UPDATED: Colorado Taxpayers To Receive $800 TABOR Refund in 2024

Top Tax Services CPA in DenverUpdated Thursday, January 11th, 2024

The next round of TABOR refund checks will be in Spring, 2024. Colorado taxpayers can expect their state refund after filing their Colorado state income taxes. Here’s what you need to know:

  • Your 2024 TABOR refund will continue to be considered non-taxable income
  • Your TABOR refund will be processed upon filing your Colorado state income tax.
  • The length of time to get your TABOR refund will depend on whether you choose to have it deposited electronically or mailed to you. The electronic deposit takes around two weeks, with a physical check taking longer. 
  • Anyone in Colorado who filed a state tax return is expected to get $800, or $1600 for joint filers.

Updated Wednesday, July 27th, 2022 – Starting the week of August 1, the first round of physical checks will be mailed out to Colorado taxpayers, thanks to TABOR. Here’s what you need to know:

  • Anyone in Colorado who filed a tax return is expected to get $750 back from the state, $1,500 for joint filers.
  • Residents should know the money will come in the mailbox, and not via direct deposit to combat fraud attempts.
  • You must have filed your state tax returns by June 30 to receive this refund.
  • Checks are expected to start going out on Monday, and most everyone who qualified should expect to get their TABOR refund by the end of September.
  • Extended filers who have a deadline of October 17, 2022, will receive the refund by January 31, 2023.

Additional information about Colorado TABOR refunds can be found here.

Updated Wednesday, June 29th, 2022 – According to revenue forecasts, economists now estimate that Colorado taxpayers will likely receive $750 in Taxpayer Bill of Rights (TABOR) refunds. This is an increase from the original $400 refunds announced in April. If estimates are correct, single filers can expect refunds of $750, and joint filers can expect $1,500. In this article, we’ve replaced mentions of the original $400 figure with the updated estimates.

This summer, nearly all Colorado taxpayers can expect a $750 check in the mail. Gov. Jared Polis announced on Monday that over 3 Million Coloradans would receive a “Colorado Dividend,” a special tax refund mandated by the Colorado Taxpayer Bill of Rights (TABOR). This is not an additional refund, just an advance on your normal TABOR refund.

The Colorado State Capitol in Denver, CO.

“The proposal,” says Polis, “will give refunds of $400 per person (single filers), $800 per joint filer this summer, (arriving in) late August to early September.” Since Polis’s original announcement, economists have now increased their estimates to $750 for single filers, and $1,500 for joint filers. The TABOR payments will be sent to all full-time Colorado residents, as long as their 2021 state income tax returns are filed by May 31st.

Polis’s move to send the checks out this summer is months ahead of the typical timeline for TABOR Colorado payments, helping ease the financial pain of the previous fiscal year.

“We know that this last year has been difficult,” says Polis. “Rising prices, gas at four dollars a gallon, groceries costing more. Rather than sit on this money, we know that ($750) will help people now.”

The payments will be made to all CO taxpayers who file by June 30th, or Oct. 17th for those with an extension. Taxpayers with an extension should receive their checks at the start of 2023.

If you’re new to Colorado, this news may come as a surprise. Here’s a quick explanation of TABOR law in Colorado.


Colorado TABOR FAQ

What is Colorado TABOR Law?

The Colorado Taxpayer Bill of Rights (TABOR) is an amendment to the Colorado State Constitution passed in 1992. TABOR limits the amount of revenue that the Colorado State government can spend and retain.

The TABOR amendment has played a major role in shaping the tax system in Colorado. It dictates that state and local governments cannot raise taxes without voter approval. And, if state revenues grow faster than the rates of inflation and population growth, the government must refund the excess revenue back to the taxpayers.

In effect, TABOR creates a revenue limit for the State of Colorado. Any amount of money collected over the limit is called the “TABOR Surplus,” and is sent back to citizens at the end of the fiscal year. Gov. Polis’s announcement is not a new piece of legislation. He is only sending out the TABOR payments already required by Colorado tax law ahead of schedule.

How Are TABOR Revenue Payments Taxed?

TABOR payments are not taxable. In fact, they are technically a tax refund for the year 2023 and should be put in the same category as the tax refund you would receive each year as a W-2 employee.

How Are TABOR Colorado Refunds Calculated?

In previous years, the TABOR amendment broke down refund amounts by tax bracket, with the lowest income earners receiving refunds of around $550, and the highest income earners receiving about $1,600. However, the state legislature has decided to flatten the payments so every filer receives the same $800, operating as a sales tax refund.

The Colorado TABOR refunds to be distributed in 2024 total $3.7 billion, using the following mechanisms:

  • $163.2 million refunded via local government reimbursements for the homestead exemption
  • $240.0 million refunded via property tax backfill to local governments as required under Senate Bill 22-238, and
  • the remaining $3.28 billion refunded through the $800 reimbursements.

If you have any other questions about TABOR, Colorado tax rates, or need state or federal tax filing, give us a call at (303) 317-6111 for a free consultation. Boxelder Consulting is a full service tax, accounting, bookkeeping, and tax relief firm, and we were recently named the Best Accounting Team in Denver by Legal Directorate. We would be happy to answer any questions you may have!


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About the Author

A company founder standing by Colorado's Front Range

Tom Conradt

Co-Founder, IRS Collections Defense Attorney

Tom Conradt is the co-founder of Boxelder Consulting & Tax Relief, and has been practicing IRS Collections defense law for the past ten years. Graduating from the University of North Carolina at Chapel Hill, Tom is the lead IRS Collections Defense Attorney and heads the tax resolution department. Tom’s favorite part about working at Boxelder Consulting is hearing about the relief that clients experience after they sign up and start seeing immediate results on their case. Tom enjoys all the outdoor activities Colorado has to offer, including skiing, hiking and climbing. He is also looking forward to the return of indoor pickup basketball.

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