebate of $400 and couples $800.
Tuesday, the release forecasts more for Coloradans because of economic growth, predicting individuals will now receive $750 and couples $1,500.
"The Colorado Constitution imposes a limit on the amount of revenue that the state can retain and spend or save each year," Chief Economist Greg Sobetski said. "So revenue that's collected above that limit is required by the Constitution to be refunded to taxpayers in the following fiscal year."
Sobetski created the June 2022 budget forecast that predicted the increase. As a nonpartisan legislative staffer, he presented the information to the committee Tuesday morning.
"It's my job just to make sure that we have the best information available so that those decision makers can decide what to do with their budget," Sobetski said.
He said the previous forecast used to make the initial TABOR refund prediction was based on filing from February. After working with more up to date information, the legislative committee updated their predictions, leading to the announcement of more money going back to Coloradans.
The TABOR which was passed in 1992, allows many Coloradans to receive checks from the state government, according to 9NEWS.
Governor Jared Polis and Democratic lawmakers wanted to make the money available sooner, even though funds were scheduled to be sent out April of the following year. Now, checks should be sent out by August or September.
