CO SB085

Establishes a 5-county pilot program to reimburse participating counties for business personal property tax revenue losses from voluntary exemptions.

Participating counties must have populations between 20,000 and 500,000 and enact ordinances eliminating business personal property tax for 5 years beginning January 1, 2011.

State reimburses counties for lost revenue at 100% in year one (2012), then decreases by 25% annually to 25% in year four (2015), with no reimbursement in year five.

Counties may submit participation requests to the administrator by December 1, 2010, with qualification determinations made within 30 days; requests qualified on a first-come, first-served basis.

Legislative Council staff must complete an economic impact study by April 1, 2017, assessing whether exemptions stimulated economic growth; the entire article repeals January 1, 2018.