THOUSANDS of Americans are set to receive additional financial support to kick off the New Year, courtesy of Colorado’s annual Property Tax, Rent, Heat Credit (PTC) Rebate program. (Photo: CNET)
Find Out The Additional Economic Relief to Qualified Individuals
THOUSANDS of Americans are set to receive additional financial support to kick off the New Year, courtesy of Colorado’s annual Property Tax, Rent, Heat Credit (PTC) Rebate program. This initiative aims to assist eligible residents in managing household expenses during the winter season and beyond, as indicated by the Colorado Department of Revenue.
If you applied for the 2023 PTC, you may be eligible for a refundable tax credit that could reach up to $1,000. Those who were approved before 2023 could receive a rebate worth up to $1,044.
To accommodate the high demand, Colorado has been dispersing multiple rounds of payments based on the approval and processing dates of the applications. The next round of PTC payments is scheduled for January for those whose applications were approved and processed by December 10.
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People who opted for a paper check received their entire PTC benefit on October 15, and direct deposits were slated for October 5. The initiative is designed to assist individuals with lower incomes, such as retirees, widows, or those with disabilities. Homeowners earning up to $35,000 and renters with incomes up to $15,000 could qualify for the program. The highest payment is $650, with certain individuals potentially receiving up to $975 extra, in line with information from the state’s Department of Revenue.
Furthermore, Pennsylvania also offers a Property Tax/Rent Rebate Program targeting individuals with lower incomes who are retired, widowed, or disabled. The income limits for homeowners and renters are $35,000 and $15,000, respectively, with a maximum payout of $650.
READ ALSO: Colorado Residents To Receive Increased Tax Refunds In 2024 Under Revised TABOR System
