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$1 Billion Annually: Colorado’s New Family Affordability Tax Credit Provides Up to $3,200 per Child for Low-Income Households

(photo: Colorado Public Radio)

Colorado’s new Family Affordability Tax Credit, providing up to $3,200 per child for low-income households.

Colorado’s New Family Affordability Tax Credit

Colorado’s new laws offer significant cash boosts to low-income families potentially providing over $1 billion annually in refundable tax credits. Families could receive up to $3,200 per child through initiatives like the Family Affordability Tax Credit and expanded Earned Income Tax Credit. These changes aim to combat child poverty by supporting around 370,000 households, with the Family Affordability Tax Credit specifically targeting those earning less than $20,000 annually, ensuring they receive cash regardless of their tax situation, according to the report of The US Sun.

READ ALSO: California State Dreaming On A Budget: The Surprising Truth About Living In The Golden State

(photo: FOX21 News Colorado)

Colorado’s Bold Move to Combat Child Poverty Mirrors Alaska’s Tradition of Economic Support

Colorado aims to halve child poverty, benefiting 370,000 households, while Alaska provides $1,655 per person from the Permanent Fund. These efforts reflect a national shift towards economic justice and social welfare.

READ ALSO: California’s Cash Crisis: From Pandemic Refund To Budget Cuts And Economic Crisis

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