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New bill promises $400 TABOR refunds in your pocket six to nine months earlier than usual


COLORADO SPRINGS, Colo. (KRDO) -- On April 25, Colorado Governor Jared Polis stood at the steps of the state Capitol and promised every Coloradan $400 refunds for single tax filers and $800 for joint filers. The money comes from TABOR (Taxpayer Bill of Rights) refunds, also called "excess state revenue."

"Four hundred dollars will help people now," Polis said. "Rising prices, gas at four dollars a gallon. Groceries costing more."

Senate Bill 233 is making its way through the Colorado Legislature right now. It will ensure that all 5.8 million Coloradans get their TABOR refund, something that isn't promised year to year. TABOR refunds are only given out if the state has excess revenue to dispense of.

Senator Nick Hinrichsen from Pueblo told KRDO the TABOR money belongs to the taxpayer, and this year a large amount of excess revenue is expected.

"If the state revenue exceeds inflation and population growth, whatever amount is excess above that needs to be returned to the taxpayer," Sen. Hinrichsen said.

If the bill passes, TABOR refunds will go out six to nine months earlier than every year prior. Checks will be mailed directly to each Coloradan by the end of summer, the end of August or early September.

Hinrichsen said he is positive that refund amounts will not be less than $400 for single filers or less than $800 for joint filers. The amount was calculated by the amount of people that filed their taxes and the amount of excess revenue collected.

"It came out to pretty precisely $400 for individuals and $800 for joint filers to make it equal for all Coloradans," Sen. Hinrichsen said.

If this method of TABOR refunds is approved, it will differ from the way these refunds were distributed in previous years. Before, they would be a part of a sales tax refund or property tax exemption, according to 9 News, our news partners in Denver.

However, Hinrichsen said the new, proposed method will put more money back into middle income households. He said those that make $94,000 or less individually, $188,000 or less jointly, will see more money this way than any other way TABOR refunds have been allocated in the past.

"For a typical family of four in Pueblo that makes $90,000 or less a year, you are looking at about $260 more than you would have gotten next April, and you'll be getting it in late August or early September," Sen. Hinrichsen said.

The senator from Pueblo says these direct to the taxpayer checks are needed more than ever in 2022.

"Inflation is unlike we have seen in a long time and because of where the inflation is, we see it in gas we see it in groceries, we see it in the cost of housing, not so much on luxury goods," Sen. Hinrichsen said. "It's hitting working class Coloradans the hardest." 

Senate Bill 233 is expected to be voted on before the Colorado Legislative Session ends on Wednesday, May 11.  

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Sean Rice

Sean is reporter with the 13 Investigates team. Learn more about him here.

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