(Jan. 24) – The House Finance committee approved Rep.Tony Exum Sr.’s bill to extend the low-income child care tax credit today. The bill would help ease the childcare burden on hardworking families, roughly 32,000, in Colorado for another eight years. “The high cost of child care places a burden on hardworking families in Colorado Springs and our state,” said Rep. Exum, D-Colorado Springs. “I was proud to sponsor this bill when I first got to the state capitol and hope we can continue helping thousands of Coloradan families afford child care every year.”
Rep. Exum and then-Rep. Brittany Pettersen, D-Lakewood were the original sponsors of this bill in 2014. HB14-1072 created a tax credit for families that earn $25,000 or less and is equal to 25 percent of the taxpayer’s child care expenses up to $500 for one child or $1,000 for two or more children.
This is Rep. Exum’s second time bringing the bill forward for renewal.
A recent report released from the State Auditor’s Office stated, “We determined that the Child Care Credit and Low-Income Credit are meeting their purpose of making child care more affordable for working families.”
Extending the Low-income Child Care Tax Credit is essential for low-income, working families. Coloradans that do not make enough income to pay federal taxes particularly benefit, as they don’t qualify for other state credits.
HB19-1013 passed by 10-1 and now heads to the Appropriations Committee.