New Colorado laws cutting taxes for child care centers, seniors, and consumers take effect this week

COLORADO (KRDO) -- Several new laws related to reducing taxes took effect in Colorado this week.

The new laws, which went into effect on Aug. 10, cut taxes for child care centers, early childhood educators, and seniors.

According to the Governor's Office, certain savings from the new laws will kick in immediately, while others will begin in early 2023.

The bipartisan HB22-1006 Child Care Property Tax Exemption will expand the existing property tax exemption for nonprofit child care centers, allowing these exemptions to include properties that are leased by a child care center. This law incentivizes the creation of new childcare spaces and will reduce rent for existing childcare tenants and therefore reduce childcare costs for parents, the Governor's Office said.

Another of the new laws, HB22-1005 or the Health-care Preceptors Tax Credit, extends and expands an income tax credit to more health care workers.

Yet another one, HB22-1010 or the Early Childhood Educator Income Tax Credit, will provide savings for early childhood educators.

"HB1010 is vital to our state’s continued pandemic recovery and families’ ability to return to work. It is essential we recognize the role that our state’s child care providers play in supporting our families and strengthening communities. These dedicated professionals serve as a strong foundation for Colorado families - and our state and economy need as many of them as possible," said Melissa Mares, Director of Early Childhood Initiatives at the Colorado Children's Campaign.

Finally, HB22-1205, or the Senior Housing Income Tax Credit, will help save seniors money on housing.

“We believe the $1000 to help low-income older adults who make less than $25,000 will benefit them with the continued costs of housing. Housing for many older adults takes as much as 50 to 75% of their monthly income. We look forward to assisting as many older adults as possible to apply for this benefit," the Colorado Gerontological Society said.