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$68M Housing Savings: Revived Senior Tax Credit

Colorado House Passes Law to Aid Seniors in Affording Housing Costs

Representative Bob Marshall Advocates for Housing Assistance for Older Renters

According to KDVR, The Colorado State House passed a new law to help older people afford their homes. They voted strongly for it, with 62 out of 64 representatives saying yes. This law will give money back to older adults who make less than $75,000 a year and don’t get a special tax credit break for their homes. It’s meant to help them with housing costs, especially if they rent their home and are struggling to pay.

Representative Bob Marshall, who works for Highlands Ranch, thinks it’s important to help older renters. He says about 35% of older people in Colorado worry about paying rent. Marshall wants this help to reach all seniors, whether they own or rent their home. The new law will give money back based on how much someone makes and how they file their taxes. This will make life easier for many older people in Colorado who are having trouble paying for housing.

READ ALSO: $1.6B Business Tax Refund Bill Passed By Tennessee Lawmakers: $400M Annual Cut And Economic Boost Amid Debate- Don’t Miss It!

$68M Housing Savings: Revived Senior Tax Credit – Claim yours NOW!! (PHOTO: KDVR)

Lawmakers Stress Urgency of Housing Assistance for Seniors as Colorado House Bill Advances to Senate

Other lawmakers, like Representative Mike Weissman from Aurora, also believe it’s crucial to assist seniors in affording their homes. Rent prices have risen substantially recently, posing challenges for seniors with fixed incomes. Reinstating the tax credit, particularly for renters, will ensure that older individuals in Colorado can continue residing in the state. The law now heads to the Senate for their consideration, representing a significant advancement for seniors grappling with housing expenses.

READ ALSO: 12-Week Paper Delays In New Jersey Tax credit Refunds: Expert Tips Amid Anticipation

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