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The Colorado Senate and House of Representatives will not convene on Monday, January 20, 2025 in observance of Dr. Martin Luther King Jr. day.

The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

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HB17-1063

Reduce Business Personal Property Taxes

Concerning a reduction in the personal property taxes paid by a business.
Session:
2017 Regular Session
Subjects:
Business & Economic Development
Fiscal Policy & Taxes
Bill Summary

Under current law, if a business has less than $7,300 of personal property that would be listed on a single personal property schedule, then the personal property is exempt from the property tax and the business is not required to submit a schedule to the county assessor. With respect to this exemption, the bill reduces the amount of personal property tax that businesses pay by:

  • Increasing the exemption that applies per schedule from $7,300 to $50,000, adjusted for inflation in the future, which increase will allow more businesses to avoid filing personal property tax schedules; and
  • Allowing businesses whose personal property value exceeds the total exemption amount to claim the exemption.

For public utilities that are assessed statewide, the property tax administrator currently considers all of a public utility's tangible property within the state as a factor in determining the value of the public utility as a unit. The bill modifies the valuation process by:

  • Exempting the first $50,000 or an inflation-adjusted amount of personal property from the property tax and excluding it from the administrator's consideration for valuation purposes; and
  • Excluding the exempt personal property from the public utility's statement of property that it files with the administrator.
    (Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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