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CO HB1263
Bill
Status
Engrossed
5/10/2011
Primary Sponsor
Kevin Priola
Click for details
AI Summary
- Increases the property tax exemption for business personal property from $7,000 to $14,000 for tax years beginning January 1, 2013 and January 1, 2014, with future amounts adjusted for inflation based on the new $14,000 threshold
- Creates a 10-year valuation cap for state-assessed public utilities beginning with the 2012 tax year, capping the actual value of operating property and plant at specified percentage increases over a baseline 2011 value
- Sets the valuation cap at 3% annual increases for the first five years after the base year, then 1% annual increases for years six through ten of the exemption period
- Allows the property tax administrator to increase the valuation cap only if excess value is directly attributable to real property rather than business personal property
- Takes effect August 10, 2011, or after voter approval in November 2012 if a referendum petition is filed within 90 days of final adjournment
Legislative Description
Business Personal Property Tax Exemption
Last Action
Senate Committee on Local Government Postpone Indefinitely
5/11/2011
Committee Referrals
Local Government5/10/2011
Committee of the Whole4/29/2011
Appropriations3/10/2011
Finance2/14/2011
Full Bill Text
No bill text available