Governor Bill Owens announced today that the State exceeded its TABOR imposed revenue limit by $680.8 million in FY 1998-99. This official number is virtually the same as the June estimate of the Office of State Planning and Budgeting, which was $686.3 million.

By constitutional requirement this excess revenue will be refunded to taxpayers. Based on the refund mechanism enacted in last year’s legislative session this means the average adult in Colorado will receive a $216 refund on their 1999 tax form. The average married couple, filing jointly, will receive $432.

The high surpluses were achieved despite record permanent and temporary tax reductions supported by Owens and enacted in FY ‘98-’99.

"These robust numbers support my belief that Coloradans need additional permanent income tax relief," said Governor Owens. "It makes no sense for the State to collect so much in extra taxes in the first place. I think we can easily justify an additional $100 million in permanent tax relief without jeopardizing our base budget."