Just as Colorado’s state budget finally is showing signs of improvement, the first bill Senate Democrats will introduce when the legislative session opens today provides $120 million in tax breaks in the form of tax credits.
Some 370,000 families would benefit, including workers caring for their parents, said the incoming Senate president, Democrat John Morse, of Colorado Springs.
“We need to help working families just hanging on,” he said.
But Morse conceded that the economy is so dicey that revenues could dip in the March forecast, which could lessen the amount of the tax credits or possibly shelve them altogether.
The plan to give tax breaks comes at the same time Democrats admit an education proposal still in the works relies on a tax increase to provide more money for schools. An outside group likely would push for the tax increase, which could come as early as November or in the 2014 election.
Read more at DenverPost.com.