Governor Jared Polis signed a new law (Senate Bill 22-233) on May 23, 2022, to enact an early CO TABOR surplus refund for the fiscal year 2021-2022. This program is also known as the Colorado Cash Back. Under this new law, eligible Coloradans will receive an advance on their tax rebate beginning in August 2022 instead of Spring 2023.
Under the Colorado Cash Back program, you may qualify for the tax rebate if:
- You were at least 18 years old on December 31, 2021,
- You were a full-year resident of the state of Colorado in 2021, and
- You either:
- File a Colorado state income tax return for the 2021 year by June 30, 2022 (or on an extension by October 17, 2022), or
- Apply and qualify for the Property Tax/Rent/Heat Credit (PTC) Rebate for the 2021 grant year by June 30, 2022.
Eligible individuals will receive an advance tax refund of $750 for Single filer and $1,500 for Joint filer. The Colorado Department of Revenue will mail checks to the last known address on record. Individuals can confirm or change their mailing address by creating an account on Revenue Online or submitting a completed Form DR 1102 Address or Name Change Form.