In Colorado you cannot get a higher refund than your tax liability for that year. In 2005 I was entitled to $3200 from the State of Colorado, but only needed to "pay" $880 in taxes for 2005 since I was a college student at the time and only worked part time.

So I got all $880 back, and payed $0 in Colorado Tax that year.

The good news is, the balance, $2330 rolled over for the next year.
You can "carry over" this particular credit for up to 5 years.
-John