PTC program to help with taxes, rent, heat this winter

A new program to help Colorado residents with their property tax, rent, and heat is available this winter and in the future.

The Property Tax, Rent Heat Rebate [PTC] is available to Colorado residents who qualify based on their income, including people with disabilities and older adults. The program rebate can be up to $1,044 per year for applicants. The Colorado Department of Revenue is offering the program.

Coloradans might qualify for the PTC Rebate if they are a full-year Colorado resident, who is 65 years of age or older, a surviving spouse 58 years of age or older, or disabled, regardless of age. The rebate amount is based on the applicant’s income and expenses.

Colorado residents who feel they meet the requirements should submit a rebate application at https://tax.colorado.gov/PTC-rebate  or bring it to a Colorado Department of Revenue Taxpayer Service Center, or send the application by US Mail to:

                Colorado Department of Revenue

                Denver, CO 80261-0005.

Primary eligibility requirements for the PTC program are:

• You lived in Colorado from January 1 – December 31, 2022.
• Your total income from all sources was less than $16,925 for single filers and $22,858 for married filing jointly.

Applicants also must meet one of the additional criteria as of December 31, 2022:

• Age 65 or older
• You are a surviving spouse, age 58 or older. If you were divorced before your spouse dies, you are not considered a surviving spouse.
• A disabled person of any age who was unable to engage in any substantial gainful activity for medical reasons. You also must have qualified for full benefits from January 1 – December 31, 2022 from a bona fide public or private plan or source, based solely on your disability.
• You paid property tax, rent, or heating bills during the PTC period.
• You were not claimed as a dependent on someone else’s federal income tax return.

Also available this year is an Income Qualified Senior Housing Income Tax Credit. The Colorado Department of Revenue will use an applicant’s available information to evaluate whether applicants qualify for an additional tax credit.