DENVER — More money is coming your way.
Colorado Governor Jared Polis announced Tuesday, June 21 from the Governor’s Office that in late August, individual tax filers will receive refund checks of $750; joint filers can expect $1,500.
The money comes from a clause in the Colorado Taxpayer Bill of Rights (TABOR), which gives the state legislature power to determine how to refund excess tax revenue to those who pay it.
Polis initially announced the cashback rebate in April of this year. At the time, the governor said individual filers would receive a $400 rebate and joint filers would receive $800. However, a better-than-expected tax revenue at the end of this fiscal year — The Colorado Sun reports that there is $1 billion more in tax revenue in excess of the TABOR cap than was previously expected — means Coloradans will be getting more money in their rebate.
Taxpayers who filed their 2021 returns before June 30 are eligible to receive the rebate. Polis said people will receive the money in August.
“It’s a weird time, because our economy is doing so well, and yet everybody is feeling the pressure of increased prices,” Polis said. “And so the fact that we’ve done so well has allowed us to increase the amount of this refund.”
You can watch the governor's full comments below.