Gov. Jared Polis announced Monday each Colorado taxpayer will receive a one-time tax refund of $400, or $800 for joint filers due to a record state surplus.
As part of a proposal that will be introduced, the Colorado Dividend, all Colorado taxpayers who file their 2021 tax returns by May 31, 2022 will receive their rebate in the mail by August or September. About 3.1 million people will receive that rebate.
“That is a month’s worth of groceries for the average family in Colorado,” added Senate Majority Leader Dominick Moreno, D-Commerce City. “That is the kind of relief that we need to be providing to Coloradans right now in wake of rising inflation that we are seeing across the country and right here in our state.”
“Our resilience as a state and the steps we’ve taken to position Colorado to thrive are boosting our economy and boosting our recovery,” said House Speaker Alec Garnett, D-Denver. “This is Coloradans’ money. This is their money, and we’re making sure that we make government efficient in getting those dollars back to them as quickly as possible.”
Polis also confirmed during the press conference the surplus was enough to trigger a reduction in the income tax next year as well as additional money that is refunded through the six-tiered sales tax mechanism next April.
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