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5 New Tax Laws: $3,200 Per Child and Property Tax Reductions to Save Money – What Coloradans Need to Know!

New Tax Laws Gives Up to $3,200 Per Child and Major Property Tax Reductions

Colorado’s New Tax Laws on Saving Money

According to The Coloradoan, On May 14 Colorado Governor Jared Polis signed five new tax laws designed to save residents money on taxes. These bills address various aspects of taxation from refunds to property tax adjustments and aim to ease the financial burden on Coloradans. Firstly, the SB24-228: TABOR Refund Mechanisms is one of the new tax laws that introduces a new way to handle excess state revenues. Under the Taxpayer’s Bill of Rights (TABOR) when the state collects more money than it is allowed to spend it must return the excess to taxpayers. The new bill creates a fourth method to refund these excess revenues by reimbursing local governments which helps offset reductions in property taxes. Secondly, the SB24-111: Senior Primary Residence Property Tax Reduction. Starting January 1, 2025 this bill will help seniors save on property taxes when they sell their homes. It introduces a new property category for seniors allowing them to downsize to smaller homes or apartments without losing valuable tax benefits. Governor Polis believes this change will make housing more affordable for both seniors and families looking to buy homes.

Thirdly, the SB24-233: Property Tax Reduction From 2025 where homeowners with properties valued at $700,000 or less will see a 7% to 10% reduction in their property taxes. This depends on local tax rates and any changes in property values. To ensure that schools do not lose funding due to these tax cuts the state will allocate nearly $380 million from the State Education Fund to support school districts.

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5 New Tax Laws: $3,200 Per Child and Property Tax Reductions to Save Money – What Coloradans Need to Know! (PHOTO: Colorado Newsline)

Child Credit, Property Tax Cuts, and Earned Income Benefits

Furthermore, there’s a new law called HB24-1134: Family Affordability Tax Credit. It’s about giving money back to parents with kids who are 16 or younger. They can get up to $3,200 for each child. This is to help families with their money and make things easier for them. Another law HB24-1288: Earned Income Tax Credit Data Sharing says that the Department of Revenue has to share info about Americans who got certain tax credits. Other departments like Health Care Policy and Financing and Labor and Employment will use this info to tell Americans about more benefits they might get. The shared info will stay private and only be used to help Americans get these benefits. These new tax laws are part of Colorado’s plan to make life cheaper for its residents making sure everyone gets the help they need with money.

READ ALSO: Nearly 25,000 New Jerseyans Could Lose $27.4 Million In Tax Refunds – Are You Eligible?

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