Colorado
Gov. Polis signs Colorado Cashback bill
DENVER (KDVR) — Gov. Jared Polis signed a invoice Monday that can subject tax refunds to most Colorado taxpayers this summer time as a substitute of getting residents wait till subsequent 12 months after they file their taxes.
In keeping with Polis, each Coloradan who information taxes by the tip of Might ought to get a examine of no less than $500. Those that file collectively ought to get no less than $1,000, up from the $400 and $800 that have been initially introduced.
“Persons are paying extra for on a regular basis gadgets like gasoline, groceries, and hire by way of no fault of their very own. As a substitute of the federal government sitting on cash that Coloradans earned, we wish to give everybody cashback as rapidly and simply as doable to offer fast aid and empower folks to do what they wish to with their cash,” Polis mentioned when the invoice was first introduced.
- Each full-time Colorado resident and taxpayer who information by Might 31, 2022, is eligible
- People will obtain $500, and joint filers will get $1,000
- The examine will come within the mail in both August or September
- The governor mentioned this cash can be a tax refund that residents get by Sept. 15 as a substitute of spring 2023
- About 3.1 million residents will obtain the fee
You may watch a replay of the invoice signing within the FOX31 NOW participant above.
Colorado
Toyota Game Recap: 12/22/2024 | Colorado Avalanche
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Colorado
Colorado authorities shut down low-income housing developer
The Colorado Division of Securities is pursuing legal action against a man whom it claims deceived investors and used the ownership of federally supported low-income housing projects to line his own pockets.
Securities Commissioner Tung Chan announced its civil court filings against Michael Dale Graham, 68, on Nov. 12.
Chan’s office filed civil fraud charges against Graham, and also asked for a temporary restraining order and freezing of Graham’s assets and his companies’. A Denver district court judge immediately granted both. Since then, two court dates to review the those orders have canceled; a third is scheduled for mid-January.
Graham operates Sebastian Partners LLC, Sebastiane Partners LLC, and Gravitas Qualified Opportunity Zone Fund I LLC (“GQOZF”), all of which were controlled by Graham during his “elaborate real estate investment scheme,” as described by the securities office in a case document.
The filing states Graham collected more than $1.1 million from eight investors to purchase three adjacent homes in Aurora. The Denver-based Gravitas fund and its investors purportedly qualified for the federal Qualified Opportunity Zone (QOZ) program with the homes. Qualified Opportunity Zones were created by the Tax Cuts and Jobs Act passed by Congress in 2017. The zones encouraged growth in low-income communities by offering tax benefits to investors, namely reductions in capital gains taxes on developed properties.
Graham formed Gravitas in early 2019 and purchased the three homes located in the 21000 block of E. 60th Avenue two years later. He quickly sold one of them with notifying investors, according to the case document. While managing the other two, Graham and Gravitas transferred the fund’s assets and never operated within QOZ guidelines to the benefit of its investors or the community, according to the state.
Gravitas also transferred the titles for the two properties to Graham privately. As their owner, Graham obtained undocumented loans from friends totaling almost $600,000. The two loans used the two properties as security.
Gravitas investors were never informed of the two loans, according to the case document. Also, Gravitas never sent its investors year-end tax reports, the securities office alleges.
Graham used the proceeds of the loans for personal use. No specific details were provided about those uses.
“Effectively, Graham used Gravitas as his personal piggy bank,” as stated in the case document, “claiming both funds and properties as his own. Graham never told investors about the risks associated with transferring title to himself. On September 1, 2023, he sent a letter to investors, stating that the properties ‘we own’ are doing well and generating growth due to record-breaking home appreciation. But Gravitas no longer owned the properties.
“Gravitas no longer had assets at all.”
Furthermore, the securities office said Graham failed to notify investors of recent court orders against him in Colorado and California. In total, Graham was ordered to pay more than $1 million in damages related to previous real estate projects.
Graham’s most recent residence is in Reno, Nev., according to an online search of public records. He evidently has previously lived in Santa Monica, Calif., and Greenwood Village.
Colorado
Colorado weather: Temperatures staying in the 60s Sunday
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