PPayments for select Colorado residents worth up to $1,500 will all be issued by the end of Tuesday.
This payment, which is expected to be paid out on January 31, is for state residents who have applied for a 2021 tax extension. All Centennial State residents who file their taxes before Oct. 17 will receive $750 from the Colorado Cash Back Program, and eligible couples will receive $1,500.
“Accounts. To eat. Gas. Everything costs more. We are working to make tax returns faster to Coloradans,” State Treasurer Dave Young said in a statement.
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Eligible residents must be at least 18 years old and have either filed their 2021 income tax returns or applied for a property tax/rent/heat credit credit. Residents who moved to the state in 2022 are not eligible. Any back taxes or outstanding debts to state or federal agencies will be deducted from the refunds.
The rebates stem from the Colorado Cash Back program, a one-time repayment of state income. The program differs from the Great Colorado Payback Program, which is designed to help Coloradans locate unclaimed property.
Gov. Jared Polis (D) signed a bill in May supporting the tax cut measure. Initially, the program charged $400 for individual applicants and $800 for couples.
Later, additional state revenue enabled Colorado to increase its payments. The move came as state revenue exceeded Colorado’s limit and was intended to provide relief amid inflationary pressures that were gnawing at Centennial State’s wallets.
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The first round of tax credits in the program was paid on September 30, 2022 for residents who filed their 2021 taxes before June 30, 2022.
Additional information about the cashback payment is available on the Colorado Department of Revenue website.
