Business Monday briefs: Pitkin residents receive and pay the most to IRS; Garfield County approves revenue bonds |

Business Monday briefs: Pitkin residents receive and pay the most to IRS; Garfield County approves revenue bonds

It’s give and take between Pitco residents, IRS

Pitkin County residents received the largest personal-income tax refunds in the state, but they also averaged the highest payments to Uncle Sam in 2021.

That’s according to a recent survey from SmartAsset, which examined IRS data as part of its study into which places in Colorado receives the highest annual refunds. The study measured the total amount of money refunded by the IRS to each county divided by the number of refunds given out in each county to determine where residents received the highest average tax refunds.

The average refund amount in Pitkin County was $4,059 disbursed to 5,770 residents, which was the highest in the state. Douglas County ($3,232/108,550 residents) was second and Boulder County ($3,152/100,570 residents) was third. The average state refund was $2,753.

Pitkin County’s average of $12,417 for taxes owed to the IRS also was the highest in the state, with 2,970 residents owing up to the government, according to SmartAsset. The state average was $5,869.

Garfield County revenue bonds to assist with housing initiatives

Garfield County commissioners recently approved the allocation of revenue bonds toward residential rental projects and single-family mortgage loans for low- and moderate-income families in the area.

The Colorado Housing and Finance Authority (CHFA) is seeking to utilize more than $3.3 million in private activity bonds toward affordable housing initiatives in Garfield County, according to a county news release.

Over the past eight years, the county has issued $24.8 million in bonds to CHFA for affordable housing projects in the area, including support 123 first-time home buyers and an additional $9.2 million investment in the 76-unit Glenwood Manor phases one and two.

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