(COLORADO) — Governor Jared Polis signed a new bill that aims to support and save families money on Friday, May 31.

HB24-1311, better known as the Family Affordability Tax Credit, creates a refundable credit available to parents.

The credit will be available for parents with children 16 and younger with a maximum of $3,200 for each child under 5 years of age, and a maximum of $2,400 for each child between the ages of 6 and 16.

“Colorado families are saving thousands of dollars each year on universal preschool and today I was thrilled to congratulate one of the first graduating preschool classes,” said Polis. “Since day one we have set out to make sure Colorado remains one of the best places to live, work, and raise a family. This legislation builds on that work by helping Colorado families keep hard-earned money.”

The credit will be adjusted for income, inflation, economic growth, and unemployment.