Great Colorado Payback , In Montrose alone there are 35,308 items of property that are not claimed by the Colorado Department of Treasury, comprising greater than 3 million dollars of cash, and 27 items from safe deposit boxes.
This is according to Colorado’s state department, that is working to obtain Coloradans (or anyone else who’s been doing transactions in Colorado) connected to their assets or funds.
The program of Treasury’s is known as The Great Colorado Payback, and is responsible to reunite businesses and individuals with their lost or neglected assets. Schools, corporations, hospitals as well as small-scale businesses are included among the assets that are, as per the law, been placed in the hands of the state until assets are returned to the rightful owner.
The State Treasurer Dave Young was at the Ute Indian Museum in Montrose on Saturday to attend the Montrose Democrats event . He also spoke about the campaign.
The most common forgotten property He also mentioned the last check you receive when you change jobs, or a security deposit to pay for services that you did not receive back.
Young stated that, personally, his family benefited from the treasurer’s office of the state keeping property in the office when they learned after his mother’s death that she had purchased three insurance life policies during the 1960s, but did not inform her family members.
“In those days, the Denver used to print all these (unclaimed properties), and I was looking through the list, and I discovered my mom’s name in there three times,” he added.
After proving the relationship (using birth certificates and evidence for previous residences), Young and his family members received the funds that was a part of the insurance.
“In the Treasury we make sure we have done our due diligence. We don’t give it away simply because they claim it’s theirs.'”
He claimed that many times people find themselves in similar situations as his.
“It’s not that people don’t care, it’s these disconnects that occur that keep people separated from their money,” He explained.
Young along with his team because of these disconnections decided that they should put in more efforts to reconnect Coloradans to their properties. The Great Colorado Payback includes mailed mail, postcards, or emails informing people that they might have property that is not claimed. The recipients should have received them in the past, he stated.
However, for those who did not get the mail, there’s an online search engine to determine if you have property that is not claimed.
Colorado Cashback
The Taxpayer Bill of Rights (TABOR) sets the limit on the amount of money the state can save and use during each state’s fiscal year.
This is the reason Colorado taxpayers are getting cash back through checks of $750 ($1,500 for joint taxpayers).
The checks are due as of right now and Young told reporters over the weekend that customers should expect their checks to arrive on September. 30, (if they don’t get them, they’ll have to contact 303-951-4996, to the Colorado Cash Back call center).
Young suggested that people may not have received their checks yet due to the sheer volume of checks that are being sent out, however you can rest assured that they will get the cash back.
“We’re printing about 250,000 checks a day, so it takes a while to print them,” he explained. “So be patient.”
Young stressed that there could be people who haven’t yet filed their taxes, particularly older people with no income. He added that it’s not yet too late to file and in the event that you do then you’ll still get your money. The deadline for filing for an actual check is Oct. 16th, he added.
“You won’t get it now, you’ll get it in December or January,” the official declared. “And people who are in retirement status were taxpayers all the way along, so they should benefit from this, too.”
