The state of Colorado is sending out one-time checks worth up to $1,500 to millions of Americans before the end of the month.
This is part of the Colorado Cash Back rebate program, which was signed into law by Governor Jared Polis in May 2022. The rebates were initially slated to be $400 for individual filers and $800 for couples, but were later increased to $750 for individuals and $1,500 for couples.
This article will provide information on who is eligible to receive the rebates, the process of receiving them, and other states that are also issuing similar rebates.
Eligibility:
To receive the payment, Colorado residents must have been 18 years old on or by December 31, 2021, must have been a resident of Colorado for the entire 2021 income tax year, and must have filed a state income tax return.
Those who moved to the state last year are not eligible for the cash. However, those who don't file taxes could still be eligible if they applied for a property tax, rent, or heat credit rebate.
Process Of Receiving Rebates:
Taxpayers in Colorado who filed their returns by October 17 can expect to get their Colorado Cash Back rebate by January 31. The state has been issuing checks throughout this month and plans to have all the rebates sent by next week. All checks will be mailed to the last known address, as identified on your 2021 tax return, and will not be paid by direct deposit.
Rebates In Other States:
Colorado is not the only state sending out money amid historical state surpluses. In Montana, state officials have proposed $500 million in property tax rebates. Homeowners would get $1,000 for their primary residence in 2023 and 2024, totaling $2,000. The proposal is only possible because of a $2.4 billion state surplus.
Meanwhile, Massachusetts collected an extra $3 billion which went back to residents throughout the early part of December. Residents have been receiving checks worth up to 14 percent of their 2021 income.
In Pennsylvania, rebates of as much as $1,658 are being sent to select residents. Taxpayers aged 65 and older, widows aged 50 and older, and people with disabilities aged 18 and older are eligible. Rebates are only sent to homeowners who make less than $35,000 a year and renters who make less than $15,000.
Conclusion:
The state of Colorado is sending out one-time checks worth up to $1,500 to millions of Americans before the end of the month. This is part of the Colorado Cash Back rebate program, which was signed into law by Governor Jared Polis in May 2022.
The rebates were initially slated to be $400 for individual filers and $800 for couples, but were later increased to $750 for individuals and $1,500 for couples. Taxpayers in Colorado who filed their returns by October 17 can expect to get their Colorado Cash Back rebate by January 31.
What Are Your Thoughts?
Have you received the rebate yet? Do you know anyone who is eligible for the rebate but hasn't received it yet? What are your thoughts on this program? Do you know of any similar rebate programs in your state?
Share your thoughts and experiences in the comments below!
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