Up to $1,500 stimulus payments will be received by residents of Colorado until 2023. The payments were originally $400 per recipient, but due to Colorado’s developing economy, the amount increased, says Notheis.
The government of Colorado is obliged to give any excess of the collected revenues back to its residents. This is due to the amendment to the Taxpayer’s Bill of Rights (TABOR) of Colorado. The stimulus payments were originally only $400 for each eligible filer. However, due to Colorado’s developing economy, the amount has increased to $750 for every individual filer. For joint filers who are eligible, $1,500 will be received.
The stimulus payments should have already been received last September 30. This is if taxpayers have filed their 2021 income tax returns last June 30. However, for those who have filed their income tax returns on October 17, stimulus payments will be received later, by January 31, 2023.
Who is eligible for these stimulus payments?
According to Notheis, in contrast to other states who have limitations on who are eligible to receive stimulus payments, recipients in Colorado only need to be at least 18 by the year 2021. Recipients must also be residing in Colorado for the whole year of 2021. Lastly, recipients must have filed a 2021 income tax return or have applied for property tax, rent, or heat credit rebate.
If a filer has left Colorado in 2022 but has filed an income tax return in 2021, they would still be qualified to receive the stimulus payments. For filers who have dependents, they could also receive stimulus payments considering income tax returns are filed on October 17. If the filer has unpaid taxes, child support liabilities, or any debt toward the government, the stimulus payments may be deducted to pay for them. According to Colorado’s Department of Revenue spokesperson, Colorado’s stimulus payments are actually reimbursements from sales taxes and not income taxes.