This month, the Colorado Department of Revenue joins the likes of other states across the nation in delivering stimulus payments. Stimulus payments are intended to promote economic spending in times of low spending due to periods of increases expenses and inflation. The payments are also intended to provide immediate financial relief to those who qualify in order to relieve them of expenses which need to be paid for.
Cold winters means increased heating expenses
As fall comes to a close and the country enters winter, some states will have to start bringing out their winter clothes and jackets to prepare for another few months of cold, rain, wind, and snow. Colorado experiences a variety of weather conditions in winter. While winters can be mild with some locals even sporting t-shirts in the middle of January, it can quickly change to below 0 degrees Fahrenheit with raging blizzards and snow. Colorado is of course famous for their ski location, Aspen, which sees a variety of celebrities and locals take their winter vacation in the snowy mountains.
The stimulus payments are intended to help cover key expenses such as rent and utilities as well as heating costs which are expected to increase when winter hits. The program is particularly intended to target low-income households as well as the elderly and disabled residents who are more vulnerable to increases in expenses. If you are already receiving Social Security or other social welfare program payments, you can still qualify to receive the stimulus payments.
$1,600 in stimulus payments to be distributed to qualifying residents
If you qualify to receive the stimulus payments, you can expect to receive a $1,600 payment. The first round of payments were already released on October 5th earlier this month, however applications to apply for the one-time stimulus payments are set to remain open until December 25th 2024. If you apply now, you will have to wait 10-12 days to receive the payments. Some applicants will have also already received their payments on the 15th October when the first round of mailed checks were distributed.
The eligibility criteria to receive the $1,600 payments is not as extensive as other government programs are. This is to ensure that the payments can reach as many people as possible within the state. To qualify to receive the stimulus checks, you must earn an annual income of less than $18,206 for single filers and less than $24,345 per annum for married couples who are filing jointly.
Additional requirements are that you must have resided in Colorado for the full calendar year of 2023. You must be able to provide valid citizenship of the state and proof of intent to stay in Colorado permanently. Applicants must be over the age of 65 years old or be disabled. Tax returns from previous years must also be presented. If you do not usually file for income tax, you must still file this year to receive the stimulus payments.
Colorado varies in expenses depending on the area
Colorado is home to some of the most prolific and expensive cities in the United States such as Boulder and Aspen. The average cost-of-living per year is approximately 7% higher than the nation average, however some areas boast 4% lower than the nation average according to the Bureau of Economic Analysis. The average cost of living per year for someone living in the state amounts to $53,374.
Colorado is known for its outdoor beauty and lifestyle. The state has a strong arts and cultural scene and residents are avid and diehard sports fans of their local home teams. Summer weather is generally dry and sunny which makes it popular for athletes and other sports fanatics.
