DENVER, CO – Speaker Julie McCluskie, D-Dillon, President Steve Fenberg, D-Boulder, House Majority Leader Monica Duran, D-Wheat Ridge, and Senate Majority Leader Robert Rodriguez, D-Denver, today released the following statements upon conclusion of the 2023 Extraordinary Session of the 74th General Assembly:
“I’m proud that Colorado Democrats stepped up to meet this moment and provide urgent property tax cuts, relief for working families and support for renters,” said Speaker Julie McCluskie, D-Dillon. “Coloradans all across the state are going to save money on their property taxes next year while schools continue to receive the increased funding they desperately need. This responsible package delivers for the Coloradans who are feeling the brunt of our affordability crisis and returns more money to the people who need it the most by boosting the incomes of hardworking families and making Colorado more affordable.”
“Over the past few days, Democrats were laser-focused on providing short-term relief to those most vulnerable to the rising cost of living – which means working families, renters, and those on fixed incomes – while protecting our schools and fire districts,” said Senate President Steve Fenberg, D-Boulder. “The legislation we passed provides responsible, much-needed relief to Coloradans who need it the most, while leaving room for more robust discussion on what a long-term fix looks like. I’m proud that we rose to meet the moment and passed legislation that will make our state more affordable and provide responsible relief to the folks who need it most.”
“With rising property taxes threatening to upend the lifelong investments seniors, veterans and people on fixed incomes have made in their homes and their American dream, we did everything we could to responsibly lower property taxes while protecting our schools and fire districts,” said Majority Leader Monica Duran, D-Wheat Ridge. “As a Latina, it was deeply important to me that all Coloradans, and especially lower-income people and people of color see relief from the rising cost of living in our state, and they will. There’s more work to do starting in January, but Coloradans can be sure that we hear them and are taking action to deliver real results.”
“Democrats worked hard to pass legislation to make our state more affordable and deliver targeted relief to some of our most vulnerable Coloradans,” said Senate Majority Leader Robert Rodriguez, D-Denver. “The call for this special session gave us a clear directive for the past few days, but the policies we passed mark the start – not the finish line – for the progress we’ll make next session. In just a few short weeks we’ll be back at the Capitol to build on this work and continue taking bold action to improve the lives of all Coloradans.”
SB23B-001, sponsored by President Fenberg, Senator Chris Hansen, D-Denver, Speaker McCluskie, and Representative Chris deGruy Kennedy, D-Lakewood, provides over $430 million in property tax relief by increasing the property value exemption for multifamily and single family residential properties from $15,000 to $55,000 and decreasing the residential assessment rate from 6.765 percent to 6.7 percent for the 2023 tax year while protecting funding for locals services, like schools, fire districts and libraries.
HB23B-1001, sponsored by Representatives Leslie Herod, D-Denver, and Mandy Lindsay, D-Aurora, and Senators Julie Gonzales, D-Denver, and Janet Buckner, D-Aurora, boosts statewide rental assistance to a total of $65 million, securing an additional $30 million on top of the $35 million from federal funds already allocated. The bill provides financial assistance for rent owed and other related costs for Colorado tenants making at or below 80 percent of the area median income.
SB23B-002, sponsored by Senators Rachel Zenzinger, D-Arvada, and Jeff Bridges, D-Arapahoe County, and Representatives Shannon Bird, D-Westminster, and Lorena Garcia, D-unincorporated Adams County, allocates an estimated $35 million in federal funds to expand Electronic Benefits Transfer (EBT) benefits, which will help families purchase groceries from SNAP retailers during the summer months when child hunger is most severe. Families with children eligible for the national free and reduced-price school meals program will receive $40 a month per eligible child for the summer benefit in 2024.
HB23B-1002, sponsored by Representatives Jenny Willford, D-Northglen, and Mary Young, D-Greeley, and Senators Chris Kolker, D-Centennial, and Rhonda Fields, D-Aurora, expands the state Earned Income Tax Credit (EITC) for tax year 2023 to one of the highest state matches in the country. With the current state EITC at 25 percent, the average tax credit is $521. By increasing the EITC to 50 percent, families will see hundreds of additional dollars back in their wallets next year.
SB23B-003, sponsored by Senators Nick Hinrichsen, D-Pueblo, and Janice Marchman, D-Loveland, and Representatives Javier Mabrey, D-Denver, and Ruby Dickson, D-Centennial, adjusts the TABOR refund mechanism for the 2023 tax year to provide an equal refund of $800 for all taxpayers, increasing TABOR refunds for the majority of filers and by hundreds of dollars for lower-income people.
HB23B-1003, sponsored by Representative Marc Snyder, D-Manitou Springs, President Fenberg, and Senator Kyle Mullica, D-Thornton, creates the bipartisan Commission on Property Tax to provide recommendations for long and short term property tax relief and evaluate the impact of property tax related ballot measures filed at the title board this year. The goal of HB23B-1003 is to gather leaders from across the state and key constituencies impacted by property taxes to map out potential long-term solutions to property taxes that have been rising since Coloradans voted to repeal the Gallagher Amendment in 2020.