Time to cut Colorado business tax? | AspenTimes.com

Time to cut Colorado business tax?

The Associated Press
Aspen, CO Colorado

DENVER “Colorado lawmakers may consider phasing out a property tax that businesses say is onerous.

Senate President Peter Groff said Monday that lawmakers should look at phasing out the business personal property tax to create jobs.

Currently, businesses must calculate the value of their equipment and pay a tax on that amount. Lawmakers have resisted persistent calls to get rid of it because local governments and school districts rely on the revenue.

Sen. Mark Scheffel, R-Parker, has introduced a measure (Senate Bill 85) to phase out the tax over 18 years. Starting this year, businesses could deduct 1 percent from the value of their property and be taxed on the reduced amount. By 2027, all their property would be exempt.

Groff, D-Denver, said he wants Scheffel’s bill to be endorsed by a committee charged with finding ways to stimulate the economy and promote the creation of jobs. Other measures being considered include creating a $2.5 million fund to back up bank loans to small businesses (Senate Bill 67) and giving a tax credit to companies that create 20 or more jobs (House Bill 1001).

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