Bill to Save Older Coloradans Money on Housing Clears Committee

DENVER, CO – Today the Senate Finance Committee advanced legislation sponsored by Senators Chris Hansen, D-Denver, and Chris Kolker, D-Centennial, to reinstate a refundable tax credit to save older Coloradans money on housing.

HB24-1052 would reinstate a refundable income tax credit for Coloradans aged 65 or older with incomes under $75,000 (or $125,000 if filing jointly) who have not claimed a homestead property tax exemption for the 2024 property tax year. The income tax credit was initially created by HB22-1205.

“Amidst our statewide housing crisis, seniors on fixed incomes need additional relief to afford their rent and stay in their homes,” said Hansen. “While we’ve worked hard to extend housing support through property tax relief and a portable homestead property tax exemption, we must do more to help seniors who rent. This refundable tax credit will help even more lower and fixed income seniors remain in the homes and communities they love.”

“We’ve been working hard to support Colorado seniors, and especially those living on a low fixed income while renting, or who are not eligible for the senior homestead exemption, which is why I am so proud to champion this important legislation,” Kolker said. “This measure would save older Coloradans millions of dollars on housing, make our state a more affordable place to live, and ensure seniors can remain in the communities they have called home for years to come.”

The amount of the credit depends on income and taxpayer filing status. Single and joint filers with an income of $25,000 or less would receive the maximum credit amount of $800. For taxpayers who could file jointly but choose to file separately, the maximum credit amount would be $400. For every $500 of income above the threshold, the amount of the credit is reduced by $8 for single filers and by $4 for married taxpayers filing jointly or separately.

Under the bill, taxpayers who qualify for a property tax and rent assistance grant or heat assistance grant may receive the maximum credit amount regardless of income level.

HB24-1052 now moves to the Senate Appropriations Committee for further consideration. Track its progress HERE.