DENVER (KDVR) — Coloradans expecting either $400 or $800 rebate checks later this summer could see an even higher payout.
On Tuesday, the state House gave its final approval to the bill, which authorizes the $400 checks for individual taxpayers and $800 for joint filers. But the payouts could be bigger if the state’s revenue ends up being higher, “as early estimates indicate is likely,” House Democrats announced in a news release.
The House added an amendment to the bill to address that possibility, requiring 85-87% of surplus revenue to be refunded to taxpayers. The bill now heads back to the Senate, where the chamber is expected to give a final stamp of approval before the governor signs it.
Refunds are required to be paid out under Colorado’s voter-approved Taxpayer Bill of Rights. Known as TABOR, the law caps how much taxes the state can collect and mandates the surplus revenue is distributed among taxpaying residents. The checks expected around summer’s end would be an advance on the money that would have been paid out next year.
“Colorado’s strong economic growth and rapid job recovery has led to an even larger surplus than expected, and we now anticipate being able to increase the originally anticipated refund amounts,” House Democrats said.
The revenue will be tallied through the end of the fiscal year, June 30.
Who is eligible for the $400 or $800 rebate checks?
Every full-time Colorado resident and taxpayer who files by May 31, 2022, will be eligible for the payments. The check will come in the mail in either August or by Sept. 15.
That’s about 3.1 million residents, the governor’s office has said.
Colorado’s refund advances were announced as inflation impacts the country, with consumer prices increasing 9.1% in the Denver metro in the last year. Food prices are up 9.1%, household energy prices 17.2% and shelter 7.1%, the FOX31 Data Desk found.
The checks will also be distributed just a few months before the midterm elections, when Gov. Jared Polis is vying for a second term.