Lower and middle-income Coloradans could see their TABOR refund increase by hundreds of dollars
DENVER, CO - The House today passed 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 42-18.
“Coloradans are counting on us to address the affordability crisis, and this bill is one of many steps we’re taking to uplift working-class families,” said Rep. Javier Mabrey, D-Denver. “Our bill will provide equal TABOR refunds next year, increasing incomes for lower- and middle-income Coloradans by hundreds of dollars. I’m proud that we were able to provide working families relief, and I will continue to fight to make Colorado more affordable for the people who need it most.”
“Equal TABOR refunds put hundreds of dollars back into the pockets of hardworking Coloradans, benefiting millions of people throughout our state,” said Rep. Ruby Dickson, D-Centennial. “Making our state more affordable for everyone is a priority for Colorado Democrats. This bill establishes a flat tax refund for all taxpayers, boosting hardworking families and making it easier for them to keep pace with the rising cost of living.”
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.