Start checking your mailboxes! It's Tabor refund time, and $750.00 is a nice chunk of change!
The Colorado Department of Revenue is slated to begin mailing out the first of this year’s advance TABOR refunds, the largest in state history. Coloradans who filed taxes here this year will get $750 for a single filer household and $1,500 for a household with multiple filers.
According to Metropolitan State University of Denver professor of economics Kishore Kulkarni, lower-income households will more likely spend their refunds on necessities. Higher-income brackets under less inflationary strain will more likely save their money.
Monthly budgets for groceries, gasoline and housing costs vary widely by state, income levels and household size.
An American household will spend roughly $400 per month on groceries and up to $1,000 for families. A single filer will be able to pay for two months’ worth of groceries with the upcoming TABOR refund. A dual-income household feeding a family will have roughly the same spending power.