DENVER — TABOR refunds look set to grow, but the most recent quarterly revenue forecast shows a marked contrast in what the Colorado legislature may have to spend versus what they had a year ago.
The June forecast released Tuesday by the General Assembly's Joint Budget Committee is a kind of report card for budget-writers. It shows how well they did in writing the budget that starts on July 1, plus the latest data on revenue collections, with the first figures from the April 15 tax deadline for individual and corporate income taxes.
The June forecast also gives those budget-writers their first look at what could be available when they start working on the budget in the next legislative session.
TABOR revenue that exceeds what the state's allowed to spend grew by another $1 billion, making TABOR refunds in 2024 total about $3 billion. Those figures could see annual refunds for Colorado taxpayers from a project estimated $650 for single filers and roughly $1,300 for joint filers to $850 for single filers and $1,700 for joint filers, depending on voter's will on Proposition HH. The ballot measure that will go before the electorate in November seeks to provide property tax relief through a one-time equalization of TABOR refunds.
But at the same time, budget-writers could be starting off with a hole to dig out of in order to write a balanced budget for the 2024-25 year.
>9NEWS.com readers can see the full article at Colorado Politics.
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