Single filers will receive $400 and joint filers will get $800.
The cashback rebate is available June 30.
Under TABOR, which was passed in 1992, the amount of revenue governments in the state can retain and spend is limited, and excess revenue must be given to taxpayers.
State Treasurer Dave Young said the state will hit the limit set by TABOR soon, triggering the payout.
> Watch the full news conference about the rebates here:
The Colorado Department of Revenue will ensure payments are available for checks to be sent out this summer, instead of the typically scheduled payout in spring of the following year.
All eligible taxpayers will get the rebate check mailed to them in either August or September.
About 3.1 million residents are eligible to receive checks, according to Polis' office.
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