Millions of Colorado Cash Back checks will be in the hands of Coloradans in the coming weeks
DENVER- Governor Polis, Lieutenant Governor Primavera, Treasurer Young, Department of Revenue Executive Director Mark Ferrandino, and state legislators announced that Colorado Cash Back tax rebate checks of $750 for individuals and $1,500 for joint filers are being mailed out and urged Coloradans to check their mail throughout the month of August for their tax rebates. Governor Polis, in partnership with the legislature, took bold action by passing legislation that will provide big and immediate relief to Coloradans and get the tax rebates out sooner than they otherwise would have gone out.
“We are fighting to help save people money because Coloradans need real relief, and we are doing everything in our power to deliver it now, when people need it - including through this rebate of $750 for individuals and $1500 for joint filers. The government should not hold on to your money any longer than it has to. We are carrying out plans to help save people money and will continue to prioritize ways to lessen the burden on hardworking families and small businesses,” said Gov. Polis.
Colorado’s strong economic performance, closing special interest tax loopholes, and acceleration of the refund shows that Gov. Polis, in partnership with the legislature and Treasurer Young are getting people back their rebates faster than they would have and providing immediate economic relief.
Under Governor Polis’s leadership in partnership with the legislature, Colorado’s economy has grown stronger, and the Governor has closed special interest loopholes that have increased the size of this rebate by $34-50 per person, cut taxes for small businesses, and cut property taxes. On top of these immediate rebates, now Coloradans are getting an income tax rate reduction for all income earned in 2022 and an additional refund next April.
Following the historic 2022 legislative session, Governor Polis announced the 100 ways the Polis Administration is saving Coloradans money, including saving Coloradans $700 million through property tax relief for homeowners, small businesses, farmers, and ranchers, ending the “tampon and diaper tax” by permanently exempting these items from state sales tax, cutting the cost of a state parks pass by more than half through the Keep Colorado Wild Pass starting in 2023, providing free transit and bus fares across Colorado this and next summer.
“This is a crucial time for us to get tax refunds back to taxpayers, which is why we are here to let folks know to keep an eye out for their Colorado Cash Back tax refund. Refunds will start to arrive in folks’ mailboxes today, and will continue to be mailed out on a rolling basis through September,” said Treasurer Dave Young.
“We are processing more than 2.4 million payments to get money back to people as quickly as possible, providing relief for Coloradans and their families,” said Department of Revenue Executive Director Mark Ferrandino.
“With supply chain challenges and global inflation squeezing families’ budgets, we passed legislation this year to create the Colorado Cash Back plan, which will soon send Coloradans refund checks of $750 for single filers or $1,500 for joint filers,” said Rep. Tony Exum, D-Colorado Springs. “Because of our work at the capitol to save people money, boost our economy and reform our tax code, hardworking Coloradans will see thousands of dollars back in their pockets. We doubled tax credits for hardworking families, reduced property taxes by $700 million, lowered taxes on social security beneficiaries, and created free universal preschool, which along with the Colorado Cash Back checks, will help millions of Coloradans with the rising cost of living.”
“When I was sworn in as Pueblo’s state Senator, I knew that with inflation forcing Pueblans to stretch their paychecks farther for less, I had to take bold action to help support the working families who need it most,” said Senator Nick Hinrichsen, D-Pueblo. “That’s why I carried the bill to expedite badly-needed relief checks for Pueblo families through the Colorado Cash Back program. By speeding up the timeline and making relief checks more equitable, we’re getting Pueblo taxpayers the cash they need when they need it to pay the bills and afford everyday purchases like diapers and groceries - over $400 more for the average Colorado family than they would’ve received under traditional refund mechanisms. This relief couldn’t come at a better time, and I am proud to be giving hard working Coloradans the boost they need to help their families, neighbors, and communities thrive.”
“Starting soon, Coloradans will see immediate relief from the Colorado Cash Back plan to help with rising costs, gas, groceries, and everyday necessities,” said Rep. Lindsey Daugherty, D-Arvada. “Coloradans are getting their money back earlier, when they need it most, because we took action to send these checks as soon as possible. The record surplus revenue we are refunding through the Colorado Cash Back plan is the result of our strong recovery and our concrete steps to close tax loopholes on the special interests, govern responsibly through the pandemic and power the Colorado Comeback.”
“Democrats are laser focused on saving Colorado families money, and our Colorado Cash Back plan will help ease the pain we’re all feeling due to rising inflation by giving folks big refund checks back as soon as possible,” said Senator Robert Rodriguez, D-Denver. “Thanks to our bill, coupled with Democrats responsible budgeting and a record state surplus, this critical relief will help ease the financial burden folks across our state are struggling with at a time when they need it most.”
Taxpayers who did not file a return by June 30 can still file a state tax return before Oct. 17, 2022. Those who file in October can expect to receive their refund check in January 2023. Every full-year Colorado resident who was at least 18 years old on December 31, 2021 should file a Colorado return to claim the Colorado Cash Back Rebate even if they did not have taxable income. On average, about 90% of filers file on time by April 15, with the remaining 10% filing by the extended deadline of October 17.
The Department of Revenue provides community resources to assist Coloradans with tax filing. Starting tomorrow, Coloradans can call 303-951-4996 or visit coloradocashback.com to receive up-to-date information about the tax rebates.