tax

BY JESSE PAUL THE COLORADO SUN

Coloradans will receive more than $2.5 billion in tax refunds from the state as long as there isn’t a recession, according to two quarterly economic and tax revenue forecasts presented this month to the legisla-

An economic downturn is increasingly likely, however, given international nancial instability, including stubborn in ation and the banking industry’s headline-grabbing struggles over the past month.

Nonpartisan Legislative Council Sta said the state government will collect $2.75 billion in tax revenue in excess of the Taxpayer’s Bill of Rights cap on government growth and spending in the current scal year, which ends June 30. e legislature is required to refund that e Governor’s O ce of State Planning and Budget expects the TABOR cap to be exceeded by $2.7 billion in the current scal year. e cap, set by a 1992 constitutional amendment passed by Colorado voters, is calculated by multiplying the prior year’s limit by in ation and population growth e money will predominantly be refunded to taxpayers in April 2024 in the form of checks tied to people’s income — with higher refund amounts going to higher