Residents of Colorado who have already submitted their taxes for 2021 could anticipate receiving some additional funds before the end of January.
Taxpayers who submitted their 2021 tax returns by October 17 will get a payout of $750 by January 31 as part of the Colorado Cash Back program, with qualified couples receiving $1,500. On May 23, 2022, Governor Jared Polis (D-CO) signed a bill to return money to taxpayers, with the intention that the payout would be $400 for single filers and $800 for couples. The Colorado Department of Revenue’s website states that the amount was increased due to extra state revenue.
According to a Washington Examiner article from January 03, 2023, Colorado residents must have attained the age of 18 by or on December 31, 2021, must have lived in Colorado for the entire 2021 tax year, and must have filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate to be eligible for this payment.
State residents who requested an extension will get this payment by the end of the month. For those who filed their 2021 taxes by June 30th, the first batch of payments was made to residents by September 30th.
The amount of the refund will be reduced if a taxpayer who is qualified for it owes money to the government, such as for unpaid child support or parking tickets. You may get more details about this reimbursement at coloradocashback.com.
