(April 22) – A bill to help middle-class Colorado families with the cost of sending the kids to college won House Education Committee approval today.
“I hear again and again from my constituents what a struggle it is to send their kids to college,” said Rep. Brittany Pettersen, D-Lakewood. “A college education is one of the surest paths to economic security. This bill will make the American Dream available to more young Coloradans.”
HB15-1347, sponsored by Reps. Pettersen and Dave Young, D-Greeley, adjusts the state’s CollegeInvest college savings program to provide the greatest benefit to the families with the greatest need.
Families with incomes under $150,000 who make contributions to qualifying college saving programs will see their Colorado income tax deduction double, and families with incomes between $150,000 and $250,000 will have their deduction rise by 50 percent. Families with incomes between $250,000 and $500,000 will see their deduction halved, and those over $500,000 will lose their deduction.
“We are upholding our commitment to growing and strengthening the middle class while holding down the cost to taxpayers,” said Rep. Young, a member of the Joint Budget Finance Committee.
The bill was sent to the Finance Committee on a 6-5 party-line vote