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CO HB1063
Bill
Status
Failed
2/1/2017
Primary Sponsor
Timothy Leonard
Click for details
AI Summary
- Increases the personal property tax exemption from $7,300 to $50,000 per personal property schedule, effective for tax years beginning January 1, 2017, allowing more businesses to avoid filing tax schedules
- Exemption amount adjusts biennially beginning in 2019 using the Denver-Boulder-Greeley Consumer Price Index to account for inflation, rounded upward to the nearest $100
- Allows businesses whose personal property value exceeds $50,000 to claim the exemption on property that would be listed on a single personal property schedule
- Extends the same $50,000 exemption to public utilities assessed statewide, excluding exempt property from valuation calculations and property statements filed with the state administrator
- Takes effect August 9, 2017, subject to referendum petition; if challenged, effectiveness deferred to after November 2018 general election
Legislative Description
Reduce Business Personal Property Taxes
Last Action
House Committee on State, Veterans, & Military Affairs Postpone Indefinitely
2/1/2017
Committee Referrals
State, Veterans, and Military Affairs1/11/2017
Full Bill Text
No bill text available