Some eligible residents in Colorado will receive the 2024 tax refund, and the Internal Revenue Service has released a statement.
Updates of 2024 TABOR in Colorado. (Photo: Getty)
TABOR in Colorado
Some eligible and qualified taxpayers in Colorado will receive their 2024 Taxpayers Bill of Rights (TABOR) this year. This year, those who are qualified will receive an increased amount of tax refunds after the legislators decided to standardize the payment.
In a published article in The U.S. Sun,single taxpayers will receive an amount of $847, while married couples jointly filing together will receive $1,694 in TABOR refunds this year. Moreover, residents with higher incomes will receive a smaller amount than the usual rebates and those with lesser salaries may be able to see an additional amount.
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IRS Released a Statement
According to an article published in CBS News, the Internal Revenue Service announced that the TABOR in Colorado is not taxable. It can be remembered that IRS advised the taxpayers in the state to delay their filing while waiting for their decision if it is taxable or not.
Furthermore, Sen. Michael Bennet said there will not be a change to TABOR tax refunds and that taxpayers do not have to do anything different. This comes after a meeting between IRS Commissioner Daniel Werfel and Colorado Gov. Jared Polis.
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