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Millions of Colorado taxpayers could get tax rebate of $500 for single filers or $1,000 for joint filers

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Published: May. 10, 2022 at 3:57 PM MDT
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DENVER (KKTV) - If you’re a Colorado taxpayer, there’s a chance you will receive at least a $500 tax rebate later this year.

On April 25, Gov. Jared Polis announced a proposal utilizing TABOR benefitting “every hardworking Colorado Taxpayer.” Originally, it was estimated every taxpayer who filed in time would receive a $400 rebate. 11 News confirmed with the Colorado House Democratic Communications Director, Jarrett Freedman, that the rebate checks could increase.

“We are certain based on conversations with DOR [Department of Revenue] and OSPB [Office of State Planning and Budgeting] that the rebate checks will increase, and we believe we’ll have a solid number to report by the date the bill is signed,” Freedman explained. “The administration estimates it will be at least $500 for single filers and $1000 for joint filers.”

An amendment was added on third reading to allow the early refunds to climb even higher if revenues come back higher than expected, as early estimates indicate is likely.

“Colorado’s strong economic recovery means we can send even more money back to taxpayers in September to help them afford the rising cost of living and pay for necessities like gas, groceries and rent,” said bill sponsor Rep. Tony Exum, Sr. D-Colorado Springs. “We’re excited that based on positive economic indicators, we will be able to boost the amount of the early refund checks Coloradans will receive in September. People are struggling now, so we are delivering this urgent relief as soon as we can in a fairer and more equitable way.”

The way it works: if you’re a full-time resident and you filed your 2021 tax returns on or before June 30, 2022, you should receive a refund.

The legislation is SB22-233 and still needs to get approval from the Senate and the governor following the amendment. The amendment specifies that 85 to 87 percent of surplus revenue be refunded to taxpayers through this mechanism - in an equal amount for single filers, and double that amount for joint filers.

Click here for more on TABOR.

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