Support SB 13-001: The Working Family Economic Opportunity Package of 2013

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Sponsors: Sen. Kefalas and Sen. Morse, Rep. Kagan

We encourage you to support Senate Bill 13-001, the Working Family Economic Opportunity Package of 2013. Senate Bill 13-001 puts cash in the pockets of Colorado working families. This bill is an investment in Colorado families and children that encourages and rewards work while offsetting the negative trend in wages during the nation’s recent economic troubles.

What this bill does: Creates a permanent, state Earned Income Tax Credit and Child Tax Credit

Why support SB 13-001?

• Increasing a working family’s paycheck is the single most effective way to create stability in our families and opportunities for our children
• Research shows that increasing family’s household income while they have young children not only improves their children’s immediate educational outcomes, but also is associated with longer schooling, more hours worked and higher earnings in adulthood.
• Studies show that boosting a family’s earnings by just $1,000 through the EITC and CTC increases the probability of children going to college, earning more wages as an adult and improves the quality of the neighborhood in which the children live.

Why now?

Timing is everything. Working families need help now. These credits build the road toward the economy we want in the future. That means boosting the paychecks of working families so they can keep up.

Components of the SB13-001:

Creation of permanent, state Earned Income Tax Credit (EITC)
The federal Earned Income Tax Credit (EITC) is a refundable tax credit for working families that assists in bridging the gap between poverty and self-sufficiency. The EITC is the nation’s most effective way to fight poverty today. The federal EITC lifts roughly four million people out of poverty each year. In 2009, more than 330,000 Coloradans – 15% of the population – benefitted from the federal EITC and more than $680 million was put back into the hands of Colorado workers to spend in the local economy. This bill would create a permanent, state EITC that steps up to 10% of the federal EITC.

Creation of a permanent, statewide Child Tax Credit (CTC)
The Child Tax Credit (CTC) is a refundable tax credit for families supporting children. The CTC is the largest tax code provision benefiting families with children and is a critical factor in the fight to end childhood poverty. In 2009, the federal credit protected approximately 2.3 million people from poverty, including about 1.3 million children nationwide. In
Colorado, an estimated 17% of the population takes advantage of the federal CTC. This bill will create a permanent Colorado CTC equal to a percentage of the federal credit, depending on income for children five and under.

Thank you for your support of SB 13-001 and your support of working families in Colorado and in your district!

For more information:
Ali Mickelson, mickelson@coloradofiscal.org, 720-379-3019 x222

BILL SUPPORTERS INCLUDE: