(The Center Square) – Coloradans who filed taxes for last year can expect to see $500 refunds later this summer thanks to legislation that Governor Jared Polis signed into law Monday. 

Senate Bill 22-233 creates the Colorado Cash Back Plan, which advances taxpayer refunds required under the Taxpayer's Bill of Rights to September rather than being paid out in spring 2023.

Individuals and dual filers who file their 2021 income tax returns by June 30 will receive $500 checks and $1,000 checks, respectively, by September 30. 

“This is really important because costs have gone up and we want to make sure that Coloradans can hold on to more of their hard-earned money,” Polis said during a press conference. 

Lawmakers originally proposed issuing $400 refunds per individual tax filer and $800 per couple, but the totals were raised after the state finished the accounting for April’s tax revenues, Polis said. 

The governor added that there may be room for the tax rebates to grow if May’s revenue figures show continued growth. 

“People are paying more for everyday items like gas, groceries, and rent through no fault of their own,” Polis said. “Instead of the government sitting on money that Coloradans earned, we want to give everyone cashback as quickly and easily as possible to provide immediate relief and empower people to do what they want to with their money.”

Prices in the Mountain West and in the Denver metro area have outpaced national consumer prices, according to the latest data from the Bureau of Labor Statistics. 

In April, prices in the Mountain West region increased by 0.7 percent compared to the national average of 0.3 percent. Prices in Denver are up more than 9.1 percent over the last 12 months while the national inflation rate is up by 8.3 percent.