Overview

• The state controller certified a $296.1 million TABOR surplus for FY2024-25, with about $293.3 million available after correcting prior overrefunds.
• Nearly two-thirds of the surplus will go to Homestead Property Tax refunds for older homeowners, disabled veterans and other eligible groups.
• The remaining funds will generate income-based sales-tax refunds for the 2025 tax year of $20 to $62 for single filers, doubled for joint filers, paid with 2026 returns.
• The Legislative Council Staff’s September forecast projects no TABOR refunds for the 2026 tax year, with refunds expected to resume in 2027.
• The Department of Revenue says it cannot confirm the forecasted amounts, while state analysts point to expanded tax credits and softer revenue as drivers of the smaller refunds.