JOINT RELEASE: Signed! New Law to Provide Equal TABOR Refunds and Support Working-Class Coloradans
New law benefits Colorado’s working families
DENVER, CO – Today, Governor Jared Polis signed legislation sponsored by Senators Nick Hinrichsen, D-Pueblo, and Janice Marchman, D-Loveland, and Representatives Javier Mabrey, D-Denver, and Ruby Dickson, D-Centennial, that creates a flat TABOR refund mechanism to provide an equal refund of $800 for all taxpayers.
SB23B-003 puts more money back into the pockets of Coloradans, and increases TABOR refunds by about $500 for the majority of working families by creating a new temporary refund mechanism - identical to what Democrats provided last year - that replaces the sales tax refund mechanism for FY 22-23. Every Colorado taxpayer will receive an identical refund payment, making our tax code more equitable and providing enhanced support for working families.
“This special session, I fought to bring relief to middle-income earners, a group that gets hit particularly hard when it comes to taxes,” said Hinrichsen. “My bill to equalize TABOR refunds for all Coloradans will make our tax code more fair, and as a result, more than 60 percent of Coloradans – and even a larger share of Puebloans – will see an increase in their refunds.”
“Coloradans are counting on us to address the affordability crisis, and this bill is one of many steps we’re taking to uplift working-class families,” Mabrey said. “Our bill will provide equal TABOR refunds next year, increasing incomes for lower- and middle-income Coloradans by hundreds of dollars. I’m proud that we were able to provide working families relief, and I will continue to fight to make Colorado more affordable for the people who need it most.”
“I’m proud to see my bill to equalize TABOR refunds and get money back into the pockets of hardworking Coloradans be signed into law today,” Marchman said. “With this law, every taxpayer will receive an identical TABOR refund – resulting in an increase for the majority of folks. At a time when workers, families and seniors are pinched by inflation, this will be hundreds of dollars more to help pay for necessities like groceries, gas and housing.”
“Equal TABOR refunds put hundreds of dollars back into the pockets of hardworking Coloradans, benefiting millions of people throughout our state,” Dickson said. “Making our state more affordable for everyone is a priority for Colorado Democrats. This bill establishes a flat tax refund for all taxpayers, boosting hardworking families and making it easier for them to keep pace with the rising cost of living.”
Over sixty percent of filers and everyone making under $100,000 per year will benefit from higher TABOR refunds under this proposal. This law builds on the work of SB23-233, which provided urgently-needed relief through flat TABOR refunds.