DENVER (CBS4)- Gov. Jared Polis signed the Colorado Cashback Plan into law on Monday. That bill gives Colorado taxpayers a little relief.
The checks that will be distributed this summer are a little larger than first expected. Under the plan, individuals will receive $500 each and couples will get $1,000. That was initially supposed to be $400 and $800 respectively.
Depending on how Colorado's economy does for the month of May, the rebate could increase. Anyone who filed taxes for 2021 will receive a rebate.
"This is really important because costs have gone up. And we want to make sure Coloradans can hold on to more of their hard-earned money. Whether it's gas, whether it's groceries, this is a really important lifeline for Coloradans that will make a big difference for every Colorado family," said Polis.
The governor said Colorado has recovered more jobs than it lost during the pandemic, and our economy is so strong, that revenue will exceed what the state's allowed to spend under TABOR by about $1.4 billion. The legislature has to either issue a refund or ask voters to keep the money.
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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