Many Colorado residents will soon receive a significant financial boost, thanks to the state’s Taxpayer’s Bill of Rights (TABOR) refund program. If you’re a taxpayer in Colorado, you could be getting up to $1,600, but only if you meet the eligibility criteria.
This refund is part of Colorado’s constitutional requirement to return excess tax revenue to residents. The state’s strong financial performance in 2023 generated a surplus, which will now be distributed back to taxpayers.
Who Qualifies for the Refund?
To be eligible for this payout, you must meet the following criteria:
- Be at least 18 years old by December 31, 2023
- Have lived in Colorado for the entire 2023 tax year
- File a Colorado state income tax return or submit a Property Tax/Rent/Heat (PTC) Rebate application
If you meet these requirements, you’re entitled to receive $800 if you filed individually or $1,600 if you filed jointly.
When and How Will You Get Paid?
The state will start sending out these refunds after reviewing and approving tax returns. But you have to act fast!
- April 15, 2024 – If you don’t owe state taxes and aren’t claiming a refund from wage withholding, you must file by this date.
- October 15, 2024 – If you have a tax liability or are claiming a refund from wage withholding, this is your deadline.
To ensure you receive your money as quickly as possible, double-check that your tax return is filed correctly and on time. Mistakes or missing information could delay your payment.
How to Claim Your TABOR Refund
Claiming your refund is easy. Follow these simple steps:
- File Your Taxes: Submit your Colorado state tax return (Form DR0104) or a PTC Rebate application before the deadline.
- Check for Errors: Make sure your personal and financial details are accurate to avoid processing delays.
- Stay Updated: Keep an eye on communications from the Colorado Department of Revenue for any updates.
Don’t Miss Out!
This refund is essentially free money for eligible Colorado residents, and missing the deadline could mean leaving hundreds or even thousands of dollars on the table.
Looking ahead, future TABOR refunds might not be as generous, depending on state revenue. If you qualify this year, take full advantage of it!
For more details and assistance with filing, visit Get Ahead Colorado.
