The IRS has confirmed that the 2024 TABOR refund checks will not be subject to income tax.

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 constitutional amendment that sets a limit on the amount of revenue the state can retain. Any surplus beyond this cap must be returned to taxpayers.

In the previous year, the surplus reached nearly $3 billion, resulting in refund checks of $750 for individuals and $1,500 for joint filers. These refunds provided much-needed relief for many Coloradans, who have been facing economic challenges in the wake of Bidenomics.

The decision by the IRS not to tax these TABOR refund checks is a victory for hardworking taxpayers in Colorado. It ensures that individuals and families can fully benefit from the surplus revenue they are entitled to under the Taxpayer Bill of Rights. By allowing Coloradans to keep their TABOR refunds tax-free, the IRS recognizes the importance of honoring the principles embedded in the state's constitution.

READ MORE:

• DESPITE THE TAXES YOU PAID, YOUR TABOR REFUND WILL BE THE SAME AS EVERYONE ELSE

• THE GOVERNOR WHO IS TRYING TO TAKE AWAY TABOR REFUNDS PERMANENTLY HAD THIS TAKE…

• EVEN DEMOCRAT GOVERNOR POLIS CALLS BIDEN POTENTIAL TABOR TAX “ABSURD”

• COLORADANS ARE PROJECTED TO RECEIVE SLIGHTLY LOWER TAXPAYER REFUNDS NEXT YEAR THAN ANTICIPATED

As Coloradans eagerly await their 2024 TABOR refund checks, they can rest assured that these funds will not be diminished by additional tax burdens. This decision provides a much-needed boost to the financial well-being of individuals and families throughout the state, allowing them to allocate these funds as they see fit.