There has been some confusion about a potential $1,112 stimulus payment in 2024 for residents of Colorado, specifically linked to the state’s Property Tax, Rent, and Heat Rebate (PTC) Program.
This program provides financial relief to qualifying residents, particularly senior citizens and disabled individuals, to help offset the burden of property taxes, rent, and heating costs.
Let’s break down the details to clarify the situation, eligibility, and how to claim the payments.
What Is the $1,112 Stimulus Payment?
The $1,112 payment is part of the PTC Rebate Program in Colorado. It’s not a stimulus check in the traditional sense but rather an annual tax rebate program aimed at providing financial assistance to low-income residents, particularly seniors and disabled individuals.
The maximum rebate a person can receive under this program is $1,112 per year, and payments are usually distributed in installments.
The upcoming payments in October 2024 and December 2024 are part of this rebate, with the total annual rebate amount depending on income and application details.
Additional TABOR Refund in 2024
In addition to the PTC rebate, Colorado residents may also qualify for a TABOR refund, which provides further relief to taxpayers in the state.
In 2024, this refund is capped at $1,600 for joint filers and $800 for single filers if the application was submitted before the April 15, 2024, deadline.
Payment Schedule for 2024
The $1,112 PTC rebate is divided into four payments throughout the year. Two installments have already been paid, and the remaining two payments are scheduled for October and December.
If you have already applied and been approved, you should see the next payment in October 2024.
For those filing earlier, the full amount of $1,112 will be available, but eligibility is based on income and other financial factors.
Eligibility Criteria
To qualify for the Colorado PTC Rebate Program, applicants must meet certain eligibility criteria:
- Residency: You must have lived in Colorado for at least one year.
- Age: You must be 65 years or older (for single filers). For married couples, the spouse must be at least 58 years old. Disabled individuals can apply at any age.
- Income: The program is available to low-income residents. The income thresholds for 2024 are:
- Single applicant: Must earn less than $18,026 annually.
- Joint filers: Must earn less than $24,345 annually.
- No Other Tax Rebates: You must not be receiving any other tax rebate from the federal government.
How to Apply for the $1,112 PTC Payment
Eligible residents can apply for the PTC rebate online through the Colorado Department of Revenue. Here’s a step-by-step guide to apply:
- Visit the official Colorado Department of Revenue PTC Rebate website: https://tax.colorado.gov/PTC-rebate.
- Select the language of your choice (English or Spanish) to access the application form.
- Complete the form with your personal and income details.
- Attach any relevant documents, such as proof of residency and income.
- Submit the form either online or by mail.
If you have applied in the last two years, the online application system is available. New applicants must submit their forms by December 31, 2025, to qualify for the 2024 rebate.
Is This a Stimulus Payment?
The term “stimulus payment” is somewhat misleading in this context. The $1,112 is not a traditional stimulus check but part of the Colorado PTC Rebate Program, which provides annual financial relief for eligible individuals.
This rebate is designed to help low-income individuals and families with property taxes, rent, and heating costs.
Important Dates
| Event | Date |
|---|---|
| Next PTC Payment | October 2024 |
| Final PTC Payment (for 2024) | December 2024 |
| Deadline to apply for 2024 rebate | December 31, 2025 |
| TABOR Refund Deadline | April 15, 2024 |
The $1,112 payment being referred to is part of the Colorado Property Tax, Rent, and Heat Rebate Program (PTC).
It is available to qualifying low-income residents, particularly seniors and disabled individuals. The next payments will be made in October and December 2024.
For those interested in applying, make sure you meet the eligibility requirements and submit your application before the December 31, 2025 deadline.
If eligible, you can also receive additional support through the TABOR refund program.
FAQs
What is the maximum payment under the Colorado PTC rebate?
The maximum annual rebate is $1,112.
Who qualifies for the PTC rebate?
Low-income seniors (65+), disabled individuals, and married couples with an income below the threshold.
When are the next PTC payments scheduled?
The next payments will be made in October and December 2024.
Is this a new stimulus payment?
No, this is an annual tax rebate under the Colorado PTC Program, not a new stimulus.
How do I apply for the rebate?
You can apply through the Colorado Department of Revenue website, or by submitting a paper application with the required documentation.
