Colorado's COVID Comeback Means Tax Refunds And Income Tax Rate Cut

DENVER (CBS4) - Coloradans are getting a tax break, thanks to a surplus reported by the state controller. The state is cutting the income tax rate next year and giving people a refund.

The income tax rate will be cut from 4.55% to 4.50. Individual taxpayers can expect an average refund of $69 while joint filers can expect to get $166 back. Those refunds will be paid when you file taxes next year.

These tax cuts and refunds are a strong sign that Colorado's economy is roaring back, I'm excited that Coloradans will get another income tax cut and refund that Coloradans can put toward bouncing back from the pandemic, a night out, or groceries," said Governor Polis in the release announcing the cut and refunds.