Few states have been as generous as Colorado in providing stimulus payments and tax rebates to its citizens. In a program known as Colorado Cash Back, the Centennial State is distributing $750 checks-$1,500 for married couples-to nearly every one of its taxpayers.
The pandemic's economic effects as well as the state's rising cost of living are still being felt by many Colorado families, according to Sarah Barnes, director of family economic prosperity campaigns for the nonpartisan advocacy group Colorado Children's Campaign. She claims that one of the most effective methods to support state families is by offering direct cash.
The current cash back payments are made possible by an amendment to the state's Taxpayer's Bill of Rights (TABOR), which requires the Colorado government to return excess state revenues. Those revenues are typically returned to the state in the form of a temporary reduction in the state income tax rate, a sales tax refund, or a reimbursement to counties for the senior homestead exemption.
However, legislators approved direct payments to taxpayers as a way to refund excess revenues for the current fiscal year only. They also sped up the process of issuing those refunds.
"Refunds will start to arrive in folks' mailboxes today and will continue to be mailed out on a rolling basis through September," Colorado Treasurer Dave Young in an Aug. 3 press release said. According to the state Department of Revenue, more than 2.4 million payments are now being processed.
Anyone who meets the requirements will get a Colorado Cash Back check:
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At least 18 years as of December 31, 2021
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A Colorado resident for all of 2021
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Filed a 2021 Colorado state income tax return or applied for a Property Tax/Rent/Heat Credit (PTC) Rebate
Your Colorado Cash Back payment should arrive by September 30, 2022, assuming you submitted your 2021 state income tax return by June 30, 2022. For those who haven't filed yet or who have an extension, the deadline to do so is October 17, 2022. Those checks will be mailed by Jan. 31, 2023.
Taxpayers can contact the Colorado Cash Back Call Center at 303-951-4996 for any inquiries.
The state is only issuing checks and will not be transferring payments via direct deposit in order to prevent fraud. Checks may be cashed at the regular banking institutions used by taxpayers. If you don't have a bank account, you can bring your check to any Wells Fargo facility to have it cashed for free.
