The Colorado Cashback Plan that gives Colorado taxpayers a little relief will give them even more.
The checks that will be distributed later this year are a little larger than first expected. Under the plan, individuals will receive $750 each and couples will get $1,500. That was initially supposed to be $400 and $800 respectively.
That rebate is larger than first anticipated because Colorado’s economy grew during the month of May. The unemployment rate continued to fall in Colorado to 3.5% in May, mostly led by gains in the food and accommodation sectors.“Today’s forecast shows that our economy is making a bold recovery with unemployment rates falling to pre-pandemic levels, nearly all sectors thriving, and Colorado’s employment gains outpacing the nation,” said JBC Chair Rep. Julie McCluskie, D-Dillon in a statement.
According to the Joint Budget Committee, under the new law, the state will refund approximately 85% percent of fiscal year 2021-2022 surplus TABOR revenue through the Colorado Cashback Plan in checks of equal amounts for single filers and double that amount for joint filers. According to the governor’s office, to receive Colorado Cash Back, an individual must meet the following criteria:entire 2021 income tax yearAnd file a state income tax return for the 2021 income tax year or receive a property tax, rent, or heat credit rebate.
An individual who lived in Colorado for all of 2021 will likely be considered a resident and receive a refund.
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