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January 26, 2023

Committee Passes Bill to Boost Access to Tax Credits

DENVER, CO - The House Business Affairs and Labor Committee today passed legislation requiring employers to provide information on the Earned Income Tax Credit and the Child Tax Credit to their employees.

“Between a global pandemic and the economic turbulence that followed, many working-class families are still struggling to pay for critical necessities,” said Rep. Mary Young, D-Greeley/Evans. “This bill aims to expand awareness of the tax credits we’ve recently increased in order to boost the incomes of more hardworking Coloradans. We’ve built the infrastructure, and now we’re spreading the word so that every Coloradan who is eligible for financial assistance through our tax code knows they can claim their Earned Income Tax Credit and Child Tax Credit.”

“One of our top priorities this session is to make Colorado more affordable,” said Rep. Lindsey Daugherty, D-Arvada. “Under this bill, employers will provide important information to their employees that will connect them with the economic assistance that they are eligible for. Colorado Democrats boosted tax credits for hardworking people by closing loopholes that primarily benefited the wealthiest individuals and largest corporations, now we’re making sure people know they are available to them.”

HB23-1006, which passed by a vote of 11-0, 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.

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.


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