Colorado residents who have filed their 2021 taxes are set to receive some extra money in only 17 days from a tax rebate.
Taxpayers who filed their 2021 taxes by Oct. 17 will get $750 from the Colorado Cash Back program by Jan. 31. Eligible couples will get $1,500. Colorado Gov. Jared Polis signed the law in May to return money to taxpayers and originally intended for the payment to be $400 for individual filers and $800 for couples, but due to additional state revenue, the amount recipients will receive has been increased, according to the state’s Department of Revenue.
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To be eligible for this payment, residents of the Centennial State must have been 18 years old by or on Dec. 31, 2021, have been residents of Colorado for the entire 2021 income tax year, and have filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate, according to the Department of Revenue.
The payment scheduled for Jan. 31 will be for state residents who filed for an extension. The first round of payments was for people who had filed their 2021 taxes by June 30 and was paid to residents by Sept. 30 of last year.
The amount that a recipient receives from this rebate will go down if the recipient owes money, such as child support or unpaid parking tickets, to a government agency.
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This payment differs from the Great Colorado Payback program, which is a program from the Department of the Treasury to help state residents locate their unclaimed property. The Colorado Cash Back program is a one-time refund of state revenue.
Additional information regarding this payment can be found on the Colorado Department of Revenue’s website.
