In first bill, Senate president pushes for larger tax refunds for some

The newly elected state Senate president is using his first bill to shift how TABOR refunds are issued, diverting more money to middle-class earners and drawing praise from unlikely quarters.

 

Colorado Springs Republican Bill Cadman's measure — Senate Bill 1 — creates a new system to provide refunds when revenue exceeds the constitutional cap under the Taxpayer's Bill of Rights, a prospect that may come as soon as this year.

By replacing the current six-tier tax refund system with a three-tier structure, a greater proportion of excess tax money would go back to those making an adjusted gross income between $36,000 and $117,000, an analysis shows.

In tackling a politically potent issue, Cadman is receiving praise from the left-leaning Colorado Fiscal Institute.

The organization's executive director, Carol Hedges, wants a ballot measure that asks the voters to allow the state to keep and spend the money. But if not, she said, "the new structure under Senate Bill 1 actually makes the rebate mechanism better."

(Read more on this story here)

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