President-designee Morse Announces Senate Bill 1

Sunday, January 6 2013

Colorado Working Families Economic Opportunity Act of 2013

DENVER – When the Colorado General Assembly reconvenes on January 9, President Morse will introduce Senate Bill 1, the Colorado Working Families Economic Opportunity Act of 2013. The Act would create a tax credit for working families, a child and dependent care credit, and a child tax credit against state income taxes.

Many Colorado families are still struggling from the impact of our slow economic recovery, which has made it hard for wages to keep up with the increasing costs of basic necessities like childcare and transportation. This bill could provide a financial boost for more than 370,000 working families.

The Colorado Working Families Economic Opportunity Act is a refund mechanism funded by a state revenue surplus, in accordance with the Taxpayers Bill of Rights (TABOR). Additionally, this proposed legislation would not create more government or bureaucracy because it is based upon already established federal guidelines and qualifications for earned income tax credits.

Senate Bill 1 is co-prime sponsored by Senator John Kefalas (D-Fort Collins) and Senate President John Morse (D-Colorado Springs) and sponsored by Sen. Aguliar, Guzman, and Ulibarri.