New Bites – June 23, 2022
Tuesday, Governor Polis, Lieutenant Governor Dianne Primavera, Treasurer Dave Young, and the Colorado Department of Revenue (DOR) announced Colorado taxpayers will get more of their tax money back with $750 going back to individuals and $1,500 to joint filers this summer. Coloradans have until June 30, 2022 to file their taxes to receive the tax rebate this summer. These tax rebates are money already owed to Coloradans and are getting back to them nearly a year quicker thanks to a bipartisan law signed by Gov. Polis and sponsored by Sen. Nick Hinrichsen, Sen. Robert Rodriguez, Rep. Tony Exum, and Rep. Lindsey Daugherty.
The source of refunds comes from the excess revenue above the Taxpayer’s Bill of Rights (TABOR) revenue cap due to the state’s recovery after the pandemic.
“We are providing real relief when Coloradans need it most. Everyone in our state is feeling the impact of rising costs, and I refuse to let the government sit on taxpayers’ money when it could be used to make life a little bit easier for the people of our state. I am thrilled that due to our strong economy, Coloradans will be receiving nearly double what we initially hoped, with $750 for individuals and $1,500 for joint filers,” said Gov. Polis.
This April, Governor Polis, in partnership with the legislature, announced that Colorado taxpayers would receive the tax rebate this summer, then estimated at $400 for individuals and $800 for joint filers. Colorado’s strong economic performance, with a 3.5% unemployment rate, and second in the country for job participation rate, means that Coloradans will now receive $750 for individuals and $1,500 for joint filers in tax rebates.
In a statement Gov. Polis urged taxpayers to file taxes by June 30, 2022 to receive the tax rebates this summer. Taxpayers who file on an extension by October 17, 2022 will receive the tax rebates in January 2023.
According to the survey of households, Colorado’s seasonally adjusted unemployment rate fell one-tenth of a percentage point in May to 3.5 percent. This marks the lowest rate since February 2020, when it was 2.8 percent. The national unemployment rate was 3.6 percent in May, unchanged from the prior two months.
Other highlights from the household survey:
- Colorado’s labor force grew by 15,400 in May to 3,240,700. The share of Coloradans participating in the labor force improved to 69.4 percent last month, the highest rate since March 2020. May also marks the first time since 2012 that the state’s participation rate has exceeded 69 percent for two consecutive months.
- The number of individuals employed in Colorado increased by 17,200 in May to 3,126,100, which represents 66.9 percent of the state’s 16+ population. Colorado’s employment-to-population ratio is at its highest level since November 2019, which was also 66.9 percent.
- The Colorado counties with the highest unemployment rates in May were: Huerfano (5.4%), Pueblo (4.9%), San Miguel (4.6%), Las Animas (4.3%), and Fremont (4.2%). County-level unemployment rates are not seasonally adjusted and are directly comparable to Colorado’s May unadjusted rate of 3.0 percent.
Saturday June 18, the Centers for Disease Control and Prevention (CDC) gave final approval for use of Pfizer COVID-19 vaccine for children six months through four years old and Moderna COVID-19 vaccine for children six months through five years old. This announcement came after the CDC’s Advisory Committee on Immunization Practices unanimously recommended use of the both vaccines in this younger population, and following FDA’s amendment of the emergency use authorization for both vaccines.
Colorado will receive enough vaccines so any parent or guardian who wants to get their young children vaccinated will be able to get them. Vaccines will be distributed in waves with deliveries possibly occurring this month. Colorado has been allocated 31,600 doses of both Moderna and Pfizer vaccine for both waves 1 and 2 and 269 providers have already placed orders.
The Pfizer vaccine for younger children is three doses, and the Moderna vaccine is two doses. Both vaccines went through clinical trials to make sure they are reasonably safe and work well for this younger age group. COVID-19 vaccines can be given at the same time as other routine childhood vaccines, like MMR, tetanus, and polio.
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