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May 3, 2024

Bipartisan Bill to Save Seniors Money Passes House

DENVER, CO – The House today passed bipartisan legislation to save Colorado seniors money. HB24-1142, sponsored by Representative Junie Joseph, would increase tax deductions for Coloradans ages 55 to 64. This bill passed the House by a vote of 56 to 6.


“The rising cost of living has been tough on our seniors with fixed incomes or those planning to retire soon,” said Rep. Junie Joseph, D-Boulder. “This bipartisan bill would save seniors, aged 55 to 64, money by allowing them to deduct all federally taxed social security income on their state taxes. By increasing the cap of non-taxable social security income, we’re helping ensure our seniors are receiving more of their hard-earned benefits and have more money in their pockets. This bipartisan bill saves seniors money on taxes allowing them to afford groceries, rent or other necessities.” 


HB24-1142, also sponsored by Representative Richard Holtorf, R-Akron, would save seniors money when filing their taxes. Under current law, taxpayers ages 55 to 64 may deduct up to $20,000 of pension and annuity income, which includes federally taxable social security income, when calculating their taxable income. For taxpayers 55 to 64 years of age and making $75,000 or less starting in 2025, this bill would allow all federally taxed social security income to be deductible in Colorado. 


Taxpayers over the age of 65 may already deduct the full amount of federally taxable social security income, or other forms of pension and annuity income up to $24,000. This bill would lower the age to ensure eligible Coloradans aged 55 to 64 can benefit from the full deduction. The current cap still applies to all other forms of pension and annuity income, and the cap may only be exceeded when social security income specifically is higher than the cap. 


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