Hundreds of Dollars Coming to Colorado Taxpayers

Jake Wells

How about some good news? You're likely eligible to receive hundreds of dollars from the state of Colorado as a tax refund this summer.

The payments will be in the amount of $400 for individual filers and $800 for joint filers. The goal of this program is to help provide some inflation relief for Coloradans.

You might be wondering how this happened.

Well, there is a Colorado law in effect that requires that revenue collected above the limit for a given fiscal year be refunded in the following fiscal year. It's called TABOR, which stands for the Colorado Taxpayor's Bill Of Rights. (source)

Essentially, the state of Colorado basically collected too much money so they sending money back to you.

In order to qualify for the refund, you must be a full-time resident of Colorado with a residence in the state. You must also live in Colorado for at least half of the year.

Eligibility will be determined by your 2021 tax return, which must be filed by May 31 in order to qualify.

When can you expect your payment to come?

According to the Colorado Department of Revenue, you can expect to receive your payment in the mail in August or September. Just visit the previous link for any updates regarding your refund.

What do you think about this tax refund from the state? Please feel free to share your thoughts in the comments.

If you found this article helpful, please share it with friends or family on social media. Thanks!

Disclaimer: Please note that this article is only for educational and informational purposes.

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