DENVER (CBS4)– Colorado taxpayers are one step closer to getting an early refund. The House approved the Colorado Cashback plan on Tuesday. Under the plan, individuals would receive $400 each, and couples would get $800, but those amounts may be higher thanks to an added amendment.
The refunds are required under the Taxpayer Bill of Rights or TABOR but weren’t set to go out until next year. Now, if state revenue is higher than expected, state taxpayers could get more money.
Gov. Jared Polis told CBS4 last month that if the state Legislature passes the bill, he’ll put the checks in the mail. Now that timeline is looking like September.
The governor said Colorado has recovered more jobs than it lost during the pandemic, and our economy is so strong, that revenue will exceed what the state’s allowed to spend under TABOR by about $1.4 billion. The legislature has to either issue a refund or ask voters to keep the money.
The bill heads to the state Senate for a final vote before it lands on the governor’s desk.