Retirees could be given an additional $1,400 tax credit for 2023 and 2024 if a new sponsored bill passes.
Extra Payment For Retired Americans
The extra funds will be available to Colorado residents with the proper eligibility. The representatives in Colorado state want to support people who are likely to be on a limited income and cost-of-living adjustments (COLA), which have not been able to keep up with inflation. Although it’s not guaranteed that it’d pass, the credit would be refundable.
It implies that if you owe less in tax than the credit is worth, you’ll get a refund of the difference. The suggestion applies to distributing the credit over the next couple of years.
How To Be Eligible?
To be eligible first you must need to be a full-time Colorado resident. Moreover, the applicant should also have to be at least 55 or older at the end of 2023 and 2024. Furthermore, you are required to have retired from a position that had a Colorado state public pension plan or is a retiree of a public pension plan administered by a local Colorado government.
A 2022 bill that impacted the same workforce estimated it’d affect about 315,000 retirees. The House of Representatives is now debating the measures. It has been given to the House Finance Committee, but so far there is no date scheduled for a hearing as of press time.
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