DENVER — Many Colorado taxpayers are eagerly awaiting the official announcement from the Colorado Department of Revenue that it’s accepting 2024 tax returns. And that announcement was made on Tuesday—well, kind of.

The department anticipates 2024 individual income tax processing starting this week. However, it did not provide the exact day in Tuesday’s release. The department said it would make that announcement when processing has started.

“Throughout the year, the Department of Revenue has worked tirelessly to implement 26 major changes to the tax code, including 14 new tax credits that save Coloradans and businesses money — all of which must be programmed into our tax processing system and thoroughly tested,” the department said in a news release.

This year’s tax season is especially important as many are hankering for the expected $1.4 billion in excess revenue the state collected last year that Colorado will distribute in the form of TABOR refunds.

According to the forecast from the Colorado Legislative Council, for the tax year 2024, single filers will receive an average of $326, while joint filers will receive an average of $652.

Here’s how those refunds break down by income level:

Thanks to a new law concerning TABOR refund mechanisms signed last year by Gov. Jared Polis, Colorado taxpayers will also see their income tax rate fall from the current 4.40% to 4.25% in 2024, as the excess revenue exceeded the $1.5 billion benchmark required to trigger that tax rate reduction.

But it’s not all good news.

A report from the Office of the State Auditor also states that TABOR refunds will be lower, if not non-existent, in the coming years due to legislation signed into law by the governor during the past legislative session. This legislation diverts excess revenues toward things like child tax credits and a tax credit for seniors.

The Internal Revenue Service began accepting returns on Jan. 27. Colorado tax season typically follows a couple of weeks after the IRS begins rolling.

April 15, 2025, is the last day you can file your federal or state taxes this year.