Colorado Cash Back: $750 Rebate Payments
Governor Jared Polis signed Senate Bill 22-233 on May 23, 2022, to send Colorado taxpayers a $750.00 refund for individual filers and $1,500.00 to joint filers through the Colorado Cash Back. These funds come from TABOR or Taxpayer Bill of Rights refunds, and they are also called “excess state revenue.” They are only given out if the state of Colorado has excess revenue to dispense of. The precise sum depends on the state’s revenue projections, but lawmakers anticipate that everyone who submits their 2021 tax return by June 30 will be paid in September.
“We are providing real relief when Coloradans need it most. Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of our state. I am thrilled that due to our strong economy, Coloradans will be receiving nearly double what we initially hoped, with $750 for individuals and $1,500 for joint filers,” said Gov. Polis.
Residents are anticipated to receive $750.00 for individual filers and $1,500.00 for joint filers if state taxes are filed by June 30. To be eligible, you need to be 18 by December 31, 2021, be a resident of Colorado for the last, year, and either file a state income tax return for the 2021 tax year before June 30, 2022, or apply for qualifies for the Property Tax/Rent/Heat Credit (PTC) Rebate for the 2021 grant year by June 30, 2022. The refund will be issued by January 31, 2023, for extended filers with a deadline of October 17, 2022.
“Bills. Food. Gas. Everything costs more. We’re working to return tax rebates to Coloradans faster. The Colorado Department of the Treasury will ensure that there is sufficient cash flow to meet the TABOR refund, while also following our investment policy stressing safety, liquidity, and yield as the key goals for all of the taxpayer’s funds entrusted to us, working overtime to get these tax refunds into the hands of Coloradans sooner to help ease the financial pain from the COVID economic crisis.” said State Treasurer Dave Young.
This immediate relief to Coloradans comes through the mail and if you already filed your Colorado state income tax return you can expect it any day now. This refund is not taxable. Any unpaid taxes, balances owed to other state agencies, and IRS levies will be subtracted by DOR from the return. The remaining amount, if any, will be returned to the taxpayer after that deduction has been made. For more information, visit Colorado Cash Back’s official site.