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Tabor Refunds

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politics2 years ago

TABOR Refunds: Controversy, Partisanship, and Repackaging

Colorado lawmakers have approved equal Taxpayer's Bill of Rights (TABOR) refunds for taxpayers in the next round of refunds, following the rejection of Proposition HH. The refunds, estimated to be around $847 for single filers and $1,694 for joint filers, will be distributed equally regardless of income levels. However, the passage of a bill to expand the earned income tax credit may lower the amount paid in TABOR refunds to around $800. This is a departure from the normal system, where refunds were based on income levels, with higher earners receiving more.

via FOX 31 Denver|
#colorado#politics#property-tax-relief
politics2 years ago

Colorado's Special Session: Tax Relief and Property Tax Fix Passed

The special session at the Colorado Capitol concluded with lawmakers passing a property tax relief measure that is expected to save Coloradans between $400-700, depending on home price and location. Governor Jared Polis also signed a measure for a Taxpayer's Bill of Rights refund check of $846 for every taxpayer in the state. Republicans criticized the bills, stating they were off-topic and too similar to the failed Proposition HH. The property tax plan passed during the special session uses $200 million already set aside by lawmakers and does not include a portable senior homestead exemption. An exemption plan for older, disabled, and veteran Coloradans was presented but did not pass.

via FOX 31 Denver|
#colorado#politics#property-taxes
politics2 years ago

Colorado's Special Session: Impactful Laws, Property Tax Relief, and Partisan Politics

Colorado lawmakers passed several pieces of legislation during a special session that will impact nearly every resident. The bills signed into law by Governor Jared Polis include measures to limit property tax increases, equalize TABOR refunds for all taxpayers, expand the earned income tax credit, and provide additional emergency rental assistance. While the property tax relief measures may save homeowners a few hundred dollars, rising property values may still result in higher taxes for many. Critics argue that equalizing TABOR refunds amounts to wealth redistribution, but supporters say it will benefit lower-income earners.

via Denver 7 Colorado News|
#colorado#legislation#politics
politics2 years ago

Colorado's Special Session Delivers Property Tax Relief for Low-Income Families

Colorado lawmakers concluded a special legislative session focused on tax relief for homeowners, resulting in about $430 million of tax cuts for homeowners across the state. Additionally, lower-income Coloradans will receive nearly $500 million in tax benefits, including larger TABOR refunds and expanded tax credits for the working poor. The changes will be funded by the state's wealthiest residents. The tax reforms aim to make the state's tax system more progressive, benefiting low-income households the most. Republicans criticized the changes as a socialist-style wealth transfer, while Democrats argued that the reforms would help renters and retired homeowners. The special session also included relief programs for renters and a federal program to help lower-income families buy groceries. The tax and TABOR changes are effective for one year, and discussions for long-term tax reforms are already underway.

via Colorado Public Radio|
#colorado#low-income-families#politics
politics2 years ago

The aftermath of Proposition HH: Tough choices ahead

The failure of Proposition HH in Colorado means that property taxes will rise by an average of 40% across the state, unless there is swift legislative or local government intervention. Additionally, taxpayers who make less than $99,000 will receive smaller TABOR refunds next year compared to what they would have received if Proposition HH had passed. The failure of the measure also has implications for future tax bills and refunds in the coming years. The legislature has a limited time to address these issues before local governments set their budgets.

via The Colorado Sun|
#colorado#legislative-intervention#politics