Colorado residents who applied for the Property Tax, Rent, Heat (PTC) Rebate and chose direct deposit will see big rebates deposited into their bank accounts today.
This $7 million big rebates program aims to assist low-income individuals and seniors in mitigating the impact of rising home prices
The maximum PTC big rebates stand at $1,044 annually, and payments are distributed in installments. Today’s beneficiaries will receive one-third of their overall payment, with the largest potential payment amounting to nearly $350. For those without direct deposit, paper checks will be mailed out on July 15. To be eligible for the big rebates, individuals must have resided in Colorado between January 1, 2022, and December 31, 2022.
Income limits for the big rebates are set at $16,925 for single filers and $22,858 for joint filers. Applicants must also meet at least one of the following qualifications: be 65 years or older, a surviving spouse aged 58 or older, disabled and unable to work due to medical reasons, have paid property taxes, rent, or heating bills between January 1, 2022, and December 31, 2022, or not be claimed as a dependent on someone’s federal income tax return.
For those who missed the initial application deadline, there are still opportunities to apply
Applications submitted by September 10 will begin receiving big rebates in October, with the first payment being half of the total amount. Individuals who apply before December 10 will receive their full big rebates by early January. Even those who miss all the deadlines this year have until December 31, 2024, to claim the big rebates. These late applicants will receive the full big rebates approximately 10 weeks after applying.
Apart from Colorado, other states are also disbursing payments this month as part of ongoing programs. In Alaska, eligible taxpayers labeled as “eligible-not paid” on July 12 will receive a 2022 Permanent Fund Dividend payment of $3,284. These payments are funded by the state’s oil and gas revenues. While many Alaskans have already received their checks, some are still awaiting payment. Of the total amount, $2,662 is considered taxable income, while $662 is classified as an energy relief payment and is tax-free.
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