Hansen’s Bipartisan Bill to Help Colorado Families Save Money Through Tax Filings Clears Committee

SB22-182 would invest $4 million to create the Economic Mobility Program and put more money in families’ wallets

DENVER, CO - The Senate Finance Committee today unanimously approved a bipartisan bill sponsored by Senator Chris Hansen (D-Denver) to help families save money on their tax filings. This bill is one in a series of bills to invest millions into our state’s economic recovery and deliver urgently-needed relief to Coloradans.

Co-sponsored by Senator Don Coram (R-Montrose), SB22-182 would provide $4 million to create an Economic Mobility Program, which will provide tax filing assistance for eligible Coloradans, many of whom do not currently claim tax credits they’re eligible for like the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC). 

“Colorado families have been hit hard by rising inflation, which is why we’re doing everything we can to make our state more affordable,” Hansen said. “This legislation will help families better understand and file for the tax credits they are eligible for, allowing them to keep even more of their hard-earned paycheck and get some money back on their tax returns.”

The bill aims to specifically help low-income families and those disproportionately impacted by the pandemic by facilitating communication, training, and technical assistance in tax filing with state agency partners, public health agencies and community based organizations focused on economic mobility. This investment will increase awareness and enrollment in economic assistance programs available to low-income individuals and families. 

It will also provide grants to nonprofits, local public health agencies, and other community based organizations that help people access economic support.

In 2020, Colorado Democrats passed legislation to increase the state Earned Income Tax Credit (EITC) from 10 percent to 15 percent of the federal EITC. In 2021, Colorado Democrats passed legislation to further increase Colorado’s EITC to 25 percent of the federal EITC and fund Colorado’s child tax credit for the first time, boosting the incomes of over 300,000 hardworking Coloradans.

The bill now moves to the Senate Appropriations Committee for further consideration. Track the progress of the bill HERE.