With just one week remaining in the 2024 legislative session, Colorado lawmakers are considering a new plan that would cut taxes and redirect TABOR refunds to lower-income families.
While Colorado’s TABOR amendment requires the government to refund surplus money to taxpayers, lawmakers can decide how to distribute those refunds. The Legislative Council Staff says TABOR allows lawmakers to use “any reasonable method” to refund the money.
Those who support refunding part of that money in the form of tax credits to lower-income families say it will reduce child poverty in Colorado. Heather Tritten, president and CEO of Colorado Children’s Campaign, a child policy advocacy organization, said child poverty is often hidden in plain sight.
“There are 133,000 low-income children in Colorado,” said Tritten. “There are a lot of families in the state who are struggling to make ends meet.”
That’s why she supports the plan to redirect about $700 million in TABOR refunds from wealthier families, who pay more in taxes, to lower and middle-income families. Speaker Pro Tempore Chris deGruy Kennedy, who is sponsoring the measure to create new child tax credits , said the plan will cut child poverty in half.