While most Americans typically look toward California or Florida for any potential financial relief programs, a not-so-well-known and generous state-level stimulus has been going on in Colorado. There, residents can receive a payment of a maximum of $1,300 through the TABOR refund, the origin of this unique fiscal policy being embedded in the state constitution.
What is TABOR refund?
The Taxpayer’s Bill of Rights or TABOR is a constitutional amendment that was voted on by Colorado voters in 1992. The amendment limits the extent of state revenue collection and expenditure for each fiscal year. When the state collects revenue beyond this threshold—calculated on the basis of inflation and population growth—it shall refund the balance to the taxpayers.
For this year, Colorado residents can expect anything between $177 and $1,300 from this program, depending upon their tax situation and eligibility.
Claim procedures and dates
To claim a TABOR refund, eligible residents must apply while filing their state income tax return for 2024. The refund will then be sent with the rest of their tax refund as opposed to a separate check like in previous years such as 2022.
Residents qualified for the Property, Rent, or Heat Rebate (PTC) may also claim the TABOR refund when applying using the same form. Importantly, taxpayers who may need extra time are encouraged to file for an extension until October 15, 2025, thereby ensuring they will not miss their opportunity.
Eligibility requirements
To receive the TABOR stimulus check, taxpayers must:
- Be a Colorado resident for at least six months of the 2024 tax year
- Be at least 18 years old by the end of the tax year
- File a state income tax return using Form DR 0104 (Colorado’s standard income tax form)
Those meeting the qualifications and filing their taxes on time—or with a valid extension—can expect the refund to be automatically included in their tax return.
Why colorado provides this refund
Fundamentally, TABOR is one thing that is very specific to Colorado in giving power back to taxpayers whenever there is surplus state revenue being collected. It provides a system through which citizens get the benefits in the event of an economic boom, as opposed to the bribery of the government to spend as it wishes. Critics of the system argue that it interferes with important public programs, but many Coloradans appreciate an ongoing refund.
The annual change in the revenue cap keeps tally of changes population-wise as well as inflation-wise and so numerically speaking, the refund amount keeps changing! Any year with the state surplus sees the cash being handed over to residents.
Don’t miss out on the deadline
If you are a Colorado resident who thinks you may qualify, don’t delay. File your 2024 state tax return or submit your extension by October 15, 2025, to receive the TABOR refund. For information or to obtain the necessary forms, refer to the official website of the Colorado Department of Revenue.
Such an exception is hardly ever met in many states offering some kind of stimulus; for eligible individuals in Colorado, however, that could mean money, possibly close to $1,300 in hand.
