Colorado has started to distribute payments of up to $1,044 to needy residents in the state this week.
$1,044 Relief Checks
The Property Tax, Rent, Heat Credit (PTC) Rebate is an annual program that provides financial aid to low-income and elderly individuals to help pay for energy bills and other essential expenses, including rent. Those who apply this year could receive a maximum of $1,000 in refundable tax credit.
The PTC is paid in installments, with the first payment going to those who had their applications approved or processed before March 10. The state has already sent out direct deposits to those applications that were processed before the deadline. Those who opted for paper checks will start receiving their payments on April 15.
Eligibility for the $1,044 Relief Checks
To be eligible for the payment this week, individuals must have lived in Colorado between January 1 and December 31, 2022, and have a total income that does not exceed $16,925 for single filers or $22,858 for married couples filing jointly.
They must also meet one of the following criteria: be 65 years of age or older, be a surviving spouse aged 58 or older, be a disabled person of any age who was unable to engage in any substantial gainful activity for medical reasons, have paid property tax, rent, or heating bills during the PTC period, and not have been claimed as a dependent on someone else’s federal income tax return.
Eligible individuals who have not yet applied can do so online through the Colorado Department of Revenue, and they can check their status using an account with the agency.
Other Schedule to Receive the Relief Checks
It is worth noting that April is not the only month when the state will send out payments. The payment schedule will depend on when the application was approved and processed, as well as the payment method chosen.
Those whose applications were approved and processed before June 10 can expect direct deposits on July 5 or paper checks on July 15.
Those whose applications were approved and processed before September 10 can expect direct deposits on October 5 or paper checks on October 15.
Those whose applications were approved and processed before December 10 can expect direct deposits on January 5 or paper checks on January 15.
For those who applied before December 31, the direct deposit date will be 10 weeks after receipt, and the paper check date will be 12 weeks after receipt. Therefore, individuals are encouraged to apply as soon as possible to receive their payments sooner.