Colorado governor Jared Polis on Monday signed Senate Bill 233, which will send state taxpayers at least $500 by September.
An individual filer is qualified to receive a minimum of $500, while joint filers are eligible to receive a minimum of $1,000, according to KRDO in Colorado Springs, Colorado. The new law is expected to refund up to 85 percent of excess state revenue collected last year.
“We are helping Coloradans deal with inflation by getting people back their hard-earned money this summer. We are providing immediate relief for hardworking Coloradans by sending rebate checks back quickly because there’s no reason the government should hold onto your hard-earned money any longer than it has to,” Polis said in a statement.
The governor added that more than three million state residents will be in line to receive the money directly in the mail in August or September.
The refund is only available for full-time residents who file their 2021 tax returns by June 30. Those who file after that date but by the extended filing deadline of October 17 will receive their payment in January.
Meanwhile, there are several other states with excess tax revenues that have proposed their own version of tax rebates or stimulus checks to help ease the burden of inflation that has reached a four-decade high.
In New Mexico, it was reported that as many as three direct payments are on the way to help out state residents. For the first round, taxpayers who filed individually are in line to receive $250 and those who filed jointly will get $500.
Per KOAT in Albuquerque, New Mexico, the state started processing tax rebates last week—but this is “just one round of economic relief payments. Some New Mexicans will get three of them.”
“We know people, households are having a tough time keeping up with rising prices,” Charlie Moore, New Mexico Taxation and Revenue Department, told the news station.
Last week, Michigan governor Gretchen Whitmer sent a letter to leaders in the legislature proposing the “MI Tax Rebate Right Now” plan, which includes a one-time direct payment of $500.
“Let’s take advantage of our additional revenue to put money in people’s pockets and deliver real relief right now,” Whitmer said in a release. “Michiganders are counting on us to work together to provide real relief right now, so they can pay the bills and put food on the table.”
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.