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Colorado must issue additional taxpayer rebates new report shows - Axios DenverLog InLog InAxios Denver is an Axios company. <h1>Colorado must issue additional taxpayer rebates new report shows</h1>Photo Illustration: Brendan Lynch/Axios.
Alexander Wang Member
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Colorado must issue additional taxpayer rebates new report shows - Axios DenverLog InLog InAxios Denver is an Axios company.

Colorado must issue additional taxpayer rebates new report shows

Photo Illustration: Brendan Lynch/Axios.
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Madison Singh 1 minutes ago
Photo: DivInc Colorado's tax collections through June reached such historic levels that the sta...
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Liam Wilson 1 minutes ago
What they're saying: "Those amounts are staggering," Greg Sobetski, the chief legisla...
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Photo: DivInc Colorado&#x27;s tax collections through June reached such historic levels that the state government must issue another rebate. State of play: The state&#x27;s discretionary revenue from tax collections jumped 23.7% in the just-finished 2022 fiscal year — the largest general fund increase since at least 1975, if not ever, according to from legislative economists. The increase surged beyond the revenue caps in the Taxpayer&#x27;s Bill of Rights, meaning the state will need to issue even larger refunds.The first checks came in August — amounting to $750 a person — but now the state must prepare to refund another $816 million when most residents file their 2022 taxes next spring.That will amount to $160 to $506 in refunds, based on income with top earners receiving more.
Sofia Garcia Member
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Photo: DivInc Colorado's tax collections through June reached such historic levels that the state government must issue another rebate. State of play: The state's discretionary revenue from tax collections jumped 23.7% in the just-finished 2022 fiscal year — the largest general fund increase since at least 1975, if not ever, according to from legislative economists. The increase surged beyond the revenue caps in the Taxpayer's Bill of Rights, meaning the state will need to issue even larger refunds.The first checks came in August — amounting to $750 a person — but now the state must prepare to refund another $816 million when most residents file their 2022 taxes next spring.That will amount to $160 to $506 in refunds, based on income with top earners receiving more.
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David Cohen 4 minutes ago
What they're saying: "Those amounts are staggering," Greg Sobetski, the chief legisla...
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Liam Wilson 4 minutes ago
Yes, but: The estimates would decrease if voters approve measures on this year's ballot to curt...
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What they&#x27;re saying: &quot;Those amounts are staggering,&quot; Greg Sobetski, the chief legislative economist, told lawmakers Thursday. &quot;That&#x27;s what happens when you have a three-plus billion TABOR surplus and have to give it back to taxpayers.&quot; BFD: In the current fiscal year and two future ones, taxpayer refunds could continue to increase. The legislative forecasts show the state must return a total of $8.8 billion in rebates over that period.
Mia Anderson Member
access_time 9 minutes ago
What they're saying: "Those amounts are staggering," Greg Sobetski, the chief legislative economist, told lawmakers Thursday. "That's what happens when you have a three-plus billion TABOR surplus and have to give it back to taxpayers." BFD: In the current fiscal year and two future ones, taxpayer refunds could continue to increase. The legislative forecasts show the state must return a total of $8.8 billion in rebates over that period.
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Sofia Garcia 1 minutes ago
Yes, but: The estimates would decrease if voters approve measures on this year's ballot to curt...
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Nathan Chen 2 minutes ago
The big picture: TABOR not only sets refund amounts, but establishes the limits lawmakers can spend ...
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Yes, but: The estimates would decrease if voters approve measures on this year&#x27;s ballot to curtail TABOR refunds or if the state&#x27;s economy enters a recession.Legislative economists cautioned that the economy is in a &quot;precarious situation&quot; with rising interest rates, and as the &quot;continues to escalate.&quot; The other side: Gov. Jared Polis&#x27; analysts are less optimistic about the economy&#x27;s direction down the line. In their , his budget office is suggesting smaller TABOR refunds in future years, totaling $3.3 billion.
Hannah Kim Member
access_time 8 minutes ago
Yes, but: The estimates would decrease if voters approve measures on this year's ballot to curtail TABOR refunds or if the state's economy enters a recession.Legislative economists cautioned that the economy is in a "precarious situation" with rising interest rates, and as the "continues to escalate." The other side: Gov. Jared Polis' analysts are less optimistic about the economy's direction down the line. In their , his budget office is suggesting smaller TABOR refunds in future years, totaling $3.3 billion.
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Sophie Martin 7 minutes ago
The big picture: TABOR not only sets refund amounts, but establishes the limits lawmakers can spend ...
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Victoria Lopez 3 minutes ago
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The big picture: TABOR not only sets refund amounts, but establishes the limits lawmakers can spend in the annual budget process.The governor&#x27;s office expects discretionary spending to decline 6.1% in the current fiscal year, while legislative economists anticipate it grows 1.4%. Both forecast more flat growth for the 2023-24 fiscal year.
Elijah Patel Member
access_time 15 minutes ago
The big picture: TABOR not only sets refund amounts, but establishes the limits lawmakers can spend in the annual budget process.The governor's office expects discretionary spending to decline 6.1% in the current fiscal year, while legislative economists anticipate it grows 1.4%. Both forecast more flat growth for the 2023-24 fiscal year.
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Oliver Taylor 14 minutes ago
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Elijah Patel 8 minutes ago
Colorado must issue additional taxpayer rebates new report shows - Axios DenverLog InLog InAxios De...
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Hannah Kim Member
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Henry Schmidt 1 minutes ago
Colorado must issue additional taxpayer rebates new report shows - Axios DenverLog InLog InAxios De...
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Sofia Garcia 4 minutes ago
Photo: DivInc Colorado's tax collections through June reached such historic levels that the sta...

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