Colorado taxpayers can expect tax refunds in 2025 following the announcement of over $1 billion in excess revenues. The Colorado government’s revenue for the 2024 fiscal year is almost $1.4 billion over the limit

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The Colorado Department of Revenue announced on Thursday how much eligible Colorado residents can expect to receive in TABOR surplus tax refunds in 2025.

TABOR is a constitutional amendment that caps the state budget and requires tax revenues collected above that to be refunded to taxpayers. In fall 2022, taxpayers received $750 in refunds via direct checks; for tax year 2023, $800 per taxpayer was paid out through the typical tax-filing process this past spring.

TABOR payments next year won't be funding as many vacations or big purchases as they did last year.

Colorado collected $1.4 billion more in revenue than it is allowed to keep in the 2023-24 fiscal year. Here's what it means to taxpayers.

The Colorado state audit indicates excess tax revenue will trigger TABOR refunds in 2025, though lesser than previous years.

Under Colorado’s constitution, the state is limited in the amount of revenue governments can retain and spend, meaning the taxpayers can expect to get some money back next year.