DENVER—Today the Senate Finance Committee approved a bill that would exempt more than 30,000 Colorado businesses from the business personal property tax.
Sponsored by Senator Suzanne Williams (D-Aurora), Representative Joe Rice (D-Littleton) and Representative Bernie Buescher (D-Grand Junction), HB08-1225 would raise the business personal property tax exemption threshold from $2,500 to $7,000, giving thousands of small businesses much needed tax relief and allowing them to reinvest in their own businesses.
“As both our country and our state face an economic downturn, this bill gives small businesses the breathing room they need to thrive and grow,” Williams said. “Ultimately we know that good jobs and steady paychecks mean a stronger financial future for Colorado.”
The bill next heads to the Senate Appropriations Committee for consideration.
