New law in Colorado rewards employers who help workers purchase homes

A new law in Colorado rewards employers who help workers purchase homes. Starting next year, businesses that open savings accounts for their employees to help with down payments, closing costs or other expenses associated with home buying, can claim a tax credit worth 5% of their contribution. 

The credit is capped at $5,000 per employee per year and $500,000 per employer per year. 

Gov. Jared Polis also signed a law on Wednesday that expands the state-earned income tax credit and child tax credit to include taxpayers who are eligible but don't have a valid Social Security number.