SB22-233 will provide relief to more than 3 million Coloradans
DENVER, CO – Democrats in the legislature yesterday introduced legislation to provide working Coloradans with expedited tax refunds. Under the proposed Colorado Cashback plan, individual tax filers will receive a flat amount of $400, and joint filers will receive $800, pushing refunds up to provide relief to Coloradans as soon as possible.
SB22-233, sponsored by Senator Nick Hinrichsen, D-Pueblo, Senator Robert Rodriguez, D-Denver, Representative Tony Exum Sr., D-Colorado Springs, and Representative Lindsey Daugherty, D-Arvada, speeds up the timeline for refund checks to help families afford basic necessities like gas and groceries. All full-time residents of Colorado who filed their 2021 income tax returns by May 31st, 2022 will receive a check under the bill as currently drafted.
“Coloradans are feeling the pain of inflation, and they need our help,” Hinrichsen said. “That’s why we’re taking action to provide immediate support to families and individuals in the form of direct relief to taxpayers. This relief will put money directly back into Coloradans’ wallets, making it easier for folks to afford everyday necessities like rent and groceries and helping families make ends meet during this challenging time.”
“With Coloradans facing rising costs from pandemic-induced inflation, supply chain challenges and global unrest, pushing for earlier refund checks will provide relief to Coloradans who are hurting now,” said Exum. “We’re accelerating the timeline so Coloradans can receive their $400 or $800 refund checks when they need it the most, putting money back into people’s pockets to help families pay for rent, groceries and other essentials.”
“We’ve worked hard this session to save working Colorado families money, and this legislation will do even more to ease the pain we’re all feeling due to rising inflation,” Rodriguez said. “As we continue building back from the pandemic, this relief will help ease the financial burden folks across our state are struggling with when they need it most.”
“With everyday essentials costing more, we’re providing Coloradans with financial relief now,” said Daugherty. “Colorado taxpayers will get $400 refund checks this September, which will add some much needed breathing room to their budgets. We know Coloradans are feeling the pinch at the pump and the grocery store, so we’re fast tracking refunds to put money back in people’s pockets as soon as possible.”
Colorado Democrats’ state stimulus plan, fair tax reform, and responsible governance combined has led to a robust economic recovery and a record state surplus that is being returned to taxpayers via this tax rebate, in addition to existing refund mechanisms including the senior homestead exemption and a temporary reduction in the rate of the income tax.
The expedited tax relief provided by SB22-233 will add to the savings from the comprehensive tax reform legislation and property tax relief passed by the legislature and signed by Governor Polis last year that is already putting money back into Coloradans’ pockets. By repealing tax loopholes for large corporations and millionaires and reducing property tax assessment rates, Democrats have secured hundreds of millions of dollars in economic assistance and tax relief for hard working Coloradans, seniors, and small businesses.