SB22-233 will provide relief to more than 3 million Coloradans
DENVER, CO – Governor Polis today signed legislation to expedite Coloradans’ tax refunds and provide relief as soon as possible. Under the Colorado Cashback plan, individual tax filers will receive early refund checks in September, currently estimated at $500 for individuals and $1,000 for joint filers, or even more. Final refund amounts will be determined based on updated revenue statistics.
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 file their 2021 income tax returns by June 30th, 2022, or who received a tax filing extension and file their return by the extension date, will receive a check by September 30th.
“Coloradans are feeling the pain of inflation because of the pandemic, 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 back into Coloradans’ wallets as soon as possible, making it easier for folks to afford everyday necessities like rent and groceries and helping families make ends meet during this challenging time.”
“Our state’s economic recovery will mean we send even more money back to taxpayers in September to help them afford the rising cost of living and pay for necessities,” said Exum, Sr. “In September, Coloradans will receive their early tax refund check, putting more money back into people’s pockets when they need it the most.”
“We worked hard this session to save 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.”
“From reducing property taxes to free universal preschool, we’ve worked hard this session to put more money back in people’s pockets and this law will expedite tax refunds to provide urgent relief,” said Daugherty. “Coloradans are struggling and this new law delivers relief in a meaningful way when people need it the most.”
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 state income tax rate.
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.