Colorado could use $700 million of TABOR surplus on a new child tax credit
Photo Credit: Shanna Lewis/KRCC News

April 10, 2024

Colorado could use $700 million of TABOR surplus on a new child tax credit

Starting Spring 2025, Colorado’s lower-income families could receive an average of $2,500 per year under a state-level child tax credit. The proposal, which is moving forward at the statehouse, would pay out an estimated $700 million annually to nearly 300,000 families.

Colorado Public Radio: Andrew Kenney

“When we expand and distribute the child tax credit, we will create healthier, happier futures for our kids, and set them on a path towards economic success and economic prosperity,” said Rep. Jenny Willford, a Democratic sponsor of HB24-1311.

The proposal, also known as the Family Affordability Tax Credit, is similar to the federal child tax credit, and it revives a state credit that was previously offered in 2022.