Annual PTC Rebate Colorado Continues To Distribute Assistance – Colorado continues to distribute assistance as part of its yearly Property Tax, Rent, and Heat Credit PTC Rebate Program. On April 5, the first round of payments was made to people who had signed up for direct deposit.
If you are eligible, the $1,000 will be given to you along with your PTC rebate in the first installment. If you believe you are qualified for the credit but were not given this payment, kindly file a complete income tax return (DR 0104) requesting the credit so the Department can review your claim. (Image via lohud.com)
Those who selected a paper check will now get their funds on Saturday, April 15.
What is Colorado PTC Rebate?
Colorado PTC Rebate, based on income, Colorado residents especially those with disabilities and older adults, are now eligible for the Property Tax, Rent, and Heat (PTC) Rebate, which will assist them with their property tax, rent, and/or heating costs this winter and moving forward. Applicants can receive a rebate of up to $1,044 every year, and if they apply in 2023, they may also be eligible for a $1,000 refundable tax credit. When compared to 2021, the number of applications grew by more than 14% in 2022 because to the Colorado Department of Revenue’s (DOR) outreach program.
This program could save Coloradans more than $7 million in 2023, enabling senior citizens and people with disabilities to stay warm in their homes. The DOR will once more provide the PTC Rebate application form and instructions in Spanish for the 2022 benefit year in an effort to maintain awareness of this program. You can bring the rebate application DR 0104PTC to a Colorado Department of Revenue Taxpayer Service Center or mail it to the following address if you are a resident of Colorado and you meet the qualifications indicated below for the rebate:
Department of Revenue of Colorado
Denver, Colorado 80261-005.
There is also a senior housing income tax credit that is income qualified. The Department of Revenue will assess your eligibility for the additional $1,000 tax credit using the facts at hand. Please go to FAQ 8 for further details.
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Colorado PTC Rebate – Who’s Eligible?
You must have had your application accepted by March 10 in order to be eligible for the cash to be distributed in 48 hours. You must have resided in Colorado from January 1 through December 31, 2022, for your application to be accepted. Additionally, your total income cannot exceed $22,858 for married couples filing jointly and $16,925 for single filers.
Additionally, you must fulfill one of the requirements listed below:
- 65 years or older
- Remember that you do not fall under this category if you were divorced before your husband passed away. Surviving spouse, age 58 or older
- Any disabled person, regardless of age, who was unable to carry out any significant gainful work due to their condition
- Paid rent, heating costs, or property taxes during the PTC period.
- Not claimed on another person’s federal income tax return as a dependent
You can submit your name for consideration online through the Colorado Department of Revenue if you are qualified but have not yet applied. Additionally, status can be viewed using an agency account.
Colorado PTC Rebate – Key points
Additionally, there are a few considerations for eligible Colorado residents. While the rebate can be worth up to $1,044 year, applicants in 2023 may only be eligible for a $1,000 maximum refundable tax credit. Additionally, be aware that the PTC Rebate is distributed in instalments.
For instance, those whose applications were approved or completed prior to March 10 will receive a quarter of their reimbursement this month. Your first benefit payment would be $261 if your maximum benefit for this year is $1,044. Additionally, Colorado residents will start receiving their PTC rebate benefits in other months besides April.
In addition to the payment option you chose, the date that your application was reviewed and approved will determine when you receive your payment.
- Before June 10: July 5 for direct deposit; July 15 for paper checks.
- Before September 10: October 5 for direct deposit; October 15 for paper checks.
- Before December 10: January 5 for direct deposit; January 15 for paper checks.
- Prior to December 31: paper check date is 12 weeks after receipt, direct deposit date is 10 weeks following receipt
