MONTE VISTA — Phones in two local tax offices have been ringing off the hook as news of another stimulus has been circulating.
Many residents of Monte Vista have called and asked if a new stimulus payment will be coming to them from the State of Colorado. There is a check coming to residents from the State of Colorado, but the check that is coming is not another stimulus check, but a rebate check that is being given to all Colorado residents who filed a state income tax return this year.
The rebate also known as Colorado Cash Back, is made possible by Colorado Taxpayer’s Bill of Rights (TABOR). This limits government spending based on inflation and growth in population, and delegates that the government must refund excess revenue that they have acquired, back to the taxpayers in the state.
In May, Governor Jared Polis made it possible for Colorado residents to obtain this rebate this year, rather than waiting until next spring for their rebates.
Beginning in August, the State of Colorado will begin mailing these rebate checks out to eligible Colorado residents. Originally, the amount of the TABOR rebate was $400 but the amount was increased due to more funds being available, each eligible Colorado resident will now receive a rebate of $750 for single filers, and $1,500 for joint filers.
To be eligible to receive a TABOR rebate check the person must be at least 18 years of age as of Dec. 31, 2021; must also have been a full year Colorado resident for 2021; you must also have filed a Colorado state income tax return for tax year 2021 no later than June 30. Exceptions for filing with the State of Colorado will be made to Colorado residents who have extensions in place. If extensions are fully filed by the Oct. 17, deadline, a TABOR rebate check will be mailed, no later than Jan. 31, 2023.
Other people who qualify for the TABOR rebate are people who have filed a property tax/rent/heat credit rebate, also known as the (PTC) Rebate for tax year 2021. These residents must have also filed their PTC Rebate by June 30 to receive the check.
Colorado will be mailing these rebate checks to your last known address on file. For taxpayers who used direct deposit as a method of payment, or a prepaid debit card, Colorado will be sending all TABOR rebates to residents by check only. TABOR rebates will not be directly deposited to bank accounts or cards.
For more information on the TABOR Rebate, visit tax.colorado.gov.