In the 2014 Colorado legislative session, the Democratic Party is sponsoring a comprehensive business personal property tax cut bill. Although the Democrats have rejected numerous attempts made by Republicans to cut the tax over the past five years, they are confident the bill will receive a lot of support. According to the Denver Business Journal, State Reps. Dave Young of Greeley and Dianne Primavera of Broomfield will propose a measure that would allow companies to get a refundable tax credit equal to the first $25,000 in business personal property tax that they pay. Republicans are expected to support such a proposal as well, as they have been the primary ones pushing for it ever since an interim committee met to study the issue in 2009.
In fact, Sen. Mark Scheffel (R) ran a $25,000 exemption similar to this one earlier this year, but it was rejected by Democrats in a Senate committee. This year’s effort differs from the previous because it will require companies to pay the bill and then have a refundable tax credit, rather than allowing companies to not pay at all. This way, school districts and other local governments will still get the taxes for funding that they rely on, while the state covers the $13-15 million estimated expense for the program.
For the full article from the Denver Business Journal, click here.