FOR IMMEDIATE RELEASE

Contact: William Maloney,

william.maloney@coleg.gov

New Law Expands Social Security Tax Relief to Coloradans Ages 55-64

 

(Denver, CO – June 11, 2024) — Representative Richard Holtorf announced the successful passage of HB24-1142, a significant bill aimed at expanding state income tax relief for Social Security benefits to individuals aged 55-64. This legislative victory is set to provide much-needed financial relief to a broader age group of Colorado residents.

 

“This bill is a game-changer for our older Coloradans,” said Rep. Holtorf. “By lowering the eligibility age for Social Security tax relief, we’re making sure more Coloradans can keep their hard-earned money, especially as they face rising costs of living.”

 

HB24-1142 lowers the age eligibility for the state income tax subtraction on Social Security benefits from 64 to 55 years. Under this new law, these individuals will no longer pay a 4.4 percent state tax on social security income below $95,000 ATI jointly or below $75,000 when filing as an individual.

 

Holtorf highlighted the importance of this tax elimination, especially for those in rural communities. “Many folks in our rural areas rely heavily on their Social Security benefits,” he stated. “This bill helps ensure they have more financial stability and can better handle the rising costs of essentials.”

 

“With this legislation, we’re not just offering tax relief; we’re offering tax elimination for seniors between the ages of 55 and 64. With this bill, we’re acknowledging the contributions and challenges of our older population,” Holtorf concluded.

Race to the Finish!

Holtorf encourages everyone to get out and vote today before polls close at 7pm Look for the #72 car with the Holtorf Banner.