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HB23-1112

Earned Income And Child Tax Credits

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 expanding eligibility for and increasing the child tax credit.
Session:
2023 Regular Session
Subjects:
Fiscal Policy & Taxes
State Revenue & Budget
Bill Summary

Legislative Oversight Committee Concerning Tax Policy. For income tax years commencing on or after January 1, 2024, the bill increases the earned income tax credit that a resident individual can claim on their state income tax return to 40% of the federal credit claimed on the resident individual's federal income tax return. For income tax years commencing on or after January 1, 2024, the bill changes the definition of "eligible child" to match the age of eligibility for the federal credit, increases percentages of the federal credit that a resident individual can claim for the child tax credit on their state income tax return by 20%, 10%, or 5% depending on the resident individual's income level, and requires the department of revenue to adjust for inflation the income levels set forth to determine eligibility for the credit.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. S. Bird
Sen. C. Hansen, Sen. C. Kolker

Sponsor

Co-sponsor

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