MILLIONS of households will receive direct payments of up to $1,500 this summer – and most will land in the coming weeks.
While not technically stimulus checks, many states are handing out extra cash to Americans this summer.
In Colorado, residents can expect $750 per person tax refunds in the mail provided they filed their 2021 taxes.
The Colorado rebate checks are funded by taxes collected by the state that has exceeded the cap set forth in the Taxpayer Bill of Rights, also known as TABOR.
The law means that the state cannot spend more taxpayer money than it generates, so the surplus goes back to residents.
During a press conference Wednesday, Colorado Gov. Jared Polis estimated that the “vast majority” of Coloradans will receive a check by the end of next week or the week after, reports The Denver Post.
Who is entitled to the discounts?
To receive the payment this summer, residents must have filed a state income tax return before June 30, 2022.
People who file their state tax returns by October 17 will receive their rebate checks in January.
To qualify, individuals must be at least 18 years of age as of December 31, 2021 and be a full-time resident of Colorado throughout 2021.
The Colorado plan provides checks of $750 for individual taxpayers and $1,500 for people filing their taxes jointly.
When are the checks sent?
In a separate statement, Gov. Polis urged Coloradans to check their mail for their tax refunds throughout the month of August.
Treasurer Dave Young added that refunds will be hitting inboxes starting August 3.
They will then be sent out consecutively through September, meaning most should be out by September 30th.
As mentioned above, if you missed the June 30th deadline, you can expect your check early next year.
On average, about 90% of applicants submit by the April 15 deadline, with the remaining 10% submitting by the extended Oct. 17 deadline, the country said.
What about other states?
As Americans continue to grapple with financial difficulties arising from the pandemic, many states are offering direct assistance to residents.
Some states are still discussing programs to distribute money, while others have already implemented programs that will send out money later this month.
For example, Pennsylvania Gov. Tom Wolf has pushed for a program to send $2,000 in payments before the end of 2022.
Other states including Florida, Minnesota, Georgia and Delaware are also sending forms of financial assistance in August 2022.
We also round out the states with their own child tax credit programs.
Also, check out the 45 states and cities that offer up to $18,000 in monthly direct payments over two years.
https://www.the-sun.com/money/5927873/exact-week-and-month-new-direct-payments/ To the exact week and month, $750 and $1,500 worth of new direct payments are going out this summer. Do you need to act?