CO SB026

Exempts a percentage of business personal property first used in a business during tax years commencing January 1, 2013 and later from property tax levy and collection.

Exemption percentages increase over time: 25% for 2013-2014, 50% for 2015-2016, 75% for 2017-2018, and 100% for 2019 and thereafter.

The exemption percentage that applies in the year property is first used remains the same for all subsequent years the property is subject to property taxation.

Exemption is applied before determining whether the property qualifies for a per-schedule business personal property tax exemption under section 39-3-119.5.

Business personal property owned by public utilities is subject to the same exemption, with the exemption value removed from system market value using the market-to-book ratio applied to historical cost less depreciation.