RETIRED Americans could be given a $1,400 tax credit for 2023 and 2024 if a new sponsored bill passes.

The funds would become available to Colorado residents with the proper eligibility.

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Colorado representatives want to support retired public employees who may be affected by inflation[/caption]

Representatives in Colorado want to support people who are likely to be on a fixed income and cost-of-living adjustments (COLA), which have not been able to keep up with inflation.

While it’s not guaranteed that it’d pass, the credit would be refundable.

It means that if you owe less in tax than the credit is worth, you’ll get a refund of the difference.

The proposal involves distributing the credit over the next couple of years.

WHO WOULD BE ELIGIBLE?

To qualify, you’d need to be a full-time Colorado resident.

People also have to be at least 55 or older at the end of 2023 and 2024.

Plus, you are required to have retired from a position that had a Colorado state public pension plan or be a retiree of a public pension plan administered by a local Colorado government.

A bill in 2022 that impacted the same workforce estimated it’d affect around 315,000 retirees.

The bill is currently making its way through the House of Representatives.

It has been assigned to the House Finance Committee, but so far there is no date scheduled for a hearing as of press time.

OTHER PAYMENTS GOING OUT

Millions of Colorado residents are also getting one-time checks worth up to $1,500 – and the final batch will go out before the end of the month.

Taxpayers in Colorado who filed their returns by October 17 can expect to get their Colorado Cash Back rebate by January 31.

And in Montana, state officials have proposed $500million in property tax rebates.

Homeowners would get $1,000 for their primary residence in 2023 and 2024, totalling $2,000.

The proposal is only possible because of a $2.4billion state surplus.

Meanwhile, Massachusetts collected an extra $3billion which went back to residents throughout the early part of December.

Residents have been receiving checks worth up to 14 percent of their 2021 income.

As tax season is finally here, there are plenty of tax credits to keep an eye out for to make sure you don’t miss out if you’re eligible.

Residents with a child from 12 states could receive a tax credit between $100 to $1,000 as these states have implemented their own child tax credits.

Homeowners are also eligible for up to $10,000 in credit and rebates from the Inflation Reduction Act.

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