Senate Advances Bill to Provide Equal TABOR Refunds

New law would benefit Colorado’s working families

DENVER, CO – The Senate today advanced legislation sponsored by Senator Nick Hinrichsen, D-Pueblo, and Janice Marchman, D-Loveland, that creates a flat TABOR refund mechanism that will equalize refunds for thousands of working Colorado families.

SB23B-003 would put more money back into the pockets of Coloradans, and would increase 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.

“Middle class folks in Colorado get hit particularly hard when it comes to taxes, which is why I am fighting to make our state’s tax code more just and equitable, because working folks deserve a break,” said Hinrichsen. “I am excited to deliver this badly-needed relief that will put money directly back into Coloradans’ wallets and make it easier for them to afford everyday necessities like rent and groceries.” 

“Making life easier and Colorado more affordable is one of my top priorities at the Capitol, and equalizing TABOR refunds will do just that for our working families,” Marchman said. “This measure delivers relief for Colorado taxpayers and will make refunds more equitable while ensuring more support goes to the folks who need it most." 

Almost 90 percent of single filers and nearly half of joint filers will benefit from higher TABOR refunds under this proposal. In 2022, Hinrichsen sponsored SB23-233 which provided urgently-needed relief through flat TABOR refunds. 

SB23B-003 will now be heard on third and final reading before moving to the House for further consideration. Track the bill’s progress HERE.