Post by Logan on May 3, 2016 19:12:11 GMT -6
Dems’ bill would increase college tax credit for middle class
DENVER — Two Democratic lawmakers want to shift a tax credit for creating college savings accounts for their children away from the very wealthy to the middle class.
Under their measure, which won preliminary approval in the Colorado House on Monday, families that earn more than $500,000 a year would not receive a state credit. Instead, those who earn less than $150,000 would get double the credit they qualify for now.
“Within our own state, the people that we’re really trying to encourage to save are actually not investing in the program because the tax deductions for those who are in the middle class are not significant enough to warrant them doing that investment,” said Rep. Dave Young, D-Greeley. “Now we have more tuition and school debt than we have debt for credit cards, so this is an effort to try to reverse that.”
But Republicans say HB1003, which also recreates a graduating scale for those who earn between those amounts, said it’s unfair to create a standard for one income level at the expense of another.
Read more: www.gjsentinel.com/news/articles/dems-bill-would-increase-college-tax-credit-for-mi
DENVER — Two Democratic lawmakers want to shift a tax credit for creating college savings accounts for their children away from the very wealthy to the middle class.
Under their measure, which won preliminary approval in the Colorado House on Monday, families that earn more than $500,000 a year would not receive a state credit. Instead, those who earn less than $150,000 would get double the credit they qualify for now.
“Within our own state, the people that we’re really trying to encourage to save are actually not investing in the program because the tax deductions for those who are in the middle class are not significant enough to warrant them doing that investment,” said Rep. Dave Young, D-Greeley. “Now we have more tuition and school debt than we have debt for credit cards, so this is an effort to try to reverse that.”
But Republicans say HB1003, which also recreates a graduating scale for those who earn between those amounts, said it’s unfair to create a standard for one income level at the expense of another.
Read more: www.gjsentinel.com/news/articles/dems-bill-would-increase-college-tax-credit-for-mi