Colorado House Passes Bill to Aid Senior Renters with Tax Relief Measures
New Tax Credits Offer Financial Relief for Seniors Struggling with Housing Costs in Colorado
According to KDVR, Colorado lawmakers are tackling the issue of housing affordability head-on, with a new bill aimed at helping older adults. The bill passed in the Colorado House with strong support from most representatives. It aims to give tax relief to seniors with incomes under $75,000 who don’t already get a property tax break. Representative Bob Marshall stressed the importance of helping senior renters, as many struggle to afford rent each month.
The bill plans to ease financial pressure on seniors by offering them tax credits based on how much they earn and how they file their taxes. For example, single seniors making up to $25,000 could get up to $800 in credits, while married couples filing together or separately could get up to $400 per person. Representative Mike Weissman highlighted the urgent need for this help, especially as rent prices keep going up, making it hard for seniors with fixed incomes to afford housing. This bill passing in the Colorado House is a big step towards helping nearly 90,000 seniors who didn’t benefit from similar tax breaks before.
READ ALSO: 3.6 Million Medicare Enrollees Could Get Help with Wegovy for Obesity
Colorado Senate Committees Review Bill to Enhance Senior Housing Affordability Amid Bipartisan Support
Now, the bill moves on to Senate committees for further discussion. Lawmakers are focused on how this bill could help seniors afford housing in Colorado. By giving financial relief to seniors struggling with housing costs, the goal is to make sure older Coloradans can keep living in the state without worrying too much about money. With both Democrats and Republicans backing the bill, it shows a united effort to deal with the important issue of housing affordability for seniors in Colorado.