The Colorado Catholic Conference supports HB 1091 to renew the Colorado Child Care Contribution Tax Credit, which is an innovative tax credit that has supported childcare and youth-serving programs in Colorado. The CCTC allows a 50% tax credit for up to $100,000 for Colorado taxpayers who contribute to childcare programs. It is critical that the legislature pass HB 1091 to reauthorize the tax credit and continue positively impacting Colorado childcare programs by incentivizing philanthropic support.
The CCTC impacts a wide range of Coloradans. From families to businesses to childcare providers and, most importantly, to children, the tax credit is an all-around win for Coloradans. Each year, approximately 22,000 donors contribute $60 million in financial support to over 6,000 organizations in the state. This has led to a massive estimated economic benefit of $2.25 returned to the economy for every dollar spent and 1.5 jobs created for every job in the early care and education sector. Passing this bill will continue the good work of this tax credit.
Indeed, Catholic programs, parishes, and schools from across the state are aided by the CCTC and, in turn are able to better serve parents and families in their community. Examples include Catholic Charities’ Early Childhood Education, which provides quality education and childcare at six locations in the Denver Metro area, and Marisol Homes, which provides safe and secure emergency and community-based housing for pregnant women, and single women with children, who are experiencing homelessness. The CCTC is crucial to the health of these and other community-serving programs throughout the state.
Church teaching emphasizes the need for public policy that supports the needs of families and children and encourages public-private partnerships to incentivize charitable giving. HB 1091 extends an important policy that has a proven track record of accomplishing both of these goals.