DENVER (KDVR) — The newest June budget forecast released on Tuesday shows that every Colorado taxpayer will now get a dividend of at least $750 this summer, with some families getting up to $1,500.

The rebate is part of Colorado’s Taxpayer Bill of Rights, also known as TABOR. Normally, any excess revenue generated by the government is returned to taxpayers when they file their taxes in the first quarter of the year, but this year lawmakers have approved a special payment that will be issued to taxpayers in August.

“The economy in Colorado has out-performed by a lot from those initial projections,” Gov. Jared Polis said.

“We are providing real relief when Coloradans need it most. Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of our state. I am thrilled that due to our strong economy, Coloradans will be receiving nearly double what we initially hoped, with $750 for individuals and $1,500 for joint filers,” said Gov. Polis. 

“We are getting money back to people as quickly as possible, providing much-needed relief to Coloradans and their families,” said State Treasurer Dave Young. 

On June 13, the refund was raised from $400 per person, $800 for joint filers to $500 per person and $1,000 for joint filers.

On Tuesday morning, FOX31 learned the refund will be raised to $750 per person and $1,500 for joint filers.

See the full budget forecast here.

To be eligible to receive the rebate in August, taxpayers must file their 2021 tax return before June 30 or apply for the Property Tax/Rent/Heat Rebate Credit by the same date. Those who file for an extension in October should expect to receive their refund check in January.

Every full-year Colorado resident who was at least 18 years old on December 31, 2021 should file a Colorado return to claim the Colorado Cashback Rebate even if they did not have taxable income. Those who filed by April 15th do not need to take any additional action and will automatically receive their refund in the mail later this summer.