Stimulus update: Direct payments worth up to $1,500 to be sent out in 10 days to Colorado taxpayers
Asher Notheis
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Colorado residents who filed their 2021 taxes will receive a tax rebate of up to $1,500 in 10 days.
This payment, scheduled for Jan. 31, will be for state residents who filed for an extension for their 2021 taxes. Any residents of the Centennial State who filed their taxes by Oct. 17 will get $750 from the Colorado Cash Back program, and eligible couples will get $1,500.
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Gov. Jared Polis (D-CO) signed a law in May to return money to taxpayers and originally intended for the payment to be $400 for individual filers and $800 for couples, but due to additional state revenue, the amount recipients will receive has been increased, according to the state’s Department of Revenue.
The first round of these payments from the programs was for people who had filed their 2021 taxes by June 30. It was paid to residents by Sept. 30.
To be eligible for this payment, Colorado residents must have been 18 years old by or on Dec. 31, 2021, have been residents of Colorado for the entire 2021 income tax year, and have filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate, according to the Department of Revenue.
The amount that a recipient receives from this rebate will decrease if the recipient owes money to a government agency, such as for child support or unpaid parking tickets
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This payment is different from the Great Colorado Payback program — a program from the Department of the Treasury to help state residents locate their unclaimed property. The Colorado Cash Back program is a one-time refund of state revenue.
Additional information regarding this payment can be found on the Colorado Department of Revenue’s website.