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Up to $3,200 Refundable Credit: Colorado Governor Signs Family Affordability Tax Credit Bill for Parents of Children Aged 16 and Younger

(photo: The Hill)

Governor Jared Polis signed the Family Affordability Tax Credit bill providing refundable credits to parents of children aged 16 and younger offering up to $3,200.

Colorado Governor Signs Family Affordability Tax Credit Bill

Governor Jared Polis signed a new bill on Friday, May 31, aimed at helping families in Colorado. The bill, HB24-1311 known as the Family Affordability Tax Credit offers a refundable credit for parents, according to the report of Fox 21 News.

The credit provides financial assistance to parents with children aged 16 and younger. Parents can receive up to $3,200 for each child under 5 and up to $2,400 for children between 6 and 16. This helps families manage expenses especially those with young kids.

READ ALSO: Over 140,000 Taxpayers Saved $90 Million In Refunds: Makes Direct File Free Tax Return Program Permanent, Aims For Nationwide Expansion By 2025 – Must Know!

(photo: NBC News)

Colorado Governor Polis Advocates Family Support with Flexible Credit Bill

Governor Polis emphasized the importance of supporting families. He mentioned the benefits families are already experiencing from previous initiatives like universal preschool. The bill aligns with his goal of making Colorado a great place for families.

The credit is flexible adjusting for factors like income and economic changes. This ensures it remains helpful as circumstances evolve. The bill demonstrates a commitment to addressing the needs of Colorado families effectively.

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