Colorado Tabor Refund 2024. In spring 2024, colorado residents are set to receive a tabor refund due to the state surpassing its fiscal year spending limit. The refund is a result of the state exceeding its fiscal year spending limit, leading to the refund of excess state revenues.
As a result of 101 bills passed by the colorado legislature, over $2.8 billion in state tabor refunds will not be distributed to colorado taxpayers between 2024 and 2026, according to a recent. The legislature dedicated nearly $700 million to a program that allows families with low and medium incomes to claim a new tax credit of up to $3,200 per child.
Colorado Currently Has A 4.4% Income Tax Rate, But Under The Bill The 2024 Tax Year, Which Begins July 1, Would See A 4.25% Rate.
Colorado’s taxpayer’s bill of rights law.
When State Revenue Is Above The Tabor Limit, The Surplus Is Currently Refunded To Taxpayers In The Following Ways Prescribed By State Statute.
The refund amounts to $800 for single qualifying taxpayers and $1,600 for couples filing jointly.
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Are required to file a colorado return because you are required to file a federal return.
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Colorado residents will get a tax refund worth $800 per filer on their 2023 taxes through tabor.