The Colorado Cashback Plan that gives Colorado taxpayers a little relief will give them even more. That bill was signed into law by Gov. Jared Polis last month.
The checks that will be distributed later this year are a little larger than first expected. Under the plan, individuals will receive $750 each and couples will get $1,500. That was initially supposed to be $400 and $800 respectively.
That rebate is larger than first anticipated because Colorado's economy grew during the month of May. The unemployment rate continued to fall in Colorado to 3.5% in May, mostly led by gains in the food and accommodation sectors.
Anyone who filed taxes for 2021 will receive a rebate.
"Today's forecast shows that our economy is making a bold recovery with unemployment rates falling to pre-pandemic levels, nearly all sectors thriving, and Colorado's employment gains outpacing the nation," said JBC Chair Rep. Julie McCluskie, D-Dillon in a statement. "I'm proud of the fiscally responsible decisions we made to power the Colorado comeback and position our state to compete. We know that even with our strong recovery, families are struggling with high gas prices and the rising cost of living. Our Colorado Cashback Plan will send every Coloradan a refund check in September to help with everyday necessities, which thanks to our economic growth, will now be at least $750 for single filers and $1,500 for joint filers. From cutting property taxes to creating free universal preschool, we passed dozens of laws this year to help Coloradans and small businesses hold on to more of their hard-earned money."
According to the Joint Budget Committee, under the new law, the state will refund approximately 85% percent of fiscal year 2021-2022 surplus TABOR revenue through the Colorado Cashback Plan in checks of equal amounts for single filers and double that amount for joint filers.
According to the governor's office, to receive Colorado Cash Back, an individual must meet the following criteria:
- Be at least 18 years of age on or before December 31, 2021;
- Is a Colorado resident for the entire 2021 income tax year;
- And file a state income tax return for the 2021 income tax year or receive a property tax, rent, or heat credit rebate.
An individual who lived in Colorado for all of 2021 will likely be considered a resident and receive a refund.
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