CO HB1189

Exempts business personal property purchased during the 2014 calendar year from property tax levy and collection for as long as the taxpayer who purchased it owns and uses the property.

Exemption does not apply to business personal property that is sold and repurchased by the same taxpayer, leased back by the same taxpayer, or transferred as part of a merger or acquisition.

Requires state-assessed public utilities to place exempt property into service in Colorado to qualify for the exemption, with exempt property value removed from system market value calculation.

Intended purpose is to stimulate the economy by providing an incentive for businesses to purchase new business personal property.

Takes effect August 7, 2013, unless subject to referendum petition, in which case it requires approval by voters at the November 2014 general election.