On April 25, Governor Jared Polis, House and Senate Legislative Leadership announced that Coloradans will receive $400 cash back this summer.
“People are paying more for everyday items like gas, groceries, and rent through no fault of their own. Instead of the government sitting on money that Coloradans earned, we want to give everyone cash back as quickly and easily as possible to provide immediate relief and empower people to do what they want to with their money,” said Governor Polis.
All eligible Colorado income tax filers will receive their rebate directly in the mail in August or September. This rebate is available for all full time residents who have filed their 2021 tax returns by May 31st, 2021 which is about 3.1 million people.
“Coloradans are up against high rates of inflation and a rising cost of living – and they’re feeling the pinch,” said President Steve Fenberg, D-Boulder. “This year, we’re able to extend much needed support to families and individuals in the form of direct relief to taxpayers. We’re helping Coloradans make ends meet during this challenging time by putting money directly back into their wallets.”
Inflation and the cost of living are creating challenges for families rebuilding their lives after the pandemic, the Colorado Cashback will provide a flat amount of $400 for a single filer or $800 for a joint filer. The proposal introduced at the legislature will provide tax refunds by September 15 of this year, instead of the Spring of 2023.
Colorado is experiencing a strong economic rebound, ranked 5th in the country. The state has a 100% recovery rate of jobs lost during the pandemic and a 3.7% unemployment rate, the lowest since the pandemic began. The strong economic performance has led to a record state surplus that is being returned to taxpayers via a reduction in the rate of the income tax, the senior homestead exemption, the Colorado dividend announced today, and a six-tiered sales tax rebate next year.
