As a result of Colorado's tax law, millions of residents will receive $1,500 in the next few weeks.

2.4 million checks will be sent out by the Colorado Department of Revenue starting in August 

Taxpayers who file individually will receive $750, while those who file jointly will receive $1,500.

A state law says Colorado cannot spend more taxpayer money than it generates, so the surplus goes back to the people.

A bill signed by Governor Jared Polis earlier this year gives taxpayers an even refund rather than a proportional one.

As a result of this bill, the state will begin sending out checks on August 1, rather than in the spring of 2023 as was originally planned.

By September 30, state officials expect to receive all payments.

Who is eligible?In order to qualify for the payment, residents must be 18 years old 

On December 31, 2021, and have filed a state income tax return by that date.

Eligible residents include those who applied for and qualified for a Property Tax/Rent/Heat Credit (PTC) rebate.

Applicants must have been full-time residents in 2021 to qualify.

Jointly filed returns that have since been divorced will be mailed a check to the address on the return.

State paymentsIn Colorado, the state has introduced a child tax credit that offers similar support to the federal program.

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