Tax Credits: Colorado Lawmakers Approve $1 Billion in Tax Relief
Will Colorado’s New Tax Credits Leave Taxpayers Out in the Cold?
According to Axios, Colorado‘s lawmakers recently approved a big change to the way taxes are handled. They gave away $1 billion in tax breaks to certain groups, like parents, older homeowners, and movie makers. This change might mean that not as much money will be returned to taxpayers who have paid too much in taxes.
Some experts think this could cause problems for the state’s budget in the future. They’re worried that the state might not have enough extra money to give back to taxpayers. One of the lawmakers, Senator Barbara Kirkmeyer, thinks that the Democratic party made a mistake by spending too much money and leaving the state with a shortfall.
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Colorado’s Tax Credits: A Win-Win for Low-Income Families and the State’s Economy?
On the other hand, some lawmakers think that keeping the money within the state is better than giving it back to taxpayers. They believe that this money can be used to help people who need it most, like low-income families. One new tax credit will give up to $3,200 per child to parents who earn less than $75,000 a year. Another credit will help low-income residents keep more of their hard-earned money.