Analysts: Taxpayers to see refunds
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.