The Colorado Taxpayer’s Bill of Rights (TABOR) ensures that excess state revenue collected beyond a specified limit is returned to taxpayers. This refund program directly benefits Colorado residents by redistributing surplus funds. Here’s an overview of the program, eligibility, and payment details for upcoming refunds.
What Is the TABOR Refund?
This Article Includes
TABOR, or the Taxpayer’s Bill of Rights, is a Colorado constitutional amendment designed to cap the revenue collected by state and local governments. When revenue exceeds the allowed limit, the surplus must be refunded to taxpayers. This ensures that residents receive a portion of the state’s financial surplus rather than the government retaining it.
How Much Were the 2024 TABOR Refunds?
In 2024, Colorado taxpayers received substantial refunds from the state’s surplus revenue:
- $800 for single filers.
- $1,600 for joint filers.
The refund amount is determined by how much revenue exceeds the TABOR limit and is distributed to eligible taxpayers who filed their returns.
2025 Refund Expectations: Payment Schedules and Amounts
For the fiscal year 2024, nearly $1.4 billion in excess revenue will be refunded to taxpayers. Payments will be distributed in spring 2025, based on adjusted gross income (AGI). Here’s what taxpayers can expect:
| AGI Range | Individual Refund | Joint Refund |
|---|
| Up to $53,000 | $181 | $362 |
| $53,001 to $107,000 | $241 | $482 |
| $107,001 to $172,000 | $277 | $554 |
| $172,001 to $243,000 | $330 | $660 |
| $243,001 to $320,000 | $355 | $710 |
| $320,001 or more | $571 | $1,142 |
Eligibility Criteria for TABOR Refunds
To qualify for the 2025 TABOR refund, individuals must meet the following conditions:
- Tax Return Filing: File a Colorado state tax return for the 2024 tax year or apply for a personal tax credit. The filing deadline is April 15, 2025.
- Residency Requirement: Reside in Colorado for at least six months of the 2024 tax year.
- Age: Be at least 18 years old by January 1, 2025.
How to Apply for the TABOR Refund
- Visit the Colorado Department of Revenue website.
- Access the appropriate form and complete it with accurate information.
- Attach all required documents and submit your application before the filing deadline.
The Significance of TABOR Refunds
The TABOR program plays a vital role in ensuring financial accountability within the state. By capping revenue collection and redistributing surplus funds, it provides taxpayers with tangible benefits and helps foster trust in state governance.
Colorado residents can look forward to receiving their fair share of excess revenue under TABOR. Ensure you meet eligibility requirements and file your tax return on time to take advantage of this program in 2025.