A chunk of Colorado's forecasted tax rebates could be directed toward tax credits for parents and low- to moderate-income residents and to promote decarbonization under a slate of proposals from Democratic legislators
A chunk of Colorado’s forecasted tax rebates could be directed toward tax credits for parents and low- to moderate-income residents and to promote decarbonization under a slate of proposals from Democratic legislators.
In Colorado, the Taxpayer’s Bill of Rights, or TABOR, caps how much revenue the state can collect. Anything collected in excess of it needs to be returned. Lawmakers have historically used different mechanisms for those rebates, most recently the $750 “Colorado Cashback” checks that went out last fall.
“We’ve gotten to the point of ridiculousness that there’s so much money over the cap, that there’s no way policymakers can’t look at that as part of how to solve some of our issues,” Scott Wasserman, director of the progressive Bell Policy Center, said. The targeted nature gives the rebate a dual impact, Bird said. The families that qualify need it the most, and families that need the money are probably going to spend it quickly, putting it back into the state economy, she said.
The proposals do, after all, still return excess tax dollars to Coloradans, Michael Fields, executive director of low-tax advocacy group Advance Colorado, said. He’d prefer the rebates be returned broadly and tiered based on how much individuals overpaid — and not go to special interests — but this doesn’t cross his line of government keeping money it shouldn’t.
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