Gov. Polis Statement on Tax Rate Cut, Tax Refund, And Colorado’s Recovering Economy
DENVER, CO (STL.News) Governor Jared Polis released a statement following a report from the state controller showing that the state experienced a surplus large enough to provide Coloradans with a rebate check and an income tax rate cut.
“Our strong economic growth gives us an income tax cut from 4.55% to 4.50% next year and a surplus refund of an average of about $70 per person. These tax cuts and refunds are a strong sign that Colorado’s economy is roaring back, I’m excited that Coloradans will get another income tax cut and refund that Coloradans can put toward bouncing back from the pandemic, a night out, or groceries,” said Governor Polis.
Governor Polis has championed tax reform measures. During his time in office, in partnership with the state legislature, Gov. Polis has provided real tax relief for Coloradans and small businesses by eliminating the business personal property tax for thousands of small businesses, ending state taxes on social security for seniors, property tax cut for homeowners, funding the state child tax credit for the first time and doubling the state earned income tax credit.
Based on the just-issued state controller’s report, the Governor’s Office of State Planning and Budgeting estimates that Coloradans filing single returns on average will receive $69 in the form of a tax refund, while those filing joint returns will receive $166 on average.