C.R.S.
Section 25-20.5-1901
Economic mobility program
- creation
- fund
- reporting
- legislative declaration
(1)
The general assembly hereby finds and declares that:(a)
The COVID-19 pandemic has had devastating economic and health consequences across the state;(b)
The COVID-19 pandemic has specifically disproportionately impacted families and individuals earning low or no income and exacerbated pre-existing disparities;(c)
Economic mobility activities, such as tax credits and other investments in financial well-being, improve family resiliency and long-term health and educational outcomes for Coloradans and their families;(d)
Tax credits for families and individuals earning low or no income are associated with fewer adverse childhood events, reduced infant mortality, reduced child maltreatment, reduced trauma, and better childhood nutrition. Income from tax credits leads to benefits at virtually every stage of life, and children in families receiving the tax credits are healthier, do better in school, are more likely to attend college, and can be expected to earn more as adults.(e)
Tax credits also support local economies;(f)
Programs and services to increase awareness and uptake of assistance programs, such as tax credits available to low or no income families and individuals, will respond to the COVID-19 pandemic’s negative impact in all communities; and(g)
The program created in this section and services described in this section are important government services.(2)
Subject to available appropriations, the department shall develop and implement the economic mobility program, referred to in this section as the “program”, to improve health and educational outcomes associated with reduced poverty and improved economic mobility for Coloradans.(3)
Intentionally left blank —Ed.(a)
The economic mobility program fund, referred to in this section as the “fund”, is hereby created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (3)(d) of this section, all private and public money received through gifts, grants, or donations that is transmitted to the state treasurer and credited to the fund, and any other money that the general assembly may appropriate or transfer to the fund.(b)
The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.(c)
Subject to annual appropriation by the general assembly, the department may expend money from the fund for implementation of the program and for the following purposes:(I)
Outreach and engagement of and by partners who have direct connections with families and low-wage individuals and with historically disadvantaged communities to promote awareness and uptake of economic supports, including tax credits;(II)
Facilitating communication, training, and technical assistance among state agency partners, public health agencies, and community-based organizations supporting economic mobility;(III)
Grants to nonprofits, local public health agencies, and other community-based organizations who assist individuals with accessing economic supports, including those providing free low-income tax filing services through internal revenue service certified volunteer income tax assistance sites;(IV)
Grants to support enhanced infrastructure to improve access to free tax filing assistance and other economic supports through development of online platforms that provide linkages to services;(V)
Development and dissemination of communications materials related to economic mobility providing information on eligibility and directing Coloradans to resources to be able to access economic supports, including tax credits;(VI)
General operating expenses and direct and indirect program costs; and(VII)
Evaluation of evidenced-based and promising practices in economic mobility strategies.(d)
On July 1, 2022, the state treasurer shall transfer four million dollars from the economic recovery and relief cash fund created in section 24-75-228 (2)(a) to the fund. Money transferred to the fund pursuant to this subsection (3)(d) is subject to the requirements for obligating and expending money received under the federal “American Rescue Plan Act of 2021”, Pub.L. 117-2, as amended, and as defined in the federal treasury final rule.(4)
The department and any entity that receives money from the department shall comply with the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5).
Source:
Section 25-20.5-1901 — Economic mobility program - creation - fund - reporting - legislative declaration, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-25.pdf (accessed Oct. 20, 2023).
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