(June 5) – A bill to help make sure the state’s economic recovery benefits more working Coloradans and their families was signed by Gov. John Hickenlooper today.
SB13-001, sponsored in the House by Rep. Daniel Kagan (D-Cherry Hills Village), enacts a permanent state earned income tax credit of 10 percent of the federal EITC, and would create a Colorado child tax credit.
The first, larger credit would be triggered when the state has a budget surplus subject to a TABOR refund; the second, when the federal Marketplace Fairness Act is enacted. Together, the tax credits would save approximately 400,000 low-income Colorado working families more than $100 million.
“The earned income tax credit, which goes only to those who are working, has had strong bipartisan support for 40 years,” Rep. Kagan said. “This new law will help Colorado’s economic rebound to reach more low-income Coloradans.”