Kolker and Hansen Bill to Provide Tax Credit for Renters Earns Senate Approval
DENVER, CO – The Senate today approved Senators Chris Kolker, D-Centennial, and Chris Hansen’s, D-Denver, bill that would address housing affordability in Colorado by providing temporary tax relief.
SB24-146 would provide a non-refundable income tax credit for renters with an adjusted gross income (AGI) of up to $75,000 for single filers and $125,000 for joint filers. The bill offers $2,000 for qualifying joint filers with AGIs of $75,000 or less, and $1,000 for single filers with AGIs of $50,000 or less. These credits would decrease with higher incomes.
“Colorado’s ongoing housing crisis is forcing renters to spend more of their income on rent, which makes it harder to afford other essentials,” said Kolker. “This bill is about protecting our most vulnerable, and ensuring they can have a safe space to live while affording groceries, paying bills, and making ends meet.”
“This bill is a way we can get relief directly into the hands of folks who need it most,” Hansen said. “Housing has become unaffordable for many hard-working Coloradans, but by providing a tax credit for qualifying renters we can help alleviate that burden.”
The tax credit would apply for the 2024 through 2026 tax years, targeting support for lower and middle-income renters during this period. Additionally, the tax credit would be compatible with other assistance. Folks receiving help with rent or heat grants would not be disqualified, nor would the credit count as income for public assistance or affordable housing eligibility.
SB24-146 will now move to the House. Follow its progress HERE.