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Stimulus Update: Colorado Taxpayers are Expected to Receive Up to $1,500 on January 31

Colorado State Capitol
Colorado taxpayers are expected to received up to $1,500 on January 31st (Photo: Denverite)

Taxpayers residing in Centennial State, Colorado, and those who filed their taxes by October 17 are expected to receive $750 for individual filers and $1,500 for joint filers. According to The Gazette, the refund came from the Colorado Cash Back program, which is a one-time refund from the state revenue. It should be noted that this program is different from the Great Colorado Payback program of the Department of the Treasury, which is aimed at helping Colorado residents to locate their unclaimed property.

Second wave of Colorado Cash Back Program Expected to Arrive on January 31.

The second wave of the Colorado Cash Back Program is expected to arrive on January 31st. (Photo: KRDO)

 

According to the state’s Department of Revenue, the eligibility to claim are: 18 years old of age by or on December 31, 2021; resident of the state for the entire 2021 income tax year; and have filed the 2021 state income tax return or have applied for a Property Tax/Rent/Heat Credit Rebate.

The program was signed by Gov. Jared Polis into law in May last year to return money to taxpayers. The original payment is intended to be $400 for individuals and $800 for couples. The amount was then increased due to the additional state revenue.

The first wave of the payments was given on September 30, 2022, to taxpayers who filed their 2021 taxes by June 30, 2022. The second wave of payments is scheduled on January 31, 2023.

According to a government agency, the rebate amount may decrease if the recipient owes money to the government, such as child support and unpaid parking tickets. Additional information regarding eligibility and deductions can be found on the website of the Colorado Department of Revenue.