Colorado Announces 2023 TABOR Refund Details

Toward the end of 2023, the Colorado Department of Revenue confirmed the TABOR refund amounts payable to taxpayers in 2024, and the stipulations for claiming said refund.  Continue reading for more information.

“Each qualified taxpayer will receive an identical sales tax refund of $800,” according to a Colorado Department of Revenue memo prepared by the Taxation Division, released November 27, 2023.  That is to say: qualifying individuals who file single will receive an $800 refund, and two qualifying individuals who file together, jointly, will receive a $1,600 refund.

This refund can only be claimed by filing a 2023 individual income tax return, or a PTC application (an application for a Property Tax, Rent and Heat rebate.)  It is important to note that there will not be a direct payment option for claiming this refund like there was with the Colorado Cash Back program in 2022.

One is considered a qualified taxpayer if they are a full-year resident of Colorado.  To ensure you are a recipient of the 2023 TABOR refund, please note that your individual tax returns must be filed timely, as outlined below, as the date for “timely filing” of tax returns is dependent on a few other factors.

If an individual or joint return meets the following stipulations, the Colorado tax return must be filed timely on or before April 15, 2024.  Taxpayers who meet the following stipulations but do not file by the April tax due date, and instead file an extension, will no longer be eligible for this refund.

• Individual was at least 18 years old by January 1, 2023
• Individual does not have a 2023 Colorado income tax liability – that is to say, at no point in 2023 did the individual owe tax to Colorado
• AND the Individual is not claiming a refund of wage withholding on their 2023 Colorado tax return

If an individual or joint return meets the following stipulations, the Colorado tax return must be filed timely on or before the extended due date of October 15, 2024.  Meaning, you can extend your returns, if needed, and still qualify for the Colorado TABOR refund;  but your extended return must be filed by the extended due date, as returns that become delinquent will no longer qualify.

• Individual has a 2023 Colorado income tax liability
• OR the Individual is claiming a refund of wage withholding on their 2023 Colorado tax return