Colorado's Special Session Delivers Property Tax Relief for Low-Income Families

Colorado lawmakers concluded a special legislative session focused on tax relief for homeowners, resulting in about $430 million of tax cuts for homeowners across the state. Additionally, lower-income Coloradans will receive nearly $500 million in tax benefits, including larger TABOR refunds and expanded tax credits for the working poor. The changes will be funded by the state's wealthiest residents. The tax reforms aim to make the state's tax system more progressive, benefiting low-income households the most. Republicans criticized the changes as a socialist-style wealth transfer, while Democrats argued that the reforms would help renters and retired homeowners. The special session also included relief programs for renters and a federal program to help lower-income families buy groceries. The tax and TABOR changes are effective for one year, and discussions for long-term tax reforms are already underway.