Colorado Tax Refund: Eligibility, Amount, and Deadline
Oith rising inflation, the state of Colorado introduced a tax cut to ease the burden of rising prices on its citizens.
Payments will be made to approximately 3.1 million citizens in the state after Colorado Governor Jared Polis and the state senate leadership approved the reimbursement earlier in the year. The amounts range from $400 for individuals to $800 for co-registrants.
“People are paying more for everyday items like gas, groceries and rent through no fault of their own,” Mr Polis said in a statement.
“Instead of the government sitting on the money Coloradans have earned, we want to give everyone cash back as quickly and easily as possible to provide immediate relief and allow people to do what they want with it. their money.”
Who is eligible for Colorado tax relief?
In order to qualify for the payments, individuals must be full-time residents of Colorado and eligibility will depend on their 2021 tax returns, which must have been filed by May 31, 2022.
Those who are eligible can expect to receive their money in the mail in August or September, depending on the state, though it’s unclear if their payments will be made in multiple batches.
Which states have introduced tax refunds?
Several other states have agreed to reimburse eligible residents as well, including the likes of Maine, Illinois and Delaware.
About 850,000 inhabitants of Maine are expected to receive payments of about $850, which is part of the state’s $1.2 billion budget surplus. Payments are currently being sent at the time of writing.
In order to qualify for the payments, Maine residents cannot have an income above $100,000, while heads of families and couples can earn up to $150,000 and $200,000 respectively.
In IllinoisGovernor JB Pritzker signed into law the state’s $46.5 billion 2023 budget on April 19, meaning millions of state taxpayers are in line to receive payments worth up to $400 this year.
Finally in Delaware600,000 residents are in line to receive refunds worth up to $600.
In addition to the aforementioned discounts, Americans are also eligible for Universal Basic Income plans.