Colorado will be receiving up to $1,500 in tax refunds under Taxpayer’s Bill of Rights (TABOR). Originally, the refunds were $400 per taxpayer, but because of Colorado’s developing economy, the tax refunds have increased.
Due to the amendment to Taxpayer’s Bill of Rights (TABOR), the government of Colorado has been required to return the surplus of the state’s revenues. Originally, tax refunds amounted to only $400 for each taxpayer. However, because of Colorado’s developing economy, the tax refunds have increased to $750 for every single filer and $1,500 for married couple that has filed jointly.
According to Metzger, taxpayers have filed their 2021 income tax returns on June 30 last year, the tax refunds should have already been received last September 30. However, for those who went filed for an extension by October 17, the tax refunds will be received by the end of this month.
Who is eligible for these tax refunds?
According to Metzger, unlike other states who require income limitations on their eligibility criteria, Colorado only requires applicants to be aged at least 18 by the end of 2021. Applicants must also have been residents of Colorado for the whole of 2021. Lastly, they must also have filed 2021 income tax return or have applied for property tax, rent, or heat credit rebates.
Even if a taxpayer has moved out of Colorado in 2022, as long as they have filed an income tax return in 2021, they would still qualify to receive the tax refunds. Dependents of the filers could also receive tax refunds as long as the tax returns have been filed by October 17. If the taxpayer has unpaid taxes, child support responsibilities, or any government obligation, the tax refunds may be deducted to pay for them.