REFUNDS

TABOR state budget revenue isn’t expected to keep up with in ation and population increases.

“We expect those revenue increases to not make up for the budgetary pressures that arise from in ation and population,” he said.

Still, state tax revenue is expected to exceed the TABOR cap through the 2024-25 scal year, which begins on July 1, 2024. at’s assuming Colorado voters don’t approve more reductions in the income tax rate — as conservatives are pushing for — and the legislature doesn’t pass new bills o ering tax breaks.

ere’s also a proposal swirling at the Capitol to ask voters to forgo their TABOR refunds and send the money to K-12 schools instead.

e TABOR cap was exceeded last scal year by $3.7 billion, which prompted refund checks to be mailed to Coloradans last year. Another round will be mailed out in April, as well.

Legislative Council Sta and the governor’s o ce shared good and bad news about the state’s economy.

Overall, the state’s economy, like the nation’s, is slowing in the wake of rising interest rates set by the Federal Reserve. Unemployment in Colorado, however, remains low — 2.8% in January, which means it has returned to pre-pandemic levels — and isn’t expected to rise too much.

Legislative Council Sta forecasts