Senate Approves Legislation to Provide Coloradans Expedited Tax Relief

SB22-233 will provide relief to more than 3 million Coloradans

DENVER, CO - The Senate today gave final approval to legislation that will provide working Coloradans with expedited tax refunds. Under the proposed Colorado Cashback plan, individual tax filers will receive a flat amount of $400, and joint filers will receive $800, pushing refunds up to provide relief to Coloradans as soon as possible.

SB22-233, sponsored by Senator Nick Hinrichsen, D-Pueblo, and Senator Robert Rodriguez, D-Denver, speeds up the timeline for refund checks to help families afford basic necessities like gas and groceries. All full-time residents of Colorado who filed their 2021 income tax returns by June 30th, 2022 will receive a check under the bill as currently drafted.

“Coloradans are feeling the pain of inflation, and they need our help,” Hinrichsen said. “That’s why we’re taking action to provide immediate support to families and individuals in the form of direct relief to taxpayers. This relief will put money directly back into Coloradans’ wallets, making it easier for folks to afford everyday necessities like rent and groceries and helping families make ends meet during this challenging time.”

“We’ve worked hard this session to save working Colorado families money, and this legislation will do even more to ease the pain we’re all feeling due to rising inflation,” Rodriguez said. “As we continue building back from the pandemic, this relief will help ease the financial burden folks across our state are struggling with when they need it most.”

Colorado Democrats' state stimulus plan, fair tax reform, and responsible governance has led to a robust economic recovery and a record state surplus that is being returned to taxpayers via this tax rebate, in addition to existing refund mechanisms including the senior homestead exemption and a temporary reduction in the rate of the income tax.

The expedited tax relief provided by SB22-233 will add to the savings from the comprehensive tax reform legislation and property tax relief passed by the legislature and signed by Governor Polis last year that is already putting money back into Coloradans’ pockets. By repealing tax loopholes for large corporations and millionaires and reducing property tax assessment rates, Democrats have secured hundreds of millions of dollars in economic assistance and tax relief for hard working Coloradans, seniors, and small businesses.

SB22-233 will now move to the House for further consideration. Track the bill’s progress HERE.