(May 4) – A bill to help middle-class Colorado families with the cost of sending the kids to college won House approval today.
“This bill will reduce the debt that Colorado families incur when they send their children to college, and will incentivize more middle-class families to save for college in advance,” said Rep. Dave Young, D-Greeley.
HB15-1347, sponsored by Reps. Young and Brittany Pettersen, D-Lakewood, 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.
“The rising cost of college has put it beyond the reach of many middle-class Colorado families,” Rep. Pettersen said. “This bill is like a college savings double-coupon day for much of Colorado’s middle class.”
After this morning’s 34-30 vote, the bill is off to the Senate with time for passage before the end of the session on Wednesday