DENVER — The Colorado Department of Revenue announced how much of money taxpayers will get through Taxpayer's Bill of Rights (TABOR) surplus sales tax refunds.
This year, single filers will get between $177 and $565, and joint filers will get between $354 and $1,130, depending on the adjusted gross income bracket they fall in. The refunds will come next year.
The full table breaking down TABOR refund amounts is below:
The TABOR Amendment was approved by Colorado voters in 1992 and generally limits the amount of revenue governments in the state can retain and spend.
Unless there is voter approval, TABOR requires excess revenue to be refunded to taxpayers. It also requires voter approval for certain tax increases.
This year, Colorado has collected $1.4 billion more in revenue than it is allowed to keep under TABOR, the Office of the State Auditor said in a news release Monday. The state also will refund an additional $289 million that was previously under-refunded.