Colorado House Unites to Pass Bill Aiding Seniors with Housing Costs
Colorado’s Initiative to Alleviate Housing Affordability Concerns
According to Fox 31, Colorado’s state House recently passed a bill to help seniors with housing costs. The bill got a lot of support from both Democrats and Republicans. It’s meant to give tax credits to older adults who make less than $75,000 a year and haven’t claimed a property tax exemption. Representative Bob Marshall thinks it’s important to help senior renters, as many struggle to pay rent with fixed incomes. About 35% of Colorado seniors worry about affording rent so the bill aims to give tax credits to all seniors whether they own or rent their homes.
The bill offers different amounts of tax credits based on how much money seniors make and if they file taxes alone or with a partner. For example, seniors making up to $25,000 alone could get up to $800 in tax credits while those filing together might get $400 each. The bill also helps seniors who qualify for other housing grants reducing their financial burden. Representative Mike Weissman thinks it’s vital to help seniors, especially with rent prices going up and making life harder for those with fixed incomes. Passing the bill is a big step in helping Colorado seniors afford housing. Nearly 90,000 older Coloradans who didn’t qualify for previous tax credit breaks will benefit from this bill.
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90,000 Older Adults to Benefit from Tax Credit Relief – Colorado House Passes Bill to Aid Seniors Struggling with Housing Affordability! (PHOTO: BusinessWorld Online)
Colorado House Passes Bill to Provide Tax Credits for Seniors Facing Housing Challenges
Furthermore, passing this bill shows that Colorado wants to help seniors with housing costs. By giving them tax credits, the state hopes to make life easier for older adults struggling to pay rent with their fixed incomes. The bill doesn’t forget about seniors who rent their homes either making sure everyone gets some help. Now, the Senate committees will look at the bill to decide what happens next. If it becomes a law, it will be a big help to seniors and show that Colorado cares about making sure everyone can afford to live there.
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