Colorado Daily

Analysts: Taxpayers to see refunds

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Colorado’s economy is in such good health, state economists said, that taxpayers are likely to see refunds and a temporary income tax cut through 2023.

The state government is expected to take in 11.4% more revenue this fiscal year — ending June 30 — than what was expected in March, analysts from the state’s nonpartisa­n legislativ­e Council said in a quarterly economic forecast presentati­on to lawmakers. The growth is projected to continue with a nearly 4% improvemen­t next year and more than $3 billion more in General Fund revenue by the 202223 fiscal year.

in times of good economic health, the government is required to refund citizens — likely $440 million this year, $658 million in 2021-22 and $909 million in 2022-23, according to legislativ­e Council projection­s.

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