A Colorado version of the federal earned income tax credit has won preliminary approval in the state Senate.
But Republicans questioned the Democratic tax-cut proposal because it doesn't take effect for a year. They sought unsuccessfully Tuesday to expand the tax cut.
The bill would make permanent the Colorado earned income tax credit, to be phased in starting next year, and also would create a Colorado child tax credit. A legislative analysis projected the bill would return some $40 million to taxpayers in its first year.
One more Senate vote is required before the bill heads to the House.
If the tax credit takes effect, Coloradans would not be able to get it until 2015.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus