Coloradans can expect significantly smaller TABOR refunds when filing their 2024 taxes. After receiving an $800 check for the 2023 tax year, next year’s refunds will be based on income, with amounts ranging from $181 for those earning less than $53,000 to $571 for individuals making over $320,000 annually.
The state warns that future refunds may shrink further due to a softening economy, decreased tax revenue, a lower income tax rate, and increased state spending on family tax credits. These factors contribute to the anticipated decline in the refund amounts in the coming years.
