Legislation signed by Gov. Jared Polis on Monday means that Colorado taxpayers can expect to receive at least $500 in the mail by September.
Senate Bill 233, the new law, will return up to 85% of the state’s excess money earned in the previous year. Originally scheduled for spring 2023, the Taxpayer’s Bill of Rights return will now arrive only months before the November election.
According to current projections, the refunds will be at least $500 for individual tax filers and $1,000 for married couples. Taxpayers of all income levels will receive the same amount of money.
“We are helping Coloradans deal with inflation by getting people back their hard-earned money this summer,” Polis says. “We are providing immediate relief for hardworking Coloradans by sending rebate checks back quickly because there’s no reason the government should hold onto your hard-earned money any longer than it has to.”
In August or September, 3.1 million Coloradans will receive their refund in the mail. Full-time residents who file their 2021 tax forms by June 30th are eligible for the rebate. A check will arrive in January for those who file after June 30 but before the extended deadline of Oct. 17.
According to the governor and Democratic leaders, the expedited refund will assist Colorado households to afford basic needs like gas and groceries in the face of skyrocketing prices.
Republican critics have branded the refund a vote-buying tactic ahead of the November election, which Polis spokesman Conor Cahill has called an “intellectually dishonest and cynical view.” Polis spokesman.
“Coloradans are feeling the pain of inflation because of the pandemic, and they need our help,” said Sen. Nick Hinrichsen, D-Pueblo, who supported SB-233. “That’s why we’re taking action to provide immediate support to families and individuals in the form of direct relief to taxpayers.”
Even though there were accusations, the bill passed the legislature this month with support from both sides. The House voted 54-11 for it, and the Senate voted 24-11. Stay tuned with us only on leedaily.com