Residents of Colorado who submitted their 2021 taxes will get a tax credit of up to $1,500 in a little less than a week.
This payment, due on January 31, is for citizens of the state who requested an extension for their 2021 taxes. The Colorado Cash Back program will provide individuals of the Centennial State who submitted their taxes by October 17 with $750, while qualified couples will receive $1,500.
Based on the state’s Department of Revenue, Colorado residents must have reached the age of 18 by or on December 31, 2021, have lived in Colorado for the whole 2021 tax year, have registered a state income tax return for 2021, or have applied for a Property Tax/Rent/Heat Credit Rebate to be eligible for this payment.
A bill to refund money to taxpayers was approved by Governor Jared Polis (D-CO) in May. The payout was planned to be $400 for single filers and $800 for couples. The Department of Revenue reports that recipients will now get more money due to higher state revenue.
The program’s first set of payments was made to those who filed their 2021 taxes by June 30th. Residents received it by September 30 of the previous year.
If a receiver pays money to a government agency, for example for unpaid parking tickets or child support, the amount they get through this rebate will decrease.
