The State of Colorado has begun distributing among its taxpayers the Property Tax, Rent, Heat (PTC) rebates, which could deliver a check of up to $1,044 for qualifying residents. This tax rebate is intended to alleviate the burden of property tax, rent, and heat expenses, particularly during the harsh winter months. It is, basically, a stimulus check they can spend the way they consider correct.
The Property Tax, Rent, Heat (PTC) Rebate is designed to extend its welcoming hand to Colorado residents, irrespective of their age or physical condition, who meet specific income criteria. Its primary objective is to provide financial relief for property tax, rent, and heat expenses, thereby lessening the financial strain that these costs can impose.
Colorado’s PTC Tax Rebate of up to $1,044
If you qualify, you might be eligible to claim an annual rebate of up to $1,044. Furthermore, if you choose to apply for this rebate in 2023, you may be entitled to a refundable tax credit of up to $1,000. The impact of the Colorado Department of Revenue’s (DOR) outreach campaign is evident, with a remarkable 14% surge in applications in 2022 compared to the preceding year.
In the 2023’s PTC tax rebate, the program aims to deliver over $7 million in relief checks to Coloradans, specially seniors and individuals with disabilities that need to access affordable heating during the upcoming cold winter.
Claiming the 2022 Colorado PTC Tax Rebate – What Are the Requirements?
You may qualify for the 2022 PTC rebate if you meet the following criteria:
- You were a resident of Colorado for the entire duration of 2022, from January 1st to December 31st.
- Your total income, including all sources, did not exceed $16,925 for individuals filing as single, or $22,858 for those who filed jointly as a married couple.
- As of December 31, 2022, you fall into one of the following categories:
- You are 65 years of age or older.
- You are a surviving spouse, aged 58 or older. Please note that if you were divorced before your spouse’s passing, you do not qualify as a surviving spouse.
- You are a disabled person, regardless of age, who, due to medical reasons, was unable to engage in substantial gainful activity. Additionally, you must have been eligible for full benefits from a legitimate public or private disability plan or source throughout the entire year, from January 1st to December 31, 2022.
- You have made payments for property tax, rent, or heating bills during the designated PTC period.
- You were not claimed as a dependent on another person’s federal income tax return.
PTC Income Requirements:
|Filing Status||Income Limit for 2022|
|Married (Filing Jointly)||$22,858|