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DENVER, CO - Today, the House advanced legislation that would require employers to share tax benefit information to working families.
“The Earned Income Tax Credit and Child Tax Credit can boost workers’ incomes by thousands of dollars, putting more money back into their pockets to help pay for rent, groceries, and other essentials,” said Rep. Mary Young, D-Greeley/Evans. “We passed significant tax reforms that have expanded economic assistance for working families by closing tax loopholes that only benefited the very wealthy. When families thrive, our small businesses and local economies do too. Not only will this legislation help more families benefit from the tax credits we’ve expanded, but it will also lead to additional investment in our local businesses.”
“We’re improving tax credit accessibility so hard working families know that these savings are available to them,” said Rep. Lindsey Daugherty, D-Arvada. “Under this bill, employers will be equipped with detailed tax credit information to provide with their employees. This will help workers know these credits are available to them in a manner that is easy for employers to share.”
HB23-1006 instructs employers to provide information about federal and state earned income tax credits and child tax credits to their employees. The notice must be provided at least once a year in English or any other language used to communicate with the employee. The bill must still pass a final vote in the House before moving to the Senate.
This bill builds on legislation passed by the General Assembly in recent years to make Colorado more affordable for working-class families. Representatives Mary Young and Lindsey Daugherty previously passed SB22-182 to help Coloradans file for and receive their earned income tax credits and child tax credits. Colorado Democrats passed HB20-1420 and HB21-1311, which doubled the state's Earned Income Tax Credit and funded the Child Tax Credit, saving hundreds of thousands of Colorado families money.