{"id":44790,"date":"2021-09-09T02:08:00","date_gmt":"2021-09-09T08:08:00","guid":{"rendered":"https:\/\/www.durangoherald.com\/tj\/heres-the-income-tax-cut-and-refund-payment-coloradans-will-get\/"},"modified":"2026-03-31T03:21:42","modified_gmt":"2026-03-31T09:21:42","slug":"heres-the-income-tax-cut-and-refund-payment-coloradans-will-get","status":"publish","type":"post","link":"https:\/\/www.durangoherald.com\/tj\/heres-the-income-tax-cut-and-refund-payment-coloradans-will-get\/","title":{"rendered":"Here\u2019s the income-tax cut and refund payment Coloradans will get"},"content":{"rendered":"

\"The
The Colorado State Capitol is seen on Monday during the final days of the 2021 legislative session. (Olivia Sun, The Colorado Sun)<\/span>Olivia Sun, The Colorado Sun<\/span><\/figcaption><\/figure>\n<\/p>\n

Colorado taxpayers will get a break on their income taxes and a refund payment because the state\u2019s cap on government growth and spending under the Taxpayer\u2019s Bill of Rights was exceeded last fiscal year.<\/p>\n

The income tax rate will drop to 4.5% in 2021, down from 4.55%, and individual taxpayers will get an additional sales tax refund payment, on average, of about $70. Joint filers will receive $166 on average.<\/p>\n

\u201cThese tax cuts and refunds are a strong sign that Colorado\u2019s economy is roaring back,\u201d Gov. Jared Polis said in a written statement. \u201cI\u2019m 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.\u201d<\/p>\n

The state\u2019s TABOR cap is calculated through population growth and inflation. When the cap is exceeded, the Legislature is required to refund the excess.<\/p>\n

According to the state controller, the cap was exceeded in the 2020-21 fiscal year, which ended in June, by about $454 million after better-than-expected tax revenues were fueled by the state\u2019s economic recovery from the coronavirus crisis.<\/p>\n

Fiscal analysts from Polis\u2019 office, as well as nonpartisan legislative analysts, expect the cap to be exceeded in fiscal years 2021-22 and 2022-23 as well.<\/p>\n

Democratic lawmakers are examining whether and how to try to keep the excess revenue in future years.<\/p>\n

There are three general avenues that the party is exploring:<\/p>\n

Moving potentially hundreds of millions of dollars in fee revenue into enterprise funds, thereby making the money exempt from TABOR cap limits but restricting how the dollars can be spent.<\/div>\n
Expanding existing tax credits \u2013 like the Child Tax Credit and the Earned Income Tax Credit \u2013 to reduce state revenue in a way that benefits lower-income families.<\/div>\n
Putting a question on the 2022 ballot that would allow the state to keep the money.<\/div>\n

In 2019, voters rejected Proposition CC, which would have eliminated the TABOR cap on the state budget.<\/p>\n

Read more at The Colorado Sun<\/div>\n

The Colorado Sun is a reader-supported, nonpartisan news organization dedicated to covering Colorado issues. To learn more, go to coloradosun.com.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to the state controller, the TABOR cap was exceeded by about $454 million <\/p>\n","protected":false},"author":1,"featured_media":44791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[28],"naviga_topic":[],"class_list":["post-44790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-headlines"],"acf":[],"author_name":"Website Administrator","_links":{"self":[{"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/44790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=44790"}],"version-history":[{"count":1,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/44790\/revisions"}],"predecessor-version":[{"id":86230,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/44790\/revisions\/86230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/44791"}],"wp:attachment":[{"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=44790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=44790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=44790"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/www.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=44790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}