By Jennifer McRae

DENVER (CBS4)– The House Finance Committee advanced the Colorado Cashback plan on Thursday. Under the plan, individuals would receive $400 each, and couples would get $800.

The refunds are required under the Taxpayer Bill of Rights or TABOR but weren’t set to go out until next year.

File photo of a person holding money. (Photo by JUAN BARRETO/AFP/Getty Images)

File photo of a person holding money. (Photo by JUAN BARRETO/AFP/Getty Images)

“Colorado taxpayers are going to get $400 or $800 checks in September to help them afford the rising cost of living,” said Rep. Tony Exum, Sr., a Democrat representing Colorado Springs. “Families who are struggling will get more money back, and they’ll get it back sooner to help pay for gas, groceries, rent and everyday necessities. We’re delivering this relief as soon as we can because people are struggling now, and we can give it back in a fair and more equitable way that helps people sooner.”

Gov. Jared Polis told CBS4 last month that if the state Legislature passes the bill, he’ll put the checks in the mail. Now that timeline is looking like September.

The governor said Colorado has recovered more jobs than it lost during the pandemic, and our economy is so strong, revenue will exceed what the state’s allowed to spend under TABOR by about $1.4 billion. The legislature has to either issue a refund or ask voters to keep the money.

Jennifer McRae