Colorado residents who filed their 2021 taxes will receive a tax rebate of up to $1,500 in just one week.
The rebate payment, scheduled to arrive on January 31, will be sent to state residents who applied for a tax extension for 2021.
According to the state’s Department of Revenue, Colorado residents who filed their taxes by October 17 will receive $750 from the Colorado Cash Back program, with eligible couples receiving $1,500.
The Colorado Cash Back program is a one-time refund of state revenue, as opposed to the Department of the Treasury’s Great Colorado Payback program, which seeks to assist state residents in locating an unclaimed property.
Moreover, Colorado Gov. Jared Polis signed legislation in May that would return money to taxpayers. Individual filers were supposed to pay $400, while couples were supposed to pay $800.
According to the Revenue Department, additional state revenue allowed the state to increase the rebate amount.
The first round of funds, distributed by September 30, 2022, was for recipients who had filed their 2021 tax returns by June 30.
To be eligible for the rebate, Colorado residents must be 18 years old on or before December 31, 2021, have lived in Colorado for the entire 2021 tax year, and have filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate.
In addition, the Colorado Department of Revenue’s website has more information about cash-back payments.
