Colorado Governor: Residents to Receive $750 Summer Rebate Checks
Gov. Jared Polis stated that Colorado taxpayers can expect to receive at least $750 up from the previous $500 estimate in the mail this summer through the Colorado Cashback Rebate. Individual tax filers and joint tax filers who filed state taxes by June 30 are now expecting $750 and $1,500 respectively.
Polis stated that their will be an increase from the previous $500 for individual filers and $1,000 for joint filers due to the June economic forecast showing high state revenue than initially projected.
He then followed that they are to provide relief to the residents when they need it most. Also, he stated that everyone is feeling the impact of rising costs and refused to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of the state.
The Recipients of the Said Summer Checks
3.1 million residents of Colorado will receive the refund directly in the mail by August or September. For those who were able to file their state taxes after June 30, there is and extended filing deadline up to October 17. Those people will get their checks in January.
According to a published post by Colorado Politics, the expenditure of the 2023 Taxpayer’s Bill of Rights refund resulted to the program we now call the Colorado Cashback Rebate. It pays back up to 85% of the excess state revenue collected in the previous year.
This rebate was made possible by Senate Bill 233, signed into law in May which Colorado lawmakers passed during the legislative session.