Great news for Colorado taxpayers! The state is preparing to distribute refunds of up to $1,600 as part of the Taxpayer’s Bill of Rights (TABOR) refund program. This payout comes after the state collected $3.6 billion more than its revenue limit for the 2023 fiscal year, triggering mandatory refunds to residents.
Who Gets the Money?
Under the refund plan, all taxpayers will receive the same amount, regardless of income level. Here’s how much you’ll get:
- Single filers: $800
- Married couples filing jointly: $1,600
This uniform approach ensures everyone gets an equal share of the surplus, providing relief to households amid rising living costs.
How to Claim Your Refund
To receive the refund, taxpayers must file either:
- A 2023 Colorado individual income tax return, or
- A Property Tax/Rent/Heat (PTC) Rebate Application (for eligible low-income residents).
The refund will be included with any state income tax refund you may receive and issued as a single payment. Unlike in previous years, separate checks will not be sent out.
Important Deadlines
- April 15, 2024: Deadline to file your state income tax return for timely refund processing.
- October 15, 2024: Extension deadline (but filing later may delay your refund).
Why Is Colorado Giving Out Refunds?
TABOR, a law passed in 1992, limits how much tax revenue the state can keep. If the government collects more than allowed, the surplus must be returned to taxpayers. This ensures excess tax dollars go back into residents’ pockets instead of being spent elsewhere.
When Will You Get Paid?
If you file your taxes before the April 15 deadline, your refund should be processed within a few weeks after filing. Those who file for an extension will have to wait longer to receive their money.
Stay Updated
For the latest updates on refund processing and eligibility, visit the Colorado Department of Revenue’s website. Filing your taxes on time is the best way to ensure you get your refund as quickly as possible!
This refund is a welcome financial boost for Colorado residents, offering extra cash at a time when many households can use it the most. Don’t miss out—file your return and claim your money!
