9News: Two tax refunds possible in Colorado
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- Staff Denver Business Journal
Colorado taxpayers could be in for a pair of refunds from the state, depending on how lawmakers decide to handle two issues caused by the state's Taxpayer Bill of Rights (TABOR).
That larger of the two refunds would be because of tax revenue forecast to come in $136.6 million more than the limit set by TABOR next fiscal year, which would amount to $41.80 per adult in Colorado, using population figures from the U.S. Census Bureau.
A smaller refund is expected to be triggered in this current year's budget, tied to legal marijuana sales.
The state may have to refund most of the marijuana taxes it collected in the first full fiscal year of legal sales or recreational pot, an estimated $30.5 million. That refund would amount to $7.63 per adult in Colorado.
Don't go making plans to spend your refund just yet. Lawmakers can always ask voters to let the state keep that money.
While Gov. John Hickenlooper has not publicly stated what he thinks the Legislature should do about the refunds, there are signs that lawmakers may ask you to at least part with your marijuana refund.
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