Personal Property Tax Relief for Colorado Businesses Out-Voted
DENVER— Today, Democrats on the House State, Veterans, and Military Affairs Committee, killed, on a party-line vote, Rep. Tim Leonard’s (R-Evergreen) bill to provide tax relief to Colorado’s business owners. Under current law, there is a $7,300 threshold for business personal property taxes, whereby businesses with personal property totaling less than $7,300 in actual value do not report personal property value, but anything over that amount requires taxation on the total amount including the first $7,300.
Leonard’s bill, House Bill 1063, would have created a $50,000 business personal property tax exemption and only subjected personal property in excess of that amount to taxation starting in 2017.
Business personal property taxes are taxes on items inside a business, and as a business owner I know first-hand how high taxation impedes business growth. “This bill would have reduced taxes and relieved businesses from an onerous tax, giving owners more money to expand, increase wages and add jobs in Colorado. – Leonard, who owns a franchise coffee shop
Republicans in both the House and Senate have made tax relief for Colorado businesses priority this legislative session.