Eligible taxpayers and residents in Colorado will receive an amount of up to $1,694 under the TABOR program and the IRS released a statement stating if it is taxable or not.
$1,694 in Tax Refund
Eligible taxpayers and residents in Colorado will receive an increased tax refund this 2024. Those who qualify will receive up to $1,694 for married couples jointly filing together and $847 for single filers. This is after the 2024 modification to the state’s Taxpayer’s Bill of Rights (TABOR).
In a published article in The U.S. Sun, the allocation of the budget has been based on the levels of income of the residents and taxpayers in the state. However, lawmakers standardize the payment. Those who have high incomes will receive less, while those who have low incomes will receive more rebates.
Is the TABOR Taxable?
According to a published article in CBS News, IRS initially said that TABOR may be taxed, so they they advised the taxpayers to delay their filing until the agency released its official statement. Meanwhile, Sen. Michael Bennet said there will not be a change to TABOR tax refunds and that taxpayers do not have to do anything different.
Furthermore, the announcement that TABOR is not taxable comes after the meeting with IRS Commissioner Daniel Werfel and Colorado Gov. Jared Polis.