New bill aims to speed up TABOR refunds
Monday morning Colorado Governor Jared Polis (D), joined by Democrats from the Colorado General Assembly, announced a proposal to move up refund checks owed to the state’s taxpayers under provisions of the Taxpayer Bill of Rights (TABOR).
The proposal, dubbed Colorado Cashback, will send refunds checks of $400 for single filers and $800 for joint filers, over 3.1 million in total, this August and September. The rebates will be distributed to every full-time Colorado resident who has filed or does file their 2021 state income taxes by May 31.
“People are paying more for everyday items like gas, groceries, and rent through no fault of their own. Instead of the government sitting on money that Coloradans earned, we want to give everyone cash back as quickly and easily as possible to provide immediate relief and empower people to do what they want to with their money,” Polis said in a statement.
At its core, TABOR seeks to limit the growth of state spending. One of its provisions caps state spending growth rates, tying the rate to increases in population and the rate of inflation. The state has received revenue in excess of those limits for the previous and current fiscal year, prompting the refunds which are required under TABOR. The proposal put forth by Polis and state Democrats Monday morning seeks simply to speed up the refund payments to this summer instead of next spring, as initially called for under state law.
Legislators at Monday’s announcement expressed the desire to move the refunds up given the skyrocketing fuel prices and near-historic inflation. “At a time where so many Coloradans are rebuilding what the pandemic has broken, inflation is stretching their paychecks thinner and thinner,” said Dominick Moreno (D-Commerce City). “Sending a $400 or $800 refund to every taxpayer in the state relieves the financial pressure Coloradans are burdened with at the time where they need it the most.”
Colorado House Speaker Alec Garnett (D-Denver) explained, “These checks will provide immediate relief to Colorado families, who despite the rapid economic growth in our state and low unemployment rate, are feeling the pain of pandemic-induced inflation and rising costs.”
“Refunding $400 or $800 now to every taxpayer in our state will immediately help workers and middle-class families who are feeling the rising costs of everyday items,” said State Senate Majority Leader, Daneya Esgar (D-Pueblo). “People are working harder and harder to earn enough money to pay for what they need. We recognize this, and we are taking action by making our tax code more fair. Putting your money back in your pocket will help all areas of the state, including rural Colorado, and those communities who are still struggling to recover.”
While Republicans and aligned groups generally expressed support for the earlier than expected distribution of the refunds, they were quick to point out that Polis and other leading state Democrats have been hostile to TABOR and have worked, through various means, to undermine the popular statute.
One such effort was Proposition CC, which was rejected by voters by a 54% to 46% margin in 2019. The measure, which was supported by Polis and Democratic state lawmakers, would have eliminated the refunds given to taxpayers and instead allowed the state to spend the tax revenue surplus on education and transportation initiatives.
Some Republicans are saying this move is an election year ploy aimed at currying favor with voters ahead of November’s election, which polls suggest looks potentially unfavorable for some Democrats.
Colorado Republican Party Chairwoman Kristi Burton Brown released a statement that read, “I’m happy that Jared Polis and the Democrats in the state legislature have publicly reversed course and are now joining Republicans in touting the Taxpayer’s Bill of Rights. For years, these same Democrats have worked to undermine TABOR and fought to increase fees and taxes on everyday Coloradans. However, I’m pleased to see their apparent change of heart, even if it is clearly just an election-year game.”
“Over the past three years, the Democrats have rallied against TABOR refunds and have issued hundreds of harmful policies and higher fees that have made it more expensive to live in this state; only now are they starting to see the harmful consequences of these actions,” State Senator Rob Woodward (R-Loveland), whose district includes Berthoud, told the Surveyor. “Make no mistake, I am very glad to see Coloradoans will be reunited with their hard-earned tax dollars, but it is frustrating to see my Democrat colleagues are only now coming around and admitting what I, and my Republican colleagues, have been fighting for years.”
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