For those of you who pay taxes in Colorado, here’s some good news. The state of Colorado will send you a tax refund of $750 to $1500 within the next two weeks if you’re eligible.
The intention is for this programme to assist mitigate the effects of inflation in the state of Colorado.
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Details are as follows: Residents of Colorado who submitted their 2021 DR 0104 by October 17, 2022, will receive their cash back by January 31, 2023, per Senate Bill 22-233.
For What Purpose is This Sum Being Forwarded to Taxpayers?
The state legislature of Colorado has passed a statute mandating a refund of any funds received in excess of the cap for a given fiscal year.
TABOR is an acronym for the Taxpayer’s Bill of Rights in Colorado. (source) Basically, Colorado has amassed too much tax revenue and is returning some of it to residents.
A full-time Colorado resident with a Colorado address is required to receive the return. As a corollary, you must spend the better part of each year in the Centennial State.
Filing your tax return in 2021 is how you prove eligibility.
By the End of the Month, You Should Have Received This Sum.
If you filed on time with the Colorado Department of Revenue, you should have received your refund by now; if you submitted it later, it is expected that you will receive it by January 31, 2023.
To check on the status of your refund, just click the above link. Your check may have been delivered to the wrong address.
A few slip-ups are to be expected at any given moment. Get in touch with the IRS if you have any doubts.
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