Mar. 14, 2012
DENVER—Today, the Senate unanimously passed a bill sponsored by state Rep. Chris Holbert that offers Colorado business owners relief from the burden of the business personal property tax.
House Bill 1029 allows local governments, including counties, to exempt up to 100 percent of locally assessed business personal property taxes.
“The Save Colorado Jobs Act gives our state’s job creators and local entities the resources and flexibility they need to ensure Colorado’s small businesses remain a powerful economic driver in our state,” said Holbert, R-Parker. “It encourages investments that will lead to near and long term economic recovery while respecting the authority of local governments.”
Relocation consultants report that Colorado’s business personal property tax factors into many job creators’ decision to leave the state. Holbert’s measure is written to prevent this drain on Colorado’s economic recovery.
“This bill is specifically designed to aid businesses thinking about relocating or expanding their operations in Colorado,” added Holbert. “I encourage all business owners looking to embrace this economic opportunity to contact their local and county government.”
The Save Colorado Jobs Act now moves to the Gov. John Hickenlooper’s desk for final approval.
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