With the fiscal year coming to a close in just 10 days, the state is projecting that the Taxpayer’s Bill of Rights ( TABOR ) cap will surpass $3 billion, which is $600,000 higher than the estimate made in March.
Colorado residents may be in for a pleasant surprise next year as state tax revenues soar, leading to the anticipation of larger state refund checks
While the exact amount of refunds cannot be determined until autumn, the outcome will also hinge on the passing of a proposition aimed at offering property tax relief to select Coloradans. If the proposition is approved, it could further contribute to the overall increase in state refunds.
The positive financial outlook for Colorado is attributed to the impressive growth in state tax revenues
The unexpected surge has exceeded initial expectations, prompting officials to revise their projections. These additional funds have the potential to provide much-needed relief to taxpayers, offering a welcome boost to their finances.
As the fall approaches, Coloradans eagerly await the announcement of their state refund amounts. With the prospect of a larger refund check on the horizon, many individuals are hopeful that these additional funds will alleviate some of the financial burdens faced in the past year.
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