Governor Polis Announces Increased Colorado Cashback Rebate of $750 for Individuals and $1,500 for Joint Filers Giving Colorado Taxpayers Back More of Their Hard-Earned Money
DENVER, CO (STL.News) Governor Jared Polis, Lieutenant Governor Dianne Primavera, Treasurer Dave Young, and the Colorado Department of Revenue (DOR) announced Colorado taxpayers will get more of their hard-earned money back with $750 going back to individuals and $1,500 to joint filers this summer. Coloradans have until June 30, 2022 to file their taxes to receive the tax rebate this summer. These tax rebates are money already owed to Coloradans and are getting back to them nearly a year quicker thanks to a bipartisan law signed by Gov. Polis and sponsored by Sen. Nick Hinrichsen, Sen. Robert Rodriguez, Rep. Tony Exum, and Rep. Lindsey Daugherty.
“We are providing real relief when Coloradans need it most. Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of our state. I am thrilled that due to our strong economy, Coloradans will be receiving nearly double what we initially hoped, with $750 for individuals and $1,500 for joint filers,” said Gov. Polis.
“We are getting money back to people as quickly as possible, providing much-needed relief to Coloradans and their families,” said State Treasurer Dave Young.
This April, Governor Polis, in partnership with the legislature, announced that Colorado taxpayers would receive the tax rebate this summer, then estimated at $400 for individuals and $800 for joint filers. Colorado’s strong economic performance, with a 3.5% unemployment rate, and 2nd in the country for job participation rate, means that Coloradans will now receive $750 for individuals and $1,500 for joint filers in tax rebates.
The Colorado Cashback tax rebate is one of over 100 steps the Polis Administration is taking to save Coloradans money and put money back into the pockets of hardworking Coloradans.
“Colorado’s strong recovery is exceeding expectations and outpacing the nation, which means families are getting even more money back this September through our Colorado Cashback plan,” said Representative Lindsey Daugherty, D-Arvada. “To help with rising costs, the legislation we passed this session will now send Coloradans tax refund checks of at least $750 for individuals and $1,500 for joint filers as soon as possible. With pandemic-induced inflation squeezing families’ budgets, we made saving people money our top priority and passed dozens of laws to help Coloradans and businesses hold on to more of their hard earned money.”
“This session, Colorado Democrats set out to address rising costs and make Colorado a more affordable place to live—and I’m proud to say we delivered,” said Rep. Tony Exum, D-Colorado Springs. “Thanks to smart fiscal policy decisions and our state’s strong economic recovery, taxpayers will receive $750 for individuals or $1500 for joint filers through Colorado Cashback refund checks in September. Despite the financial pressures caused by pandemic-induced inflation and supply chain backups, we are able to deliver significant, immediate relief to Coloradans to help them pay for gas, groceries, or other necessities.”
“Here in Pueblo and across the state, pandemic-induced inflation has caused Colorado families to spend more of their hard earned paychecks while getting far less for their money in return,” said Senator Nick Hinrichsen, D-Pueblo. “To help ease the financial pinch, I championed a bill that puts hundreds of dollars directly in the pockets of taxpayers. Today, I am incredibly proud to see that those urgently-needed relief checks have increased, and that every Colorado taxpayer will receive at least $750 – $1,500 for joint filers – giving folks more financial freedom to fill up their tank, put food on the table, buy school supplies, and pay their bills.”
Governor Polis urged taxpayers to file taxes by June 30, 2022 to receive the tax rebates this summer. Taxpayers who file on extension by October 17, 2022 will receive the tax rebates in January 2023.