How much in TABOR refunds you can expect in 2025

Colorado taxpayers can expect a little extra cash next year after state revenues exceeded the spending cap in the Taxpayer Bill of Rights.

By the numbers: It's not much — between $20 and $62 for individuals, depending on income level — but it's something.

Driving the news: The state controller reported earlier this month that the state collected $296.1 million in excess tax revenue.

• The refund will come when taxpayers submit their 2025 filings in early 2026. It is distributed by income level, with higher earners receiving larger rebates.

Yes, but: Don't expect another financial boost the following tax year.

• For the first time in six years, TABOR refunds are not projected in 2027 because the state anticipates a 1.1% decline in revenue, according to a legislative staff forecast presented to lawmakers Monday.
• The refunds are projected to resume at higher amounts in the 2026–27 fiscal year.

The big picture: The dichotomy — issuing refunds at the same time the state faces a $307 million deficit in the 2026–27 fiscal year — is frustrating Democratic leaders, particularly those on the legislative budget committee that begins meeting in November to craft the next budget.

• The shortfall is largely attributed to President Trump's "big, beautiful bill" and tariffs, which reduced income tax collections, Gov. Jared Polis argued in a statement Monday.

What they're saying: "This forecast is clear: Coloradans are paying the cost for Trump's tariffs and Republicans' Washington politics," Polis said.