DENVER (KDVR) — Every year, the topic of TABOR refunds in Colorado brings excitement, trepidation and confusion as taxpayers look to see how much money they could receive.
TABOR, of the Colorado Taxpayer's Bill of Rights, sets a cap for state revenue and requires anything collected over that amount be returned to taxpayers. If the state wants to keep the money and use it for something other than a refund, it must be approved by voters.
For filers of the 2024-25 tax year, the refunds have been confirmed by the state auditor's office as of Monday, Oct. 20.
Proposed 2026 Denver budget to be finalized on MondayIn August, two state legislators told FOX31 on "Colorado Point of View" that they did not anticipate Coloradans receiving any refunds in spring 2026 — after taxpayers file their 2025 taxes. At the time, the legislators were looking ahead to the summer special session of Colorado's General Assembly, where legislators were tasked with pulling the state out of a $700 million budget hole.
In September, the Colorado Legislature's Legislative Council Staff released its Economic and Revenue Forecast, which shares a general budget overview, including school finances, the general fund, economic outlook and TABOR outlook.
The forecast said that for tax filers in 2026, there will be a small TABOR refund. That's because TABOR is expected to have a surplus over the state revenue cap of about $296.1 million for tax year 2025; that means most filers will see a return of less than $100, but will see a refund. A full listing based on annual gross income was published previously by FOX31, available here.
No SNAP benefits to be issued in November as government shutdown stretches on"The total TABOR refund for Fiscal Year 2025 is estimated to be about $293 million, and the Department of Revenue is responsible for issuing the refund to taxpayers by June 30, 2026,” said Maya Rosochacova, audit manager, in the Colorado State Auditor's Office release.
The auditor's office said that based on various statutory requirements, taxpayers will be refunded about $182 million of the excess state revenue. Another $111 million is expected to trigger the sales tax refund mechanism that distributes refunds to taxpayers based on their adjusted gross income, the state auditor's office said.
Come tax year 2026 (or spring 2027), no refunds will be issued, according to the forecast. The TABOR refunds are expected to return in tax year 2027, which means the checks would be mailed in 2028.
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