Legislation to Save Older Coloradans $68 Million on Housing Passes

DENVER, CO - The House today passed legislation sponsored by Representatives Mike Weissman and Bob Marshall that would create a refundable tax credit for eligible seniors. HB24-1052 passed by a vote of 61-2.

“Housing affordability is a priority for Colorado Democrats, which is why we’re prioritizing this bill to save our seniors nearly $68 million on housing,” said Rep. Mike Weissman, D-Aurora. “Rental prices have skyrocketed in the last few years, making it nearly impossible for seniors on fixed incomes to keep up. We’re reviving the refundable income tax credit for seniors, especially those who rent their homes, so that older Coloradans can continue to afford to call our state home.”

“The senior homestead property tax exemption is a helpful tool for seniors, who largely survive on a fixed income, afford housing, but senior renters also deserve assistance,” said Rep. Bob Marshall, D-Highlands Ranch. “Renters are especially vulnerable to rising costs, with nearly 35 percent of Colorado seniors concerned over paying next month’s rent. This legislation works to ensure that all Colorado seniors, regardless if they rent or own their home, can benefit from tax relief.”

For tax year 2024, HB24-1052 reinstates a refundable income tax credit for seniors with incomes under $75,000 who have not claimed a homestead property tax exemption.

The amount of the credit depends on income and taxpayer filing status. For single filers with income up to $25,000, the maximum credit amount is $800.  For taxpayers who could file jointly but choose to file separately, the maximum credit

amount is $400 per filer. For every $500 of income above the specified income threshold for single taxpayers, the credit is reduced by $8 for single filers and by $4 for married taxpayers filing jointly or separately.

Taxpayers who qualify for a property tax and rent assistance grant or heat assistance grant and have income under $75,000 for single filers or $125,000 for joint filers may receive the maximum credit amount without the income-based reductions.

The senior housing income tax credit supported nearly 90,000 Colorado seniors who did not benefit from the senior homestead tax exemption.