Residents of Colorado are allowed a total credit of $1,130 per year and up to $1,600 extra if a TABOR rebate is claimed.
Those full-year 2023 residents can apply for his rebate by filing their return on or before the due date. The rebate is $800 for one eligible taxpayer or $1,600 for two eligible taxpayers filing a joint return.
When Is Payment Under The TABOR Program To Be Made?
Excess state funds are next divided amongst taxpayers via the TABOR program, and by 2025, there will be three ways to refund surpluses.
The rebate is $800 for one qualified taxpayer or $1,600 for two qualified taxpayers filing jointly.
When Will The TABOR Program Payment Be Made?
The TABOR program redistributes excess state funds among taxpayers, and by 2025, there will be three mechanisms for refunding surpluses.
According to a report from Post Independent, Colorado taxpayers will see the state’s excess income tax refund for fiscal year 2024, which is expected to be under adjusted gross income with the following amounts.
The Colorado Department of Revenue (DOR) is administering the following TABOR refund mechanisms:
Reduction Of The Tax Rate
However, by law, the tax relief from the reduction of the income tax rate from 4.40% to 4.25% for 2024 income Tax returns applies to all the filing taxpayers.
Sales Tax Refund
Year-round 2024 Colorado residents qualify for this refund when they file a 2024 Colorado Individual Income Tax Return or a 2024 Property Tax/Rent/Heat (PTC) Rebate Application not later than 15th October 2025.
See the table below for the six refund tiers:
- Maximum income of $53,000: $177 individual – $354 joint
- $53,001 to $107,000: $241 individual – $482 joint
- $107,001 to $172,000: $240 individual – $480 joint
- $172,001 to $243,000: $277 individual – $554 joint
- $243,001 to $320,000: $350 individual – $700 joint
- $320,001 or more: $565 individual – $1,130 sets
So, Who Is Allowed The TABOR Refund?
In order to apply for the refund under TABOR of Colorado, one must go online to the Colorado Department of Revenue website to obtain the form to fill in all the necessary details, attach any supporting documents, and confirm that all the information entered complied with the truth.
