The IRS has confirmed that the 2024 TABOR refund checks will not be subject to income tax.
Source: thelobby-co.com
The decision to not tax Coloradan’s 2024 TABOR refund checks comes after initial speculation that these refunds may have been taxable, causing concern among taxpayers across the state. CBS News Colorado was the first to report on the IRS's acknowledgment of this issue and their request for Colorado taxpayers to delay filing their 2024 taxes until a decision was reached.
This confirmation was the result of a meeting between IRS Commissioner Daniel Werfel and Colorado Governor Jared Polis where questions concerning the taxability were raised.
This development marks the first time that the IRS has raised questions about the taxability of TABOR refunds since the Taxpayer Bill of Rights was passed by voters three decades ago. The Taxpayer Bill of Rights is a...