CO SB141

Increases the property value cap for the personal property tax credit from $15,000 to $15,000 for tax year 2015 (maintaining original threshold), with subsequent years growing by inflation or $1,000 annually, whichever is greater, through 2019.

Allows Colorado taxpayers to claim an income tax credit for personal property taxes paid on property for which they do not receive a state or federal income tax benefit.

Appropriates $42,701 to the Department of Revenue for the 2015-16 fiscal year, including $31,006 for personal services (0.8 FTE), $5,495 for operating expenses, and $6,200 for document management services.

Appropriates $6,200 to the Department of Personnel for document management services to support the Department of Revenue's implementation.

Takes effect August 5, 2015, unless a referendum petition is filed, in which case the act requires voter approval at the November 2016 general election.