Colorado residents who file their taxes early can expect to receive their 2023 rebate surprisingly early.

The Colorado Cashback Plan, signed by Gov. Jared Polis on Monday, will give individuals within the state $500 each and couples $1,000 if they file their taxes before May 31. The expected refund is higher than the initial $400 and $800 refunds for individuals and couples that were previously announced, according to CBS Denver.

“This is really important because costs have gone up," Polis said. "And we want to make sure Coloradans can hold on to more of their hard-earned money. Whether it’s gas, whether it’s groceries, this is a really important lifeline for Coloradans that will make a big difference for every Colorado family.”

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The rebate could go up even higher depending on how Colorado’s economy does in May, and anyone who filed taxes for 2021 will also receive a refund.

Colorado residents will receive their checks in either August or September, with about 3.1 million people receiving one, according to FOX 31.

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Polis has not yet responded to the Washington Examiner's request for comment.