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Bill > HB1112

CO HB1112

Earned Income And Child Tax Credits

summary

Introduced
01/23/2023
In Committee
05/05/2023
Crossed Over
05/22/2023
Passed
05/22/2023
Dead
Signed/Enacted/Adopted
06/07/2023

Introduced Session

2023 Regular Session

Bill Summary

CONCERNING THE ENLARGEMENT OF CERTAIN INCOME TAX CREDITS FOR LOW- AND MIDDLE-INCOME WORKING INDIVIDUALS OR FAMILIES, AND, IN CONNECTION THEREWITH, REDUCING STATE INCOME TAX REVENUE BY INCREASING THE EARNED INCOME TAX CREDIT AND RESTRUCTURING THE CHILD TAX CREDIT TO ALLOW ALL LOW-INCOME TAXPAYERS WITH INCOME BELOW CERTAIN THRESHOLDS TO CLAIM THE CREDIT.

AI Summary

This bill proposes to enlarge certain income tax credits for low- and middle-income working individuals or families in Colorado. Specifically, it: - Increases the state's earned income tax credit (EITC) from 10% to 25% of the federal EITC for tax years 2023-2025, and to 38% for 2024. This credit is also expanded to those without a valid social security number. - Restructures the state's child tax credit to provide a credit of up to $1,200 per eligible child (under age 6) for single filers with income below $25,000, and up to $600 for single filers with income between $25,000-$50,000. For joint filers, the credit ranges from $1,200 for income up to $35,000, to $600 for income between $35,000-$60,000. - Requires the Department of Revenue to adjust these income thresholds for inflation starting in 2025. The bill is intended to support low- and middle-income Colorado families with young children and help reduce child poverty.

Committee Categories

Budget and Finance

Sponsors (58)

Shannon Bird (D)*,  Chris Hansen (D)*,  Chris Kolker (D)*,  Mary Young (D)*,  Judith Amabile (D),  Jennifer Bacon (D),  Andrew Boesenecker (D),  Jeff Bridges (D),  Kyle Brown (D),  Janet Buckner (D),  Lisa Cutter (D),  Jessie Danielson (D),  Ruby Dickson (D),  Monica Duran (D),  Regina English (D),  Tony Exum (D),  Steve Fenberg (D),  Meg Froelich (D),  Lorena García (D),  Joann Ginal (D),  Julie Gonzales (D),  Serena Gonzales-Gutierrez (D),  Eliza Hamrick (D),  Leslie Herod (D),  Nick Hinrichsen (D),  Sonya Jaquez Lewis (D),  Iman Jodeh (D),  Junie Joseph (D),  Chris Kennedy (D),  Cathy Kipp (D),  Sheila Lieder (D),  Mandy Lindsay (D),  William Lindstedt (D),  Meghan Lukens (D),  Janice Marchman (D),  Matt Martinez (D),  Julie McCluskie (D),  Karen McCormick (D),  Barbara McLachlan (D),  Dafna Michaelson Jenet (D),  Dominick Moreno (D),  Kyle Mullica (D),  Kevin Priola (D),  Naquetta Ricks (D),  Dylan Roberts (D),  Robert Rodriguez (D),  Said Sharbini (D),  Emily Sirota (D),  Marc Snyder (D),  Tammy Story (D),  Tom Sullivan (D),  Brianna Titone (D),  Alex Valdez (D),  Stephanie Vigil (D),  Michael Weissman (D),  Jenny Willford (D),  Faith Winter (D),  Rachel Zenzinger (D), 

Last Action

Governor Signed (on 06/07/2023)

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Document Type Source Location
State Bill Page https://leg.colorado.gov/bills/hb23-1112
Fiscal Note FN5 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_f1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_enr.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_rer.pdf
Third Reading Amendment L.011 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/02F105BC3AFA9D73872589A7005CF425/HB1112_L.011.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_rev.pdf
Second Reading Amendment L.010 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/5AED40983E32B5B1872589A6006CAA6C/HB1112_L.010.pdf
Fiscal Note FN4 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_r3.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA2 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_sen.pdf
Senate Finance Amendment L.009 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/960767DCBC212516872589A5004DF5EA/HB1112_L.009.pdf
Senate Finance Amendment L.008 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/66208578FB6BCEB8872589A5004DB9B4/HB1112_L.008.pdf
Senate Finance Amendment L.007 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/88DFE360C806C0BD872589A5004E1543/HB1112_L.007.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_ren.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_eng.pdf
Second Reading Amendment L.006 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/39E0DDB7FB62D8088725899C007C8DDD/HB1112_L.006.pdf
Fiscal Note FN3 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_r2.pdf
House Appropriations Amendment L.005 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/E4452C29F90596BE8725899B00538787/HB1112_L.005.pdf
House Appropriations Amendment L.004 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2023A/amendments/062EB406D6AB83B28725899B0056563E/HB1112_L.004.pdf
Fiscal Note FN2 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_r1.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA1 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_hse.pdf
Fiscal Note FN1 https://leg.colorado.gov/sites/default/files/documents/2023A/bills/fn/2023a_hb1112_00.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2023A/bills/2023a_1112_01.pdf
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