Colorado residents will receive a tax rebate of up to $1,500 in just one week if they filed their 2021 taxes.
The rebate payment, scheduled to arrive on Jan. 31, will be sent to state residents who filed for an extension of their 2021 taxes.
Residents who filed taxes by Oct. 17 will get $750 from the Colorado Cash Back program, with eligible couples receiving $1,500, according to the state’s Department of Revenue.
The Colorado Cash Back program is a one-time refund of state revenue and differs from the Great Colorado Payback program out of the Department of the Treasury, which seeks to help state residents locate unclaimed property.
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In May, Colorado Gov. Jared Polis signed a law that would return money to taxpayers. The amount was intended to be $400 for individual filers and $800 for couples.
However, additional state revenue allowed for the state to increase the amount of the rebate, according to the Revenue Department.
The first round of funds, disbursed by Sept. 30, 2022, was for recipients who had filed their 2021 taxes by June 30.
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To be eligible for the rebate, Colorado residents must have been 18 years old before or on Dec. 31, 2021, been residents of Colorado for the entire 2021 income tax year, and filed a state income tax return for 2021 or applied for a Property Tax/Rent/Heat Credit Rebate.
Additional information regarding the cash-back payment can be found on the Colorado Department of Revenue’s website.
