DENVER — The Colorado state government owes taxpayers a total of $1.7 billion in refunds mandated under the Taxpayer's Bill of Rights.
The state collected roughly $1.4 billion more in revenue during the 2024 Fiscal Year than allowed under TABOR, according to a state audit. The state already has roughly $290 million in outstanding TABOR refund liability at the beginning of the fiscal year, bringing the total refund amount to about $1.66 billion.
Passed by voters in 1992, TABOR limits the annual growth in revenue to the inflation rate, plus population change. Any amount raised above the limit must be returned to taxpayers.
> Read the full article at the Denver Gazette.
