General Assembly Democrats 2022 Accomplishments on Saving Colorado Families Money

Written By Senate Democrats

MEMO                                                         

TO: Colorado Press Corps
RE: 2022 Accomplishments on Saving Colorado Families Money
FROM: House and Senate Democrats

Overview

Inflation and the rising cost of living caused by global economic forces and continued disruptions from the pandemic have caused economic uncertainty across the globe. This has hit Coloradans squarely in their pocketbooks, and folks are feeling the pain as the cost of living has risen, often hitting Black and Brown Coloradans and other disadvantaged communities the hardest. We recognize the financial stress families are feeling, which is why we worked hard to save Coloradans and businesses money and ease the burden for working Colorado families who are feeling the pinch.

That’s why Democrats this year passed legislation to save homeowners hundreds of dollars on their property taxes, expedite critical tax relief in the form of refund checks to every Colorado resident, and replenish the unemployment insurance trust fund to save businesses money and improve unemployment insurance for Colorado workers. We also worked to lower gas prices, save families money on groceries, and slash fees on everything from starting a business to getting a driver's license.

This urgent relief will help working families afford everyday necessities like gas and groceries, and will help make life more affordable in Colorado.


Saving People Money

Tax Relief and Cashback for Individuals and Families: Democrats passed legislation to save the average homeowner $274 on their property taxes (SB22-238); provide advanced tax refunds of $750 ($1,500 for joint filers) this summer to every Colorado resident (SB22-233); help tax filers take advantage of tax reforms that will save families and workers $180 million this year through the expanded earned income tax credit and child tax credit (SB22-182); and save homeowners money on wildfire mitigation (HB22-1007).

Tax Relief for Businesses: Democrats are providing $700 million in property tax relief over the next two years for homeowners and businesses (SB22-238); eliminating fees to start your business (HB22-1001); allowing restaurants to keep $40 million of the sales tax they collect (HB22-1406), making sales tax filing easier (SB22-006); and replenishing the unemployment trust fund to avoid cost increases on businesses (SB22-234).

Saving People Money on Housing: Democrats are saving Coloradans money on housing by investing $428 million to preserve and construct new affordable housing. This funding will go toward loans to leverage private and local dollars to construct affordable homes; direct grants to nonprofits and local governments to build affordable homes; investments in middle-income housing; and innovative housing solutions such as modular homes. (HB22-1304, SB22-159, SB22-160, SB22-146, HB22-1282). Additionally, Democrats extended the Colorado Affordable Housing Tax Credit for an additional 7 years, providing $420 million in additional tax credits over the next decade (HB22-1051), fostered economic mobility among mobile home park residents (HB22-1287), and protected veterans and active military members from housing discrimination (HB22-1102).

Increasing Behavioral Health Care Access: Democrats passed legislation to expand access to behavioral health care and save people money on the treatment they need to support their health and well-being. This $450 million package expands access to critical services for adults, youth, and families; increases access to substance use disorder treatment; bolsters the behavioral health workforce; and adds more residential treatment beds. (HB22-1281, SB22-196, HB22-1302, SB22-147, SB22-148, HB22-1283, HB22-1303, SB22-181, SB22-177, HB22-1278).

Child Care and Free Universal Preschool: Democrats passed legislation this session to help child care providers save money and stay open (HB22-1006, SB22-213) and create free universal preschool for every Colorado family that will help parents get back to work and save families thousands of dollars (HB22-1295).

Democrats saved people money everywhere we could including on:

Senate Democrats
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