Stimulus update: Direct payments worth up to $1,500 getting sent to Colorado taxpayers in five days
Asher Notheis
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Some Colorado residents are set to receive a rebate of up to $1,500 within the next five days.
This payment, scheduled to be paid out by Jan. 31, will be for state residents who filed for an extension on 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.
“Bills. Food. Gas. Everything costs more. We’re working to return tax rebates to Coloradans faster,” State Treasurer Dave Young said in a statement.
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The rebates stem from the Colorado Cash Back program, which is a one-time refund of state revenue. The program is different from the Great Colorado Payback program, which is aimed at helping Coloradans locate unclaimed property.
Gov. Jared Polis signed a law backing the tax relief measure back in May. Initially, the program sought $400 for individual filers and $800 for couples.
Later, additional state revenue enabled Colorado to boost its payments scheme. The move came because state revenues exceeded Colorado’s limit and were intended to provide relief amid inflationary pressures pinching pocketbooks across the Centennial State.
Qualifying residents must be at least 18 years old and have either filed their 2021 income taxes or applied for a Property Tax/Rent/Heat Credit rebate. Residents who moved to the state in 2022 are not eligible. Any outstanding debts to state agencies or back taxes will be deducted from the refunds.
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The initial round of tax relief in the program was disbursed by Sept. 30, 2022, for residents who filed their 2021 taxes by June 30, 2022.
More information about the cash-back payment is available on the Colorado Department of Revenue’s website.