Small biz owners win increased tax exemption | SummitDaily.com
YOUR AD HERE »

Small biz owners win increased tax exemption

DAILY NEWS STAFF REPORT

DENVER Small business owners won a victory on Tuesday at the State Capitol. House Bill 1325, sponsored by State Representative Joe Rice (D- Littleton), passed on an initial vote through the House today. This expansion of the property tax exemption is long overdue for Colorados small business community. As a Democrat, Im proud to bring it forward, stated Rep. Rice. This bill helps entrepreneurs, the economy and consumers. HB 1325 increases the exemption of the business personal property tax from $2,500 to $7,000 in three incremental steps by 2011. After 2013, the exemption amount would increase according to the Consumer Price Index. The measure would affect approximately 30 percent or 30,400 small businesses in Colorado. Rep. Rice said, At one point the current exemption may have made sense but the changing economy is such that it almost costs more for government and small businesses to process and administer than the income it currently generates. The proposed changes in HB 1325 are invaluable for the development of small businesses in our state. The measure has support from the National Federation of Independent Business (NFIB), the Colorado Association of Commerce & Industry (CACI), the South Metro Denver Chamber of Commerce, and the Historic Downtown Littleton Merchants, among many others. The bill now awaits a final vote in the House before moving on for consideration in the Senate.


Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User