DENVER, Colo. - A bill sponsored by Senate Majority Leader Mark Scheffel (R-Parker) to expand the eligibility for the business personal property tax exemption passed the Senate Finance Committee today on a 3-2 vote.
Senate Bill 15-141 would expand the eligibility for the business personal property tax exemption from $15,000 to $25,000, making Colorado a more affordable state for small businesses and business expansion.
"Colorado’s current tax structure hurts businesses and discourages job creators from relocating to Colorado," said Senate Majority Leader Mark Scheffel. "It’s unreasonable to expect a company to not only pay taxes on equipment at the time of the original purchase but also every year that follows. We have an opportunity to make a real difference for job creators with this legislation and I urge both Republican and Democratic lawmakers to support this vital legislation moving forward."
Under current law, when a business buys equipment for their operations, they are not only taxed on the original purchase but also taxed annually on equipment they own totaling over $15,000.
Senate Bill 15-141 is a follow up to a bipartisan 2014 measure, where Senator Scheffel increased the personal property tax exemption to the current $15,000 threshold.