Senate Passes Bills to Bolster Education and Provide Relief for Hardworking Coloradans

Today the Senate passed three pieces of bipartisan legislation that would provide additional, long term relief to middle and low-income Coloradans, as well as significantly increase funding for K-12 education and housing relief.

“These bills work in tandem to alleviate the sharp pains that our people and our budget have been experiencing,” said Sen. Moreno, D-Commerce City. “By removing tax breaks that only benefit the top 0.7% of filers, we will be strengthening funding streams for education and providing critical tax relief to working families.”  

HB20-1420 Adjust Tax Expenditures For State Education Fund, sponsored by Senators Dominick Moreno and Chris Hansen, decouples certain corporate provisions in the Colorado tax code that align with the federal statute. This bill also removes Trump tax loopholes that benefit those with an adjusted gross income of more than $500,000. 

This bill will make Colorado’s tax structure less regressive and more equitable. The revenue generated from this decoupling would then be used to permanently fund the Earned Income Tax Credit. This credit helps boost the income of lower-income working families by providing them with an even larger refund at tax time. The remaining revenue would go towards funding K-12 education – an area that has been devastated by the recent economic downturn.

HB20-1427 Cigarette Tobacco And Nicotine Products Tax sponsored by Senators Dominick Moreno and Rhonda Fields, refers a measure to the ballot that would ask Colorado voters to increase sale taxes on nicotine products, generating an estimate of over $400 million for public schools and housing assistance for vulnerable communities over the next 2 and a half years. 

HB20-1410 COVID-19 Relief Funds for Housing Cash Assistance, sponsored by Senators Julie Gonzales and Rachel Zenzinger, prevents further housing insecurity for both renters and homeowners. In light of the COVID-19 pandemic, direct relief is critical for the economic security of Colorado families. This bill provides $20 million in direct rental & mortgage assistance to Coloradans experiencing a financial need during these turbulent times, including $350,000 for legal aid for renters at risk of eviction.

”By working swiftly, we hope to prevent unprecedented displacement and economic hardship in our communities,” said Sen. Rachel Zenzinger, D-Arvada. “This bill directs federal funds toward assistance in housing, translating into direct relief for Coloradans impacted by the coronavirus.”

After House concurrence with Senate amendments, these bills will go to the Governor’s desk for final signature and adoption.