Colorado lawmakers advance a new tax credit that could cut child poverty in half
A bill supporters say could cut Colorado’s child poverty rate in half by providing new tax credits to low-income families narrowly passed its first legislative hurdle on Monday.
Chalkbeat: Ann Schimke
House Bill 24-1311 would create the “Family Affordability Tax Credit,” which would be available only in years when the state has enough surplus tax revenue. The idea is that the new credit could be layered on top of the state’s existing child tax credit to provide a larger sum to the lowest-income families and reach a wider swath of Colorado families with children. The new credit would become available next year when Coloradans file their 2024 income taxes.