Colorado residents who are qualified can receive up to $1112 per year in rebate payments and may be eligible for an additional TABOR refund of up to $1,600. Particularly beneficial is the fact that those who do not have a Social Security Number (SSN) or individual taxpayer identification number (ITIN) can still submit an application. With the submission of the Application for Alternate Identification Number (form DR 0019), they are still able to benefit from this financial relief.
Only those who are full-year Colorado residents and aged 65 or above, except for surviving spouses aged 58 or above, or individuals of any age with approved disabilities, are eligible for the PTC rebate.
The program sets particular income ceilings—$18,026 for those filing single and $24,345 for married couples filing jointly—to guarantee that the financial aid reaches those who need it. Alongside the age, income, and residency prerequisites, applicants need to have paid property taxes, rent, or heating expenses during the qualifying period.
Submitting the application is not difficult. Upon completing the required form (DR 0104PTC), you can either provide it to a Colorado Department of Revenue Taxpayer Service Centre or mail it to the department’s office in Denver. Make sure your application address corresponds to the one on your Colorado ID or driver’s license to prevent delays.
Also Read: $1300 Stimulus Check for Minnesota Residents in 2024: Are You Eligible?
When could you receive a PTC Rebate payment in October?
Within this page, you can find payment schedules designed in accordance with the submission and approval of your application. The state allocates funds on a pay-as-you-go basis at intervals determined by the date you get approved. For example, if your application was approved before or on the 10th of September 2024, the first payment will be processed on or before October 5th and the second on or before the 15th of the same month.
Direct deposit is recommended because you will get quicker access to these funds, while paper check payees will have payment dates that are slightly delayed.
If you are one of those hoping for the quickest rebate possible, it is advisable to submit your application form in January or at the beginning of February.
Please keep in mind that the state does not recommend enquiring about the status of your rebate over the phone prior to the payment dates, as representatives will not have any information until the rebate processing is completed. In case of an application denial, the department will send you a denial notice via mail.