Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
JBC reviews draft to tighten triggers for family affordability, earned-income tax credits
Summary
The Joint Budget Committee on April 28 examined a draft bill that would change how Colorado determines whether the family affordability and earned‑income tax credits become available, with members debating whether to base the trigger on a known historic number or on a prior forecast.
The Joint Budget Committee on April 28 examined a draft bill that would change how Colorado determines whether the family affordability (Family Affordability Credit) and earned-income tax credits become available, with members debating whether to base the trigger on a known historic number or on a prior forecast.
Chief Economist Greg Sobetsky of the Legislative Council Staff told the committee the draft sent for consideration changes the base year used in the compound annual growth-rate (CAGR) formula and has an option that evaluates two fiscal years rather than a single out-year forecast. “Most significantly … the base year which is currently FY 24‑25 is changed to FY 23‑24,” he said, and he explained the bill’s intent is to avoid a circular or uncertain base that could cause the credits to become available when state revenue is insufficient to fund other obligations.
The change aims to reduce the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
