Lower and middle-income Coloradans could see their TABOR refund increase by hundreds of dollars
DENVER, CO - The House Finance Committee today advanced legislation to put more money back into the pockets of hardworking Coloradans by issuing TABOR refunds in equal amounts for all fillers for this year and making our tax code more equitable. The bill passed by a vote of 7-4.
“Our state’s broken tax code guarantees that the wealthiest Coloradans pay fewer taxes as a share of their income than poor and working-class families,” said Rep. Javier Mabrey, D-Denver. “This bill alone does not solve this injustice but the relief we are aiming to provide here matters. This means extra money for gas to get to work or school, extra money to pay your rent and to keep food on your table. While it’s not enough, this bill moves us in the right direction, and I’m committed to doing more next session to help Coloradans struggling to get by.”
“Issuing TABOR refunds in equal amounts is a popular and equitable proposal to help Coloradans with the rising cost of living. It will raise the TABOR refunds for millions of people and put more money back into the pockets of working people,” said Rep. Ruby Dickson, D-Centennial. “We are committed to making Colorado a more affordable place to live, and our bill delivers crucial relief to people who are feeling the greatest impacts of our cost of living crisis.”
SB23B-003 would change the TABOR refund mechanism for the 2023 tax year to provide equal refunds for all taxpayers. Over sixty percent of filers and everyone making under $100,000 per year would receive higher TABOR refunds under this bill, with the majority of working families seeing an increase of hundreds of dollars.