As the state begins delivering rebate stimulus checks to qualified individuals next week, Coloradans may see some reprieve from rising prices. The TABOR (Colorado Public Bill of Rights), which states that the state can’t spend more taxpayer money than it generates, was modified by Gov. Jared Polis this year, which is principally responsible for this stimulus check for Colorado. On August 1, Colorado will begin mailing the cheques to qualified residents.
Gov. Jared Polis signed legislation allowing for early TABOR refunds in May. With this legislation, each taxpayer receives an equal sum rather than a proportionate return. Additionally, the law permits providing the reimbursement before the spring of 2023.
Tax rebates will be given to individual filers for $750 and joint filers for $1,500. Taxpayers must have been 18 years old on December 31, 2021, filed a state income tax return for the 2021 tax year by the due date, and have lived in Colorado for a full calendar year to qualify for the Colorado stimulus check.
The reimbursement is available to everyone, even those who have applied (and been approved for) a Property Tax/Rent/Heat Credit (PTC) Rebate. If they file a state tax return and have no income, such as Social Security recipients on fixed federal incomes, they will also be qualified for the tax credit.
The Colorado Department of Revenue will open a call center to assist taxpayers with inquiries or problems relating to their tax refund.
Colorado To Provide Tangible Stimulus Checks To Residents.
Instead of direct deposit, eligible residents will receive the stimulus check from Colorado in the form of physical checks. To avoid missing the payment, taxpayers must keep a watch on their mailboxes.
It’s crucial that the Colorado Department of Revenue also gets your accurate postal address. The revenue department will deliver the entire check to the last known address on the 2021 tax return if you recently divorced and filed jointly.
There are two options available to you if you want to update your address on your state tax return. You can either complete and submit the Address Change Form or do it through your Revenue Online account (DR 1102).
The tax refund that will be distributed the next week is only available to taxpayers who filed their returns by June 30. By the end of September, all eligible taxpayers can anticipate receiving their TABOR refund. Extended filers who submit their return by the deadline of October 17, 2022, can anticipate receiving their tax refund by January 31, 2023.
The Colorado Department of Revenue stated, as law, they are beginning to transfer the data on August 1, and it will take a few days and some time to print and go via the mail.
Taxpayers can follow the progress of their Colorado stimulus check via the USPS’s informed delivery service.