Colorado taxpayers could receive a refund of $750 under the Taxpayer's Bill of Rights (TABOR) this summer, 

up from $500 anticipated earlier in the year, as well as lower inflation next year, according to new revenue 

forecasts released Tuesday by the nonpartisan Legislative Council Staff and the governor's office.

Legislative Council Staff (LCS) and Office of State Planning and Budgeting (OSPB) presented their 

June economic forecasts and revenue estimates to the Joint Budget Committee on Tuesday.

According to the LCS forecast, General Fund revenues will surpass the TABOR cap by a little over $1 billion between 

FY2021-22 and 2022-23 compared to the March forecast, and the OSPB is 

forecasting a similar amount based off the high income tax revenues this spring.

According to LCS, this could result in even larger TABOR refund checks for taxpayers later 

this summer after the governor signed the Colorado Cashback Plan in late May. By using the checks,

the state is able to refund 85% of the excess TABOR revenue from FY221-22 early.

Individual filers were expected to receive $500 each and joint filers would receive $1,000 if they filed their tax returns in 2021. 

It was originally planned to refund $400 and $800, respectively.

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