Most Coloradans aren’t going to get a tax refund – for now – according to latest revenue forecast
The majority of Centennial State residents aren’t likely to see a tax refund until 2020, according to the latest state revenue forecast presented to lawmakers Thursday.
Fiscal year 2017-18 ended in June, and the state collected $37.5 million more than it’s allowed under the Taxpayer’s Bill of Rights, or TABOR, state budget officials announced Thursday.
But that tax break isn’t going to everyone. A 2017 law requires the first refunds go to the state-administered senior homestead exemption and disabled veterans property tax exemption.
Here’s how it works:
TABOR limits the state’s year-to-year revenue growth using a formula the combines inflation and population growth. If the money the state takes in exceeds that limit, it has to be returned to Coloradans unless they vote for more spending.
Read the full story via The Denver Post
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