Coloradans Receiving Tax Windfall Later this Year

Jared Polis

With the recent signing of Senate Bill 233, Colorado taxpayers will be at least $500 mailed to them by the state this September.  Governor Jared Polis signed the bill into law on Monday, May 23^rd.

Under the bill, 85% of excess state revenue collected in 2021 will be used for the rebate which usually goes into effect for a tax break next spring, 2023.  However, this bill will send the checks out to Colorado taxpayers several months short of the November 2022 election.

The actual amount will be determined on state revenue, although the best estimate is at $500 for individuals and $1,000 for those filing a joint return and the amounts have no bearing on a person’s income.

Approximately 3.1 million residents can receive the refund directly in the mail and is available for full-time residents who file their 2021 returns by June 30^th.  Those filing after that, but before the extended filing date of October 17^th, will receive their tax refund in January.