CO HB1141

Exempts business personal property purchased between January 1, 2012, and December 31, 2013, from property tax levy and collection so long as the property is used by the original purchaser.

Exemption does not apply to business personal property that is sold and repurchased by the same taxpayer or sold and leased-back by the same taxpayer.

Exemption does not apply to locally assessed business personal property in jurisdictions that have negotiated incentive payments or credits with taxpayers, unless the local government expressly adopts the exemption.

Appropriates $37,500,000 to the Department of Education for fiscal year 2013-14 and $76,300,000 for fiscal year 2014-15 to offset decreases in local funding for kindergarten through twelfth grade public school education.

Public utilities' business personal property qualifies for the exemption, with exemption value calculated using the market-to-book ratio applied to historical cost less depreciation.