Governor Jared Polis and House and Senate leadership announced that Coloradans will get a $400 stimulus check in August or September of this year.
According to a news release, the stimulus is available to full-time Colorado residents who have submitted their 2021 tax forms by May 31. The reimbursement is available to about 3.1 million Coloradans.
“Coloradans are dealing with high inflation and growing living costs, and they’re feeling the strain,” Senate President Steve Fenberg said (D-Boulder). “We can provide much-needed assistance to families and individuals this year by providing immediate relief to taxpayers. We’re putting money back into Coloradans’ wallets to help them make ends meet during this difficult time.”
According to the news release, the law will pay $400 for a single filer and $800 for a joint filer to help Coloradans cope with the growing expenses of essential goods. The state’s robust economic recovery has resulted in a “record state surplus,” with more than a 100 percent recovery rate of jobs lost during the epidemic and a 3.7 percent unemployment rate.
According to the press release, the surplus will be returned to taxpayers in various ways. The first is a lower income tax rate for next year, a senior homestead exemption, the Colorado Dividend, and a six-tiered sales tax rebate.
“Refunding $400 or $800 to every taxpayer in our state will help working and middle-class families who are feeling the pinch of growing expenses of everyday products,” said Daneya Esgar, the majority leader (D-Pueblo). “People are working longer and harder hours to obtain enough money to meet their basic needs. We realize this and are working to make our tax code more equitable.”
According to the press release, the Colorado Cashback program is the latest in a series of tax reform laws passed by the legislature and signed by Polis last year, including free full-day kindergarten.
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“Through no fault of their own, people are paying more for common necessities like petrol, groceries, and rent,” Polis added. “Rather than the government holding on to money earned by Coloradans, we want to give everyone cash as soon as possible to provide immediate relief and enable individuals to do whatever they wish with their money.”
