DENVER – Colorado Gov. Jared Polis on Monday signed the bill that will send TABOR refunds of $500 for individual filers and $1,000 for joint filers by the end of the summer if they file their 2021 tax returns.
Under the Colorado Cash Back plan, the refunds were originally going to be $400 for individual and $800 for joint filers, but they have since been bumped because of revenue data. Lawmakers said the final refunds could be even more depending on how May revenue turns out in June.
The bill, SB22-233, signed by Polis essentially will give Coloradans who file last year’s tax returns by June 30 an early refund because of the Taxpayer Bill of Rights. People who file by June 30 will receive their refund check in August or September instead of next spring.
The governor’s office estimates about 3.1 million people will be eligible for the early refund.
“We are providing immediate relief for hardworking Coloradans by sending rebate checks back quickly because there’s no reason the government should hold onto your hard earned money any longer than it has to,” Polis said in a statement.
Democrats have said they wanted to pass the measure to get more money into people’s pockets while the country deals with inflation and Colorado’s increasing cost of living. But Republicans and some others have criticized the move, calling it a political move in an election year.
“This relief will put money back into Coloradans’ wallets as soon as possible, making it easier for folks to afford everyday necessities like rent and groceries and helping families make ends meet during this challenging time,” Sen. Nick Hinrichsen, D-Pueblo, who was one of the bill’s sponsors, said in a statement.
