The Colorado Department of Revenue will start mailing checks out to Colorado taxpayers starting August 1, and will continue mailing the 2.4 million payments throughout the middle of the month.
These checks are thanks to the Colorado Taxpayer Bill of Rights (TABOR), which means Colorado can not spend more taxpayer money than it generates. Meaning every time the state has a tax surplus and brings in more taxes than it plans to spend, that money is refunded to taxpayers.
Governor Jared Polis signed a bill that altered this year’s TABOR refund, which creates an even distribution of funds to every taxpayer regardless of income. It sends that refund prior to spring of 2023.
So who will be getting these checks?
Individual filers can expect checks worth $750. Joint filers should receive $1,500 checks. To be eligible for the checks you must have been 18 years old on Dec. 31, 2021, and filed a state income tax return for the 2021 tax year before the deadline.
You are also eligible if you applied and qualified for a Property Tax/Rent/Heat Credit (PTC) Rebate. Those rebates are only for those Colorado residents aged 65 and older within a certain income level. You must also be a full-year resident of the state of Colorado in 2021 to be eligible.
The department is giving a timeline that all checks should be received by Sept. 30, knowing that some people may have forwarding addresses and the process may take a little longer through the U.S. Postal Service.
So please make sure your address is correct with the DOR if you have moved since filing your tax return. The checks will not be directly deposited into bank accounts like federal returns are. You can do that online or by submitting an address change form.
Coloradans on fixed incomes, like Social Security, who still pay property and sales taxes are eligible for TABOR payments if they meet the requirements mentioned above.
So, be on the lookout for checks hitting your mailboxes through the end of summer. I know teachers and parents getting ready for back to school could really use the bonus checks right now.