For a second year in a row, state lawmakers are focusing on cutting expenses in the form of tax and fee relief in an effort to help
DENVER — Between high costs and a shaky economy, a lot of families in Colorado are struggling to make ends meet.
The money would come through the Unemployment Insurance Trust Fund that workers and businesses pay into each year. State lawmakers debate three child-centered tax bills Many of the opponents worry about the additional financial burden this bill will place both on employers who are still recovering from the COVID pandemic and paying higher premium rates into the UI fund as it is. They are concerned that further reductions to the UI fund as employers work to bring the fund back into solvency.
Meanwhile for the child tax credit, starting in 2024 the credit amount would be increased based on the taxpayer’s filing status and income. The percentage the filer could claim would increase by roughly 10% in each earning bracket. “What has been done so far at a federal level also was credited with lifting over 5.6 million people out of poverty, including 3 million children. So, this is one of the most effective measures that we can take to encourage work, and also lift people out of poverty,” Bird said. “The hopes that I have for this bill is that Colorado will be strengthening its social safety net and really being a partner to families who are working hard trying to make ends meet.
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