COLORADO (KRDO) -- Coloradans across the state could receive $500 to $1,000 in tax rebates by Summer 2022. It's called the Colorado Cash Back Bill. The new law signed by Governor Jared Polis will provide some relief to Colorado taxpayers one year earlier compared to the original tax rebate scheduled for Spring 2023.
“We are providing immediate relief for hardworking Coloradans by sending rebate checks back quickly because there’s no reason the government should hold onto your hard earned money any longer than it has to. We are helping Coloradans deal with inflation by getting people back their hard earned money this summer - at least $500 for individuals and $1000 for joint filers - to help pay for everyday items and support themselves and their families,” said Governor Polis.
In the new law, an individual filer is qualified to receive a minimum of $500. Joint filers is qualified to receive a minimum of $1,000.
The Colorado Cash Back Bill will allow savings from the comprehensive tax reform passed last year by the legislature. It's to ensure Coloradans receive cash back into their pockets.
In August or September, eligible Coloradan tax filers are expected to receive their rebate directly in the mail. Full-time residents who filed their 2021 tax returns by Thursday, June 30, 2022 will be able to receive their tax rebate.
Joint or individuals who file before Thursday, June 30, 2022 will receive their check in August or early September. However, those who file after June 30 but file by the extended deadline on Monday, Oct. 17, 2022, will get their check in January 2023.