Colorado State Tax: How Much Are You Getting Back in 2022?
The data is in and you can now see how much refund money you're eligible to receive from the Colorado state tax.
According to a new report from Axios, the state of Colorado is refunding $525.5 million this year in taxes, so just how much of that are you receiving?
What Is the State Income Tax Rate In Colorado?
In Colorado, residents have state taxes deducted from every paycheck throughout the year.
The state income tax rate for Colorado is 4.55% according to the Colorado Department of Revenue.
Back in 2019, the Colorado income tax rate was temporarily only 4.50%, and from the years 2000 to 2018, the Colorado income tax rate was 4.63%.
The money collected for the Colorado state tax is used in a variety of ways. Here are some of the places where the money was allocated:
- Transportation projects
- Volunteer firefighter retirement plans
- K-12 schools
- Fire and Police Pensions
To see a full breakdown of where Coloradans tax dollars were spent you can read the Colorado report on referendum C revenue and spending.
Your 2022 Colorado State Tax Refund
How much your Colorado state tax refund amounts to is dependent on your income level and whether you file jointly or as a single filer.
Colorado state tax refunds will range between $37 to $117 per person.
Based on income, single filer refunds are as follows:
- Below $44k: $37
- $44k–$88k: $49
- $88k–$139k: $56
- $139k–$193k: $68
- $193k–$246k: $74
- >$246k: $117
Based on income, joint filer refunds are as follows:
- Below $44k: $74
- $44k–$88k: $98
- $88k–$139k: $112
- $139k–$193k: $136
- $193k–$246k: $148
- >$246k: $234
This may be less than what you have received in years prior and that is because last year Gov. Jared Polis signed a transportation bill that allowed the state to keep $225 million more than the previous law.