DENVER (Newsline), – This year, the federal relief for Corona is being transferred into Colorado.
Governor Jared Polis announced today, that all Coloradoans who have filed taxes by May 31st will receive a $400 tax refund. For co-submitters, $ 800 will be provided. Checks will arrive August or September 2022.
The checks are generally drawn from the veteran budget of Colorado.
The Colorado Taxpayers’ Bill Of Rights (also known by TABOR), sets limits on the amount of taxes that the state can collect. It must refund all tax collected below the ceiling. This could be in the form a reduction or reduction in income tax (from 4.55% – 4.5%), a reduction or refund of praise tax, or both.
Federal aid has been flowing to Colorado’s state and local governments in response to the corona epidemic. It is estimated that $66 billion worth of federal money was spent. In each of the last three fiscal years, Colorado has seen a TABOR surplus.
In the last ten year, the country’s general fund revenue has more than doubled. This is due to people and businesses flooding into the country. Recently, the governor’s office predicted that the state budget would receive billions more in the future.
The report stated that revenues subject to TABOR will likely remain at or above the C referendum quota, which was $ 547.9 millions in 2020-2021 (as reimbursed through SB 21-260). TABOR. TABOR. “Current projections show that revenues are $ 2,229.2million above the ceiling for 2021-2022 and $ 2,029.2million above the ceiling for 2022-2023. In 2023-2024, the ceiling is $ 2,029.2million. In 2023-2023, the ceiling is $ 2,029.2million. In 2023-2023, the ceiling is $ 2,029.2million. The temporary income tax rate will decrease. Each year.”
The total revenue from the fiscal years that overlapped with the corona virus and its aftermath was $ 6.1 billion, which is more than the TABOR ceiling.