Beginning in 2026, Colorado seniors will benefit from a federal tax relief provision under the One Big, Beautiful Bill. This new senior deduction effectively removes federal income tax from most Social Security benefits, allowing an estimated 1 million retirees in Colorado to potentially see substantial savings. Nationally, the tax shift is expected to increase the share of seniors owing no federal tax on Social Security from 64% to 88%. Moreover, the bill will create new housing opportunities, addressing the needs of seniors amid rising housing costs.
The One Big, Beautiful Bill introduces a senior deduction that exempts most Social Security benefits from federal income tax, greatly increasing the number of tax-free seniors.
Starting in 2026, the legislation is expected to allow 88% of seniors to owe no federal income tax on Social Security, benefiting millions of retirees nationwide.
Colorado’s total population includes approximately 15.5% aged 65 and older, with an estimated 1 million benefiting from the new tax exemption on Social Security.
The bill will also create 4,000 new Opportunity Zone housing units in Colorado, thereby providing essential housing options for older residents.
#senior-tax-relief #social-security-benefits #colorado-seniors #opportunity-zones #federal-legislation
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