DENVER (KDVR) — The newest June budget forecast released on Tuesday shows that every Colorado taxpayer will now get a dividend of at least $750 this summer, with some families getting up to $1,500.

The rebate is part of Colorado’s Taxpayer Bill of Rights, also known as TABOR. Normally, any excess revenue generated by the government is returned to taxpayers when they file their taxes in the first quarter of the year, but this year lawmakers have approved a special payment that will be issued to taxpayers in August.

On June 13, the refund was raised from $400 per person, $800 for joint filers to $500 per person and $1,000 for joint filers.

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June budget forecast update 6/21/22

To be eligible to receive the rebate in August, taxpayers must file their 2021 tax return before June 30 or apply for the Property Tax/Rent/Heat Rebate Credit by the same date. Those who file for an extension in October should expect to receive their refund check in January.

This is a breaking news story. Please check back for updates.