Colorado taxpayers can expect to receive at least $750 in the mail this summer through the Colorado Cashback Rebate — up from the previous $500 estimate.

Residents who file state taxes by June 30 are now expected to get $750 for individual tax filers and $1,500 for joint filers, Gov. Jared Polis announced on Tuesday. Polis said the increased rebate amounts — which were $500 for individual filers and $1,000 for joint filers in May — are thanks to June economic forecasts showing higher state revenue than initially projected.

“We are providing real relief when Coloradans need it most,” Polis said. “Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of our state.” 

Polis said 3.1 million Coloradans will receive the refund directly in the mail in August or September. If filing after June 30 but by the extended filing deadline on Oct. 17, they’ll get their check in January.

The Colorado Cashback Rebate is an expenditure of the 2023 Taxpayer’s Bill of Rights refund, paying back up to 85% of excess state revenue collected last year. The rebate was created by Senate Bill 233, signed into law in May, which Colorado lawmakers passed during the legislative session.

“I am incredibly proud to see that those urgently needed relief checks have increased,” said Sen. Nick Hinrichsen, D-Pueblo, who sponsored the bill. “Pandemic-induced inflation has caused Colorado families to spend more of their hard-earned paychecks while getting far less for their money in return. … (This is) giving folks more financial freedom to fill up their tank, put food on the table, buy school supplies, and pay their bills.”

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The June economic forecasts responsible for the rebate increase predict that Colorado’s general fund revenue will reach $17.43 billion by the end of the fiscal year on June 30 — up $1.37 billion compared to the March forecast, according to Legislative Council staff.

New estimates from the Office of State Planning and Budgeting also increased by $1 billion compared to its March forecast, though the office predicts the general fund will reach $17.2 billion.

“Today’s forecast shows that our economy is making a bold recovery with unemployment rates falling to pre-pandemic levels, nearly all sectors thriving, and Colorado’s employment gains outpacing the nation,” said Joint Budget Committee Chair Rep. Julie McCluskie, D-Dillon. “I’m proud of the fiscally responsible decisions we made to power the Colorado comeback and position our state to compete.”

Every full-time Colorado resident who was at least 18 years old on Dec. 31, 2021, can file a tax return to claim the rebate even if they did not have taxable income. Taxpayers will receive equal payments, regardless of income.

To check or update the address the rebate checks will be mailed to, residents should visit colorado.gov/revenueonline. For more information about the Colorado Cashback Rebate, visit tax.colorado.gov/cash-back.

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