Residents of Colorado are set to receive a tax rebate of up to $1,500 in three days if they have filed their 2021 taxes.
The rebate payment is scheduled to arrive on Jan. 31 and will be sent to state residents who filed for an extension of their 2021 taxes.Residents who filed taxes by Oct. 17 will get $750, and eligible couples will receive $1,500, thanks to the Colorado Cash Back program.
The Colorado Cash Back program is a one-time refund of state revenue out of the Department of Revenue. It differs from the Great Colorado Payback program out of the Department of the Treasury, which aids state residents in locating their unclaimed property. Colorado Gov. Jared Polis signed a law in May pledging to return money to taxpayers. The amount was intended to be $400 for individual filers and $800 for couples, but additional state revenue allowed for the state to increase the amount of the rebate.
The first round of funds, which were disbursed by Sept. 30, 2022, went to recipients who had filed their 2021 taxes by June 30, 2022.To be eligible for the rebate, Colorado residents must have been 18 years old before or on Dec. 31, 2021, been residents of Colorado for the entire 2021 income tax year, and filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate.
Additional information regarding the cash-back payment can be found on the Colorado Department of Revenue's website.