DENVER (AP) — Colorado lawmakers are getting a briefing on how much tax revenue the state is collecting before they convene next month for the 2015 legislative session.
The quarterly revenue forecasts have been positive during the previous two years and now lawmakers face the requirement of having to refund money to taxpayers. That’s because Colorado’s Taxpayer’s Bill of Rights, also known as TABOR, calls for refunds when revenue exceeds the combined rate of inflation and population growth.
Next year, the state is budgeting nearly $137 million in refunds for the 2016 tax year. But some Democrats are discussing the idea of going to voters in November to ask whether the state can keep the money to continue restoring budget cuts made during the recession.
The revenue forecast is being presented Monday morning.
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