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Many Coloradans can expect about $750 with TABOR refund according to latest economic forecast

Published: Jun. 21, 2022 at 11:59 AM MDT|Updated: Jun. 21, 2022 at 4:20 PM MDT
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DENVER (KKTV) - According to the latest Economic and Revenue Forecast by the Colorado Legislative Council Staff, many Coloradans can expect about $750 for individual taxpayers and $1,500 for joint taxpayers in the form of TABOR refund checks.

“Today’s forecast shows that our economy is making a bold recovery with unemployment rates falling to pre-pandemic levels, nearly all sectors thriving, and Colorado’s employment gains outpacing the nation,” said JBC Chair Rep. Julie McCluskie, D-Dillon according to a release issued on Tuesday. “I’m proud of the fiscally responsible decisions we made to power the Colorado comeback and position our state to compete. We know that even with our strong recovery, families are struggling with high gas prices and the rising cost of living. Our Colorado Cashback Plan will send every Coloradan a refund check in September to help with everyday necessities, which thanks to our economic growth, will now be at least $750 for single filers and $1,500 for joint filers. From cutting property taxes to creating free universal preschool, we passed dozens of laws this year to help Coloradans and small businesses hold on to more of their hard-earned money.”

During the latest legislative session, lawmakers passed the Colorado Cash Back Plan refunding money to taxpayers through TABOR.

Coloradans who filed their taxes can expect to get the money in September, however the final amount could still change.

“Here in Pueblo and across the state, pandemic-induced inflation has caused Colorado families to spend more of their hard earned paychecks while getting far less for their money in return,” said Senator Nick Hinrichsen, according to the Communications Director for Colorado Senate Democrats. “To help ease the financial pinch, I championed a bill that puts hundreds of dollars directly in the pockets of taxpayers. Today, I am incredibly proud to see that those urgently-needed relief checks have increased, and that every Colorado taxpayer will receive at least $750 - $1,500 for joint filers - giving folks more financial freedom to fill up their tank, put food on the table, buy school supplies, and pay their bills.”

For more information about Colorado Cash Back, click here.

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