DENVER CO (STL.News) Yesterday, the Biden-Harris Administration launched Child Tax Credit Awareness Day. This is major tax relief—$3,000 to $3,600 per child—for nearly all families. At the state level, Colorado has recently approved transformational tax relief.
“Building upon Senator Michael Bennet’s historic expansion of the child tax credit, I was proud Colorado passed our own Child Tax Credit and expanded the earned income tax credit. We welcome expanded federal relief thanks to Senator Bennet, President Biden, and members of our federal delegation who supported this transformational legislation,” said Governor Jared Polis . “Colorado continues to deliver tax relief that works for working families and individuals and Washington must extend these benefits for years to come.”
President Biden has proposed an extension of this tax credit in his American Families Plan. The Polis administration has doubled the state Earned Income Tax Credit from 10% to 20%. Under the state child tax credit, for the first time an estimated 155,000 Colorado families will now be able to claim a refundable state Child Tax Credit of up to $1080 for children under age 6 depending on income level.
In Colorado, the expanded federal Child Care Tax Credit will lift 57,000 kids out of poverty and benefit more than 1 million children across the state. Colorado U.S. Senator Michael Bennet championed the Child Tax Credit in Congress.