State

May 3, 2013 7:48 PM by Alyse Rzemek

Tax cuts advance in Colorado, but still uncertain

DENVER (AP) - Tax credits for low-income Coloradans are advancing through the Legislature - but lawmakers are hedging their bets by tying the credits to the prospect of an improving economy and action by Congress.

The state House voted Friday to approve a child tax credit. The credit wouldn't take effect until a state budget surplus prompts a tax refund, something predicted to happen as soon as 2015.

The other tax cut is a permanent state version of the earned-income tax credit. It wouldn't take effect unless Congress approves an online sales tax and Colorado starts collecting tax dollars from online retailers.

The tax credits were opposed by Republicans, who worried the tax credits rely on unknown future events. One more vote is required before the bill returns to the Senate.

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