HB13-1177 Summary

• Creates a new personal property tax exemption for taxpayers whose business property exceeds the existing per-schedule exemption threshold, effective for tax years beginning January 1, 2013

• Establishes that an amount of personal property equal to the existing per-schedule exemption amount is exempt from property tax levy and collection for those who do not qualify under current exemption rules

• Amends Colorado Revised Statutes 39-3-119.5 to add subsection (1.5) creating the additional exemption while maintaining the existing per-schedule exemptions under subsection (1)

• Act subject to referendum petition and takes effect 90 days after final adjournment of the general assembly (August 7, 2013), unless voters reject it at the November 2014 general election

• Purpose stated as stimulating Colorado's economy and equitably treating taxpayers