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.
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.
“We are providing immediate relief, putting money back into the pockets of hardworking Coloradans to help pay for everyday items, and everyone who filed by June 30th will get the more than $500 or $1,000 rebates this summer,” Gov. Jared Polis said in a release emailed to FOX31.
The $500 amount for single-income filers is based on revenue projections from the end of April and could increase. Joint filers will get at least $1,000 based on those same projections.
Still have questions? Check out this FAQ from the Colorado Department of Revenue.