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$400 TABOR checks going to Colorado taxpayers this summer

The legally mandated cashback rebate is available to all full-time Colorado residents who file their 2021 state income tax returns by May 31.

DENVER — More than 3 million Colorado taxpayers will receive a cashback rebate through the Taxpayer's Bill of Rights (TABOR) months earlier than expected, Gov. Jared Polis (D) announced Monday.

Single filers will receive $400 and joint filers will get $800.

The cashback rebate is available June 30.

Under TABOR, which was passed in 1992, the amount of revenue governments in the state can retain and spend is limited, and excess revenue must be given to taxpayers. 

State Treasurer Dave Young said the state will hit the limit set by TABOR soon, triggering the payout.

> Watch the full news conference about the rebates here:

The Colorado Department of Revenue will ensure payments are available for checks to be sent out this summer, instead of the typically scheduled payout in spring of the following year.

All eligible taxpayers will get the rebate check mailed to them in either August or September.

About 3.1 million residents are eligible to receive checks, according to Polis' office.

RELATED: What Coloradans should know about your incoming TABOR refunds

RELATED: How Coloradans can get their $400 or $800 TABOR checks

RELATED: House OKs wildfire mitigation grant program, tax credit for Colorado homeowners

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RELATED: Don't want to wait for your tax refund next year? IRS tool can help get the money sooner

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