DENVER (KDVR) — It’s been a month since the Colorado Department of Revenue started sending out tax rebate checks to adult taxpayers across the state, and the vast majority of Coloradans have cashed those checks.
According to the department, 2.4 million payments were sent to individual and joint filers in amounts of $750 and $1,500 respectively. According to Executive Director of the Department of Revenue Mark Ferrandino, 87% of those payments have been deposited.
“As of this morning, just under 2.1 million of those have actually been cashed or deposited,” Ferrandino said. “We know there are higher costs out there and that’s why the governor and the legislature wanted to get them out sooner than next year.”
The department gave Coloradans a broad expectation that checks should be delivered by the end of September, since unique setups with the United States Postal Service and forwarding addresses may delay checks from hitting mailboxes.
The state set up a tipline as part of sending out the payments early. Coloradans can call 303-951-4996 if they have questions or concerns.
Ferrandino said the most common calls the line receives include Coloradans who moved since their last tax return, where their refund is for those who haven’t received it yet, and reissuing checks due to things like misprints.
The state has only had to re-issue 150 checks so far out of the 2.4 million.
Background on TABOR refund
When Colorado brings in more money than it is allowed to spend, it is required to refund that money back to taxpayers in the state under the Taxpayer Bill of Rights, but a new law tweaked that allocation to make it even across income brackets.
Gov. Jared Polis signed a bill that tweaks this year’s TABOR refund, which creates an even amount for every taxpayer instead of a proportional refund and sends that refund out earlier than the spring of 2023 when Coloradans would have seen refunds baked into their state tax return.