$700M New Child Tax Credit Program Earmarked – Colorado’s TABOR Surplus!

Colorado Lawmakers Propose Family Affordability Tax Credit: $2,500 Yearly Aid to Lower-Income Families from Spring 2025

Colorado’s Child Tax Credit Plan: Reducing Poverty and Investing in Children’s Future with $700 Million Annual Support

Colorado lawmakers are considering a significant proposal that could provide financial assistance to lower-income families starting in spring 2025. Under the plan, families could receive an average of $2,500 per year through a state-level child tax credit, totaling an estimated $700 million annually to nearly 300,000 families. This initiative, known as the Family Affordability Tax Credit, aims to alleviate child poverty and promote economic success among children by redirecting surplus funds from Colorado’s budget to qualifying families.

Some lawmakers have supported the concept, but it has also drawn criticism, mostly because of concerns about how surplus monies would be used and how it would affect taxpayer refunds. Opponents contend that allocating excess funds to tax credits for low-income families betrays a lack of respect for the electorate and may ultimately put a burden on the state’s finances. Nonetheless, supporters contend that the tax credit would be a wise investment in Colorado‘s children’s future well-being and stress the significance of tackling child poverty.

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$700M New Child Tax Credit Program Earmarked – Colorado’s TABOR Surplus!(PHOTO: Getty Images)

Surplus Funds Redirected: Colorado’s Proposed Child Tax Credit Aims to Combat Child Poverty and Boost Economic Success

The bill passed the House Finance Committee, but it still has a long way to go in the legislative process. If passed, it has the potential to drastically improve the lives of thousands of Colorado families, bringing them out of poverty and positioning the state as having one of the lowest child poverty rates in the country.

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