(March 18) – A bill by Rep. Daniel Kagan, D-Cherry Hills, to provide tax relief to middle-class families that are supporting both children and elderly parents passed the House Public Health Care & Human Services Committee this afternoon on a 7-6 party-line vote.
“This bill addresses a financial squeeze that is being put on Coloradans who are doing something that is right, is good for the public interest, and saves the taxpayers money—taking care of their parents while they still have children at home,” said Rep. Kagan. “This bill provides some relief for these families that are working so hard to do the right thing for society and provide for their families.”
The bill creates a $3,600 refundable Colorado income tax credit for taxpayers claiming both a child and a relative as dependents on their federal income tax return. Additionally, taxpayers must have an income at or below 200 percent of the national median household income to qualify for the credit.
The 7-6 vote sends the bill to the Finance Committee.