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DENVER, CO - The House Finance Committee today passed a bill, sponsored by Representatives Lorena García and Kyle Brown, to make Colorado’s tax code more consistent and efficient. HB26-1289, which passed by a vote of 6-5, would expand and extend tax credits for wildfire and beetle kill mitigation, job creators, and investments in clean energy.
“While Trump’s H.R. 1 slashed tax credits for working families, Colorado Democrats are restructuring our tax code to put hardworking people first,” said Rep. Lorena García, D-Unincorporated Adams County. “Coloradans are facing attack after attack from the Trump Administration, squeezing every last dollar out of them while draining the state’s ability to provide support. We’re modernizing our tax code to boost incomes for hardworking Coloradans and continue tax credits for food, wildfire mitigation and economic development.”
“Colorado Democrats believe in an economy where hardworking people can thrive, and that means updating our tax code to work for the people of our state,” said Rep. Kyle Brown, D-Louisville. “H.R. 1 gave the highest earners tax cuts while slashing Colorado’s budget, making devastating cuts to health care and turning off tax credits for hardworking families. We’re repealing ineffective tax breaks and expanding tax credits for food access, clean energy, wildfire mitigation and other important issues to strengthen Colorado’s economy, save people money and create good-paying jobs.”
HB26-1289 would modernize and simplify the tax code by repealing ineffective or unnecessary special tax exemptions and deductions to expand and extend tax credits for food access, wildfire and beetle kill mitigation, job creators, and investments in clean energy. This bill would repeal ineffective or unnecessary tax exemptions and deductions and modify others to make Colorado’s tax code more consistent and efficient.
HB26-1289 would repeal ineffective tax exemptions for purchases regarding space flight and eliminate vendor discounts for cigarettes, nicotine and tobacco products.
It also makes changes to existing tax credits, including:
Increasing access to the Community Food Access Tax Credit that offers small food retailers and family farms a refundable tax credit,
Renewing the Renewable Energy Enterprise Zone Investment Tax Credit to reward businesses that invest in projects that generate renewable energy,
Expanding the Wildfire Mitigation Tax Credit by allowing it to be carried forward to count against future tax liability and increasing eligibility to boost wildfire mitigation efforts, and
Expanding a tax credit for businesses that rehabilitate vacant properties.