DENVER, CO – The House Finance Committee today advanced the Colorado Cashback plan, sponsored by Representatives Tony Exum, Sr. and Lindsey Daugherty, that will send every Colorado taxpayer an early refund of $400, or $800 for joint filers, as soon as possible.
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“Colorado taxpayers are going to get $400 or $800 checks in September to help them afford the rising cost of living,” said Rep. Tony Exum, Sr. D-Colorado Springs. “Families who are struggling will get more money back, and they’ll get it back sooner to help pay for gas, groceries, rent and everyday necessities. We’re delivering this relief as soon as we can because people are struggling now, and we can give it back in a fair and more equitable way that helps people sooner.”
“We’re saving families money everywhere we can with free universal preschool, property tax relief for every homeowner and business, more affordable housing, more affordable health care and prescription drugs, and with this legislation, we’ll send taxpayers $400 or $800 refund checks early this September,” said Rep. Lindsey Daugherty, D-Arvada. “We know the pandemic has led to higher prices on everyday necessities, like gas and housing. We’re putting money back into people’s pockets as soon as possible to provide relief when they need it the most.”
SB22-233, which passed the committee by a vote of 9-2, speeds up the timeline for refund checks to help families afford basic necessities like gas and groceries and ensures a more equitable distribution of refunds. All full-time residents of Colorado who either file their 2021 income tax returns, are granted an extension or apply for a PTC rebate by June 30th, 2022 will receive a $400 check, or $800 for joint filers.
Colorado Democrats’ 2021 state stimulus plan, fair tax reform, and responsible governance have led to a robust economic recovery and a record state surplus that is being returned to taxpayers early via this tax rebate, in addition to existing refund mechanisms including the senior homestead exemption, a temporary reduction in the rate of the income tax and the six tier sales tax refund.
The expedited tax relief provided by SB22-233 will add to the savings from the comprehensive tax reform legislation and property tax relief passed by the legislature and signed by Governor Polis last year that is already putting money back into Coloradans’ pockets. By repealing tax loopholes for large corporations and millionaires and reducing property tax assessment rates, Democrats have secured hundreds of millions of dollars in economic assistance and tax relief for hard working Coloradans, seniors, and small businesses.