![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
SB 24-228 and HB 24-1134 Are Aimed for Tax Cut and Boost Economy
Bipartisan Support for Colorado Tax Relief Bills
According to Colorado Springs Gazette, In the final stretch of Colorado‘s legislative session two bills aiming for a tax cut are drawing support from both sides of the aisle. With the session slated to end on May 8 bipartisan backing has emerged for Senate Bill 24-228 and House Bill 24-1134. Senate Bill 24-228 championed by Republicans is responsible as the most significant tax cut in Colorado‘s history. Spearheaded by Senate Minority Leader Paul Lundeen the bill seeks to enact substantial income tax cut under the Taxpayer’s Bill of Rights (TABOR). It proposes to temporarily lower the state income tax rate from 4.4% to 4.25% and introduces seven triggers to further decrease the tax rate between 2025 and 2035 depending on state revenues. Additionally, the bill introduces a new TABOR refund mechanism slashing state sales and use taxes if excess revenues surpass $1.5 billion.
On the other side House Bill 24-1134, championed by Democrats aims to provide significant tax credits to middle- and lower-income families. This 25-page bill consolidates and streamlines existing state income tax credits for child care expenses into one credit starting from January 1, 2026. Moreover, it proposes to increase the state earned income tax credit aligning it with a percentage of the federal earned income tax credit with the rate reaching 50% by tax year 2026. Representative Jenny Williford highlights the bill’s focus on delivering tangible tax relief to working families emphasizing its role in enhancing affordability and putting money back into the pockets of hardworking Coloradans. An additional provision within House Bill 24-1134 alters the state’s corporate income tax reporting shifting from the current combined reporting standard to a multistate tax commission standard. As Colorado legislators enter the final days of the session these tax-focused bills are poised to have a substantial impact on the state’s fiscal landscape. With bipartisan support behind them both bills reflect a concerted effort to address the pressing needs of Colorado‘s taxpayers aiming to alleviate financial burdens and promote economic resilience across the state.
READ ALSO: Michigan Democrats Navigate Budget Priorities Amid EV Ambitions And Environmental Policy Shifts
SB 24-228 and HB 24-1134 Aim to Slash Taxes, Propel Economy – Colorado Tax Cut Bills Gain Bipartisan Support! (PHOTO: Colorado Newsline)
HB 24-1134 Enhances Affordability with Simplified Credits, Boosts Economy
Furthermore, This bill combines existing tax credits for child care into one and increases the state earned income tax credit. Representative Jenny Williford thinks this will make life more affordable for Coloradans. Additionally, this bill changes how companies report their income taxes. As the session wraps up these bills are seen as important steps to help people manage their finances better and boost the state’s economy.
READ ALSO: Publix’s $30M Permit Sparks Hope For Economic Growth In St. Johns County
