For Immediate Release
May 23, 2022
Communications Director & Public Information Officer
Governor Jared Polis Signs Tax Refund Into Legislation, Getting At Least $500 Back into the Pockets of Colorado Taxpayers
Denver, Colorado: TODAY, Colorado Governor Jared Polis signed Senate Bill 22-233 TABOR Refund Mechanism For FY 2021-22 Only into law, getting a minimum of $500 tax refunds to Coloradans sooner to help ease the financial pain from the COVID economic crisis.
“Bills. Food. Gas. Everything costs more. We’re working to return tax rebates to Coloradans faster.
The Colorado Department of the Treasury will ensure that there is sufficient cash flow to meet the TABOR refund, while also following our investment policy stressing safety, liquidity, and yield as the key goals for all of the taxpayer's funds entrusted to us, working overtime to get these tax refunds into the hands of Coloradans sooner to help ease the financial pain from the COVID economic crisis.”
State Treasurer Dave Young
If the state exceeds its constitutional spending limit, then it is required by the Taxpayer's Bill of Rights (TABOR) to refund the excess state revenues (TABOR refunds). There are currently three TABOR refund mechanisms: Reimbursement to counties for the senior homestead exemption, a temporary income tax rate reduction, and a sales tax refund.
The bill establishes a temporary fourth TABOR refund mechanism for excess state revenues from all sources for state fiscal year 2021-22, with single tax filers getting a minimum $500 refund, and married tax filers getting a minimum $1,000 refund.