Special Session New Bills

• Senate Bill 23B-1: Property tax relief for Colorado homeowners: will reduce the residential assessment rate for the 2023 tax year to 6.7% from 6.765%. Also, homeowners will be able exempt $55,000 of their home’s value from taxation. 
• Senate Bill 23B-2: Opting into a federal food assistance program: will provide up to $120 to children at risk of food insecurity when school is not in session. 
• Senate Bill 23B-3: Making TABOR refund checks equal for every taxpayer: all filers will get the same amount of $800.
• House Bill 23B-1001: Providing $30 million more for rental assistance: added $30 million in emergency rental assistance, bringing the total amount it has invested to $65 million. That is targeted relief for people who make up to 80% of the area median income and are at risk of eviction.
• House Bill 23B-1002: Expanding the state’s earned income tax credit: doubles the state’s earned income tax credit for this year. Right now, the state gives 25% of the federal benefit amount to those who qualify. Next year, the state amount will be 50% the federal amount. 
• House Bill 23B-1003: Creating a task force for a long-term property tax plan: Formed a 19-member task force to study and develop potential long-term “permanent and sustainable” property tax plans to consider. The task force will include members of the Legislature, local elected officials, an assessor and members representing education, firefighting and business interests.