Colorado’s tax revenue growth is expected to provide $3.5 billion in refunds.
An economic report from the State Economists, Colorado announced the growing tax revenue that will guarantee a $3.5 billion tax revenue refund. The program approximately will provide the refunds when the fiscal year ends on June 30. Based on the news report from Colorado, the 3.8 million taxpayers who filed for this program in the Colorado Department of Revenue in 2022, an individual’s total refund would be $921.05. Last Tuesday, the governor’s Office of State Planning and Budgeting started distributing its quarterly economic forecast. Based on the report, the short-term economic forecast has improved due to a more substantial labor market and resilient customer spending.
The OSPB stated that the growth is slow through the “second half” of 2023. However, Governor Jared Polis believed it would improve due to the strength of the labor market and high customer spending. Polis said, “Colorado’s strong economy continues to outpace the nation as we build upon our ongoing work to save people money and connect hardworking Coloradans to in-demand jobs.” He told the news that they are doing their best to provide for Coloradans and make their country the best life to live, work, and do business. In the current state of the TABOR environment, fund revenues are created to pay taxpayers. LCS reported high expectations might limit budget-friendly this fiscal year 2023-24. The LCS project general fund will provide $337.5 million or 17.5% reserve. 15% or more is required in the state law on June 30. The expected total revenue collection is the same as last year, which is $17.7 billion.
The Joint Budget Committee Chair, Sen. Rachel Zenzinger, said in unison that this program would aim to help hundreds of Colorado families by ensuring a “sound and sensible economic path,” providing them with healthcare, housing, and education funds.