As inflation continues to stay elevated across the country, Gov. Jared Polis announced last month that millions of Coloradans are in line to receive a $400 payment this summer via the Colorado Cashback program.

Now, there is even more good news on the way for state residents. KKTV in Colorado Springs, Colorado, has confirmed with the Colorado House Democratic Communications Director Jarrett Freedman that the rebate checks could potentially increase to $500 per individual.

“We are certain based on conversations with DOR [Department of Revenue] and OSPB [Office of State Planning and Budgeting] that the rebate checks will increase, and we believe we’ll have a solid number to report by the date the bill is signed,” Freedman told the news station. “The administration estimates it will be at least $500 for single filers and $1,000 for joint filers,” he continued.

KKTV noted that an amendment was added on the third reading to allow the amount of early refunds to increase if revenues came back higher than expected. Early estimates are showing that this will be the case.

“Colorado’s strong economic recovery means we can send even more money back to taxpayers in September to help them afford the rising cost of living and pay for necessities like gas, groceries and rent,” said the bill’s sponsor Rep. Tony Exum, Sr. (D-Colorado Springs). “We’re excited that based on positive economic indicators, we will be able to boost the amount of the early refund checks Coloradans will receive in September. People are struggling now, so we are delivering this urgent relief as soon as we can in a fairer and more equitable way,” he added.

Similar to Colorado, several other states have proposed their own version of tax rebates and stimulus checks to tackle red-hot inflationary pressures seen across the nation. For example, many Missouri taxpayers could receive a one-time refund of up to $500 per individual under a plan endorsed by state senators. The rebates will be limited to taxpayers earning $150,000 or less or $300,000 for a married couple. 

Meanwhile, in a rebate program proposed by lawmakers in Hawaii, taxpayers earning less than $100,000 per year and their dependents will be on the receiving end of a $300 payment. For those who earn more than six figures annually, they will receive $100.

In Pennsylvania, Gov. Tom Wolf is pushing lawmakers to disburse $2,000 checks for state families with incomes of $80,000 or less; state lawmakers in Maine recently approved a budget that includes $850 stimulus checks for an estimated 858,000 residents; residents of New Mexico can now expect to receive cash rebates of between $500 and $1,000; and Minnesota gov. Tim Walz is calling for direct payments in the amount of $500 for single tax filers who earn less than $164,400 and $1,000 for couples who earn less than $273,470.

Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters