Tax Fairness Act
Because of COVID-19, our state budget was erased and replaced with a substantial shortfall in a matter of weeks. With a desperate need for revenue, legislators negotiated a moderate reduction in tax exemptions through HB20-1420 which will generate some funding for low-income families and K-12 education. This bill will also allow Coloradans who file taxes with an Individual Taxpayer Identification Number (ITIN), including many immigrants without documentation, eligible for an Earned Income Tax Credit (EITC) As a follow-up to this bill, Fair Tax Colorado aims to get an initiative on the November ballot that would cut taxes for 95% of Coloradans and provide a much-needed source of cash for the state budget. Signatures to get the initiative on the ballot are due July 25.