Some Colorado residents can expect to receive a higher tax refund in 2024 thanks to a revision of the state's Taxpayer's Bill of Rights (TABOR).

Historically, TABOR refunds have been disbursed based on income levels, but Colorado lawmakers voted to make the payments equal across the board — meaning higher-earning residents will receive less than usual, and lower-earning recipients can expect to earn an extra few hundred dollars.

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Now, single filers will receive an estimated $847, and those filing jointly will receive $1,694 in TABOR refunds next year. The move is expected to return approximately $3.28 billion to taxpayers.

The legislature voted on equal TABOR funds after Colorado voters rejected Proposition HH, which would have raised the state's revenue cap, allocated a property tax break, and given taxpayers a one-time, equal refund under TABOR — but also may have eliminated tax refunds in the future.

Lawmakers also passed the bill to expand Colorado's earned income tax credit, which will lower the amount of TABOR refunds to approximately $800.

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Before the change, those who earned up to $51,000 would have received an estimated $586, while those who earned between $51,001 and $104,000 would have collected an estimated $769.

Now, those earning above $104,001 will see less money coming from their TABOR refunds, ranging from under $100 less to around $1,000 less for the highest earners in the bracket, per the bill. Those making up to $51,000 or those making between $51,001 and $104,000 are the only two brackets that will see an increase in TABOR funds.