According to KDVR report, Colorado taxpayers may still be eligible to claim a significant tax refund, thanks to the state’s Taxpayer’s Bill of Rights (TABOR) program.
Under TABOR, if Colorado collects tax revenue exceeding a set limit, eligible taxpayers can receive a refund. For this year, the refund amounts to $800 for residents who have lived in the state for over a year. Despite this, many have not yet claimed their refund.
As of late in the 2024 tax season, numerous Coloradans had not yet claimed their refunds. According to Derek Kuhn from the Colorado Department of Revenue, there was $3.28 billion available in TABOR sales tax refunds. By the end of March, $1.76 billion in TABOR refunds had been issued, representing approximately 54% of the total available amount.
Eligible taxpayers still have the opportunity to claim their TABOR refunds. The Colorado Department of Revenue notes that residents can file for a TABOR refund by October 15 if they meet the following criteria:
- Have a Colorado income tax liability (i.e., owe Colorado income taxes).
- Claim a refund for wage withholding.
- Are required to file a Colorado return because they are also required to file a federal return.
If taxpayers do not file by October, they will need to wait until the next tax season to claim their TABOR refunds. To expedite the process, it is advisable to file taxes promptly.
While many tax preparation systems, such as TurboTax, may automatically claim the refund for you, this is not always guaranteed. Ensure that Section 34 of your Colorado individual income tax return is accurately completed to secure your refund.
