Here's some great news if you are a taxpayer in Colorado. You are likely eligible to receive between $750 and $1,500 of dollars from the state of Colorado as a tax refund and you'll be receiving it in the next two weeks. The goal of this program is to help provide some inflation relief for Coloradans. Here are the details: Colorado Cash Back (Senate Bill 22-233) residents who filed a 2021 DR 0104 by October 17, 2022, will receive a refund by January 31, 2023.
Why is this money being sent to taxpayers?
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) A simple way to look at it is like this: 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 filing your 2021 tax return.
You should be receiving this money by the end of the month
According to the Colorado Department of Revenue, you should have likely gotten your payment in the mail in by now, but if you filed later, you should receive your refund by January 31st, 2023. Just visit the above link for any updates regarding your refund. It's always possible that your check went to the wrong location. Mistakes inevitably happen sometimes. If you're not sure, just contact the Department of Revenue.
What do you think of this news of this tax refund from the state?Please feel free to share your thoughts in the comments.
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