Stimulus checks from Colorado: Gov. Polis signs bill to send up to $ 1,000 TABOR refunds early
Stimulus checks from Colorado: Gov.  Polis signs bill to send up to $ 1,000 TABOR refunds early

Stimulus checks from Colorado: Gov. Polis signs bill to send up to $ 1,000 TABOR refunds early

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State stimulus control continues to flow, and the latest to join list is Colorado. Governor Jared Polis recently signed a bill that would send up to $ 1,000 stimulus checks from Colorado to its residents. Originally, the maximum approved refund was $ 800, but it has now been increased due to revenue data.

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Stimulus check from Colorado: Who gets them?

On Monday, Governor Polis signed a bill (Senate Bill 233), which would send TABOR refunds to tax applicants. Individual filers will be eligible for up to $ 500, while co-filers will receive up to $ 1,000 if they have filed their 2021 tax return. These stimulus checks from Colorado are part of the state’s Cash Back plan.

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The new bill is expected to reimburse up to 85% of the excess government revenue collected last year back to taxpayers. Specifically, the bill would give Coloradans, who filed their tax returns by June 30, an early refund due to the Taxpayer Bill of Rights (TABOR).

As a result, those who have submitted their returns by June 30 will receive stimulus check from Colorado in August or September instead of next spring. Those who submit their tax return after June 30, but before the October 17 deadline, will receive refund checks in January 2023.

“We are providing immediate relief to hard-working coloradans by sending rebate checks back quickly because there is no reason for the government to hold on to your hard-earned money any longer than it should,” Governor Polis said in a statement.

Initially the amount approved for individual files was $ 400 ($ 800 for shared files). Recent revenue data, however, pressured lawmakers to raise the amount of the stimulus check. It is also possible that the final refund amount may be even higher depending on the returns. According to an estimate from the governor’s office, about 3.1 million taxpayers could be eligible for an early repayment.

TABOR: What is it?

TABOR or the Taxpayers’ Bill of Rights requires the state to reimburse the excess revenue if the state exceeds its constitutional expenditure limit. There are three reimbursement mechanisms under TABOR, including a refund of sales tax, a temporary reduction of the income tax rate and reimbursement to counties for the exemption for senior housing.

However, the bill, signed by Governor Polis, provides for a temporary fourth TABOR reimbursement mechanism for the financial year 2021-22. Under the fourth TABOR reimbursement mechanism, the state is obliged to send reimbursement checks to eligible taxpayers if “the amount of excess state revenue exceeds the expected total amount of TABOR reimbursements issued as reimbursement to counties for the exemption for senior homestead and if it is relevant, through the temporary reduction of income tax. “

For the purposes of the bill, a “qualified person” is a person who is at least 18 years old on or before December 31, 2021, is resident in the state throughout the 2021 income tax year and has filed a tax return for 2021 or receive property tax, rent or heating credit rebate.

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