Colorado Senate Approves Overtime Tax Cut
Fort Wayne News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Colorado Senate Committee Approves Overtime Pay Tax Break: A Close Vote on Senate Bill 26-056
The Colorado Senate State, Veterans and Military Affairs Committee has passed a bill to eliminate state taxes on overtime pay, aligning with upcoming federal changes. The measure, Senate Bill 26-056, passed with a narrow three to two vote and is now headed to the Appropriations Committee. The bill aims to cut state revenue by approximately $235 million, with funding coming from existing tax credits. Critics argue that the break will not significantly help low-wage workers, while supporters, including railroad union representatives, emphasize the importance of relief for essential workers who rely on overtime. The bills passage reflects a split along party lines, with one Democrat joining Republicans in favor.
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