DENVER — The state auditor's office has confirmed Colorado collected more revenue in the most recent fiscal year than the Taxpayer's Bill of Rights allows, meaning taxpayers will get several hundred dollars in refunds.
The office confirmed that Colorado collected $3.6 billion more than TABOR allows during fiscal year 2023.
Due to legislation passed in a special session after the failure of Proposition HH in November, each taxpayer will receive the same amount, no matter how much money they make. Taxpayers will get $800 each, or $1,600 for couples filing jointly.
TABOR refunds are usually paid as part of state tax returns. Taxpayers must file a 2023 individual income tax return (or PTC application) and claim the refund to get the TABOR refund.
> From November: Temporary Democrat-backed bills bring parts of Prop HH back to life
TABOR was added to the Colorado Constitution in the November 1992 election. It limits the amount of revenue state and local governments can keep and spend. Any excess revenue must be returned to taxpayers.
RELATED: Coloradans won't know how much their property taxes will increase until at least January 17
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