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Tax Cut Plan Aired In Colorado Senate

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Colorado State Capitol (credit: CBS)

Colorado State Capitol (credit: CBS)

DENVER (AP) — An income tax cut proposed in Colorado has prominent backers, but its prospects are far from certain.

A Senate committee plans to start work Wednesday on a bill to create a Colorado child tax credit and to make permanent the Colorado earned income tax credit. The bill is sponsored by Senate President John Morse and stands an excellent chance of success in the Senate.

However, the budget that has already cleared the Senate doesn’t account for the tax cut. That puts the proposal in question. A legislative analysis predicted the bill would reduce taxes by more than $40 million in the fiscal year that starts in July.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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