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COLORADO SPRINGS, Colo. (KRDO) - Colorado Governor Jared Polis as well as U.S Senator Micheal Bennet spoke Wednesday after the Internal Revenue Service (IRS) released its proposal to potentially tax TABOR refunds in the next tax cycle.
Source: https://krdo.com/news/2023/08/30/governor-polis-calls-the-irs-proposal-to-tax-tabor-refunds-absurd/
Households could lose $5,119 in TABOR refunds over the next decade, if HH passes.
On the other side of the metro area, Jefferson County is also hamstrung by the constraints of TABOR.
Source: https://www.greeleytribune.com/2023/06/13/arapahoe-county-budget-taxes-tabor-debruce/
The law will ultimately reduce Taxpayer's Bill of Rights (TABOR) refunds.
The legislature passed a property tax relief bill 18 months ago, with robust bipartisan support, that dipped into the TABOR surplus to pay for it.
The measure also asks voters to raise the TABOR revenue cap by 1%, which would allow the state to retain about $200 million more each year.
Under the package, after accounting for the portion of refunds that will backfill property tax reductions, Coloradans who make less than $100,000 can expect to see an increase in their TABOR refund if Prop HH passes.
“What the ballot measure should have really said is this: Are you willing to give up your TABOR refund check forever for … two years of this itsy-bitsy, minuscule, little property tax relief called the ‘decrease in your increase?’
Source: https://www.canoncitydailyrecord.com/2023/10/22/proposition-hh-colorado-ballot-impact/