Millions of Colorado taxpayers could get a $500 tax refund for single filers or $1,000 for joint filers
DENVER (KKTV) — If you’re a Colorado taxpayer, there’s a chance you’ll get at least a $500 tax refund later this year.
On April 25, Governor Jared Polis announced a proposal using TABOR to benefit “all hard-working taxpayers in Colorado.” Originally, it was estimated that each taxpayer who filed their return on time would receive a rebate of $400. 11 News has confirmed to Colorado House Democratic Communications Director Jarrett Freedman that refund checks may increase.
“We are certain based on conversations with DOR [Department of Revenue] and OSPB [Office of State Planning and Budgeting] that rebate checks will increase, and we believe we will have a solid number to report by the date the invoice is signed,” Freedman explained. “The administration estimates it will be at least $500 for single filers and $1,000 for joint filers.”
An amendment was added at third reading to allow prepayments to climb even further if revenues return higher than expected, as early estimates indicate.
“Colorado’s strong economic recovery means we can send even more money back to taxpayers in September to help with the rising cost of living and pay for necessities like gas, groceries and rent,” said the bill’s sponsor, Rep. Tony Exum, Sr. D-Colorado Springs. “We are delighted that based on positive economic indicators, we will be able to increase the amount of prepayment checks Coloradans will receive in September. People are struggling now, so we are providing this urgent help as soon as possible in a fairer and more equitable way. »
How it works: If you’re a full-time resident and filed your 2021 tax returns by June 30, 2022, you should receive a refund.
The legislation is SB22-233 and still needs to get Senate and governor approval following the amendment. The amendment specifies that 85-87% of excess income will be refunded to taxpayers through this mechanism – in an equal amount for single filers and double that amount for joint filers.
Click here to learn more about TABOR.
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