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Colorado Tax Refunds Could Come A Year Early

DENVER (AP) — Colorado lawmakers may have to refund money to taxpayers sooner than they initially expected.

Refunds are a sign of Colorado's booming economy. But it also means lawmakers will be restricted in how much money they'll be able to keep and spend under Colorado's Taxpayer's Bill of Rights, also known as TABOR.

State economists giving lawmakers a quarterly revenue forecast Monday gave conflicting estimates whether refunds are required in the 2015 tax year. Legislative economists say no, but warn that the possibility exists.

However, Gov. John Hickenlooper's economists predict the state needs to refund nearly $200 million next year because of revenue increases in the current budget year. Lawmakers weren't expecting refunds until the 2016 tax year.

TABOR requires refunds when revenue exceeds the combined rate of inflation and population growth.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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