These checks are mainly thanks to the Colorado Taxpayer Bill of Rights, which basically means the state can’t spend more taxpayer money than it generates. Every time the state has a tax surplus and brings in more taxes than it plans to spend, that money is refunded.
Here are five things to know about the checks:
- The checks will be a tax rebate of $750 for individual filers and $1,500 for joint filers
- To be eligible for the checks you must have been 18 years old on Dec. 31, 2021, and filed a state income tax return for the 2021 tax year before June 30, 2022
- Extended filers who have a deadline of October 17, 2022, will receive the refund by January 31, 2023
- You are also eligible if you applied and qualified for a Property Tax/Rent/Heat Credit Rebate
- Your check will arrive at your last known address by Sept. 30, 2022
The Colorado Department of Revenue will be sending approximately 2.4 million checks out.