Some relief from rising prices could be coming to Coloradans next week as the state will start mailing out rebate checks to eligible residents. This Colorado stimulus check is primarily due to a tweak this year by Gov. Jared Polis to the TABOR (Colorado Taxpayer Bill of Rights), which stipulates that the state can’t spend more taxpayer money than it generates. Colorado will start mailing the checks to eligible residents on August 1.
Colorado Stimulus Check: Who Will Get It?
In May, Gov. Jared Polis approved early TABOR refund legislation. This legislation creates an even amount for every taxpayer instead of a proportional refund. Also, the legislation enables sending the refund earlier than the spring of 2023.
Q2 2022 hedge fund letters, conferences and more
Individual filers will get $750 in the form of a tax rebate, while joint filers will be eligible for $1,500. To be eligible for the Colorado stimulus check, taxpayers must have been 18 years old on Dec. 31, 2021, must have filed a state income tax return for the 2021 tax year before the deadline, and must have been a full-year resident of Colorado in 2021.
Even those who applied (and qualified) for a Property Tax/Rent/Heat Credit (PTC) Rebate will be eligible for the rebate. Those on fixed incomes from the federal government, such as Social Security, will also be eligible for the tax rebate if they file a state tax return and show zero income.
Colorado’s Department of Revenue will be setting up a call center to help taxpayers with questions or issues with their tax rebate.
How And When To Expect The Tax Rebate
Eligible residents will get the stimulus check from Colorado through physical checks and not direct deposit. Thus, it is important that taxpayers keep an eye on their mailboxes so that they don’t miss the payment.
Also, it is important that the Colorado Department of Revenue has your correct mailing address. If you have recently been divorced and filed jointly, then the revenue department will send the full check to the last known address on the 2021 tax return.
If you want to change your address on your state tax return, then there are two ways to do it. You can either do it through your Revenue Online account, or by filling out and returning the Address Change Form (DR 1102).
Taxpayers who have filed their return by June 30 will be eligible for the tax rebate going out next week. All eligible taxpayers can expect to get the TABOR refund by the end of September. Extended filers who will file their return by the Oct.17, 2022 deadline can expect to receive the tax rebate by Jan. 31, 2023.
“By law, we have to start transmitting the data on August 1, and then it’ll take a few days and some time to print and get through the mail,” the Colorado Department of Revenue said.
Taxpayers can use the USPS’s informed delivery service to track their Colorado stimulus check.
