The Colorado state government began issuing large-scale refunds on Monday. These are being referred to by many as “stimulus checks,” although they are actually mandatory tax refunds under the TABOR Amendment. This year, the amount is set between $177 and $1,130, with couples filing jointly receiving double that amount.
Issued at the start of the colder weather, these refunds come as a relief to families whose budgets are suddenly strained by increased heating, electricity, and other expenses. According to the government, this measure will inject approximately $1.2 billion into the state’s economy.
Colorado TABOR Refunds: What are they?
The TABOR Amendment is a constitutional provision in Colorado that limits the amount of tax revenue the state government can collect and spend. If tax collections exceed this limit in any given year, the excess funds must be returned directly to the taxpayers.
After tax revenues reached record levels in 2024, the TABOR rule automatically kicked in, mandating that the government refund hundreds of millions of dollars. This is why millions of people are receiving this “stimulus-like” payment this year.
Over 3 Million People Will Benefit
According to the Colorado Department of Revenue, more than 3 million residents are eligible for this payment this year. This number is higher than in previous years due to the significant increase in tax revenue.
The eligibility requirements for the program are straightforward:
- Must be a Colorado resident for the entire 2024 tax year
- Must be at least 18 years old
- Must have a valid Social Security Number or Taxpayer Identification Number.
- And most importantly, must not be claimed as a dependent on anyone else’s tax return.
These simple conditions are allowing a large number of people to benefit this year.
$1.2 Billion to Be Returned to the Public
The state government is sending out refunds in two ways:
1. Direct Deposit (directly into bank accounts)
- Taxpayers who have already provided their bank account information for tax refunds will receive their money first. Payments have already begun to be sent to many of these accounts.
2. Paper Checks (by mail)
- Those who did not provide bank details or who opted for a paper check will receive their payment by mail in the coming weeks.
If someone filed for an extension to file their tax return, they will receive their payment a little later. According to the official schedule, the payment process will be completed statewide between November and December.
This phased distribution is intended to manage the volume of transactions to ensure the system runs smoothly.
TABOR Amendment: A Three-Decade-Old Debate Continues
The TABOR Amendment, passed by voters in 1992, continues to be a subject of ongoing political and economic debate.
This provision places strict controls on government spending and mandates that any “excess” tax revenue be returned to the public.
Critics’ Views
Some experts consider it economically detrimental. According to them:
- It prevents the state from investing in essential services such as schools and roads.
- It hinders the state’s long-term planning.
- It is called a “short-sighted attempt to gain popularity.”
In just the last three years, the government has returned over $3.3 billion under this provision.
Supporters’ Arguments
On the other hand, Colorado Governor Jared Polis calls it a democratic right. He believes:
“This money belongs to the people, not the government. It is the people’s right to get it back.”
Supporters argue that this provision empowers the public financially and prevents governments from overspending.
When Can You Expect Your Refund?
If you are eligible for this refund, the easiest way to check the status of your payment is to visit the official website of the Colorado Department of Revenue. There, you can update your information if needed and also find out when your payment will be sent.
One last thing: Big relief before winter
These payments, ranging from $177 to $1,130, are a significant help for many families, especially at a time when electricity and heating costs are constantly rising. While it may not be officially called a “stimulus check,” its impact on ordinary people is no less than that of a relief package.
This money going directly into people’s accounts will boost the local economy and provide much-needed relief to many families this winter.
If you are a Colorado resident and meet the eligibility requirements, don’t miss this opportunity. Be sure to check your refund status—you might have up to $1,130 coming your way.
FAQs
Q. Who is eligible for the Colorado TABOR refund?
A. Anyone who lived in Colorado for the full 2024 tax year, is at least 18, and is not claimed as a dependent.
Q. How much money will residents receive?
A. The refund ranges from $177 to $1,130 for individuals, and couples filing jointly receive double.
Q. How will the payments be sent?
A. Payments are sent through direct deposit or mailed paper checks, depending on the information on your tax return.
Q. When will people who filed extensions get paid?
A. Residents who filed tax extensions will receive their refund later in November or December.
Q. Does income level affect the refund amount?
A. No. TABOR refunds are not income-based. Every eligible resident receives the same refund amount.