Stimulus update: Direct payments worth up to $1,500 getting sent to Colorado taxpayers in six days
Ryan King
Video Embed
Some residents of Colorado are poised to receive a rebate of up to $1,500 by Jan. 31.
The windfall is directed at residents who filed for an extension of their 2021 return last year by Oct. 17, 2022, and features payments of up to $750 for individuals and $1,500 for couples, according to the state’s Department of Revenue.
STIMULUS UPDATE: DIRECT PAYMENTS WORTH UP TO $1,500 GETTING SENT TO COLORADO TAXPAYERS IN SEVEN DAYS
The rebates stem from the Colorado Cash Back program, which is a one-time refund of state revenue. The program is distinct from the Great Colorado Payback program, which is aimed at helping Coloradans locate unclaimed property.
Gov. Jared Polis (D-CO) 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 was intended to provide relief amid inflationary pressures pinching pocketbooks across the Centennial State.
“Bills. Food. Gas. Everything costs more. We’re working to return tax rebates to Coloradans faster,” State Treasurer Dave Young said in a statement.
Qualifying residents must be at least 18 years old and have either filed a 2021 income tax 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.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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.