Expand the business personal property tax credit to larger companies

· Feb. 10, 2015, 9:53 pm
Photo: TABOR impact $0.10Courtesy University of Northern Colorado

This article is part of our look at potential refunds from the Taxpayer's Bill of Rights. Learn more about how TABOR works here. 

Title: SB15-141 Income Tax Credit For Property Taxes Paid Eligibility

Sponsors: Sen. Mark Scheffel (R-Parker), Rep. Daniel Thurlow (R-Grand Junction)

Status: Introduced and assigned to the Senate Finance Committee on Jan. 28. The Finance Committee referred the unamended bill to the Appropriations Committee on Feb. 12. The Appropriations Committee referred the amended bill to the whole Senate on April 17. The Senate passed its third reading of the bill on April 30. The bill was then assigned to the House finance and appropriations committees on May 1, and it was killed that day

What the bill would have done: Under current law, the state refunds any business personal property tax paid by companies with less than $15,000 worth of qualifying property like equipment, computers, office supplies. This bill would have raised the refund cap to include businesses with up to $25,000 in property.

How it would have affected your refund: This bill would have reduced the average taxpayer refund by $0.10 in the fiscal year 2015-16.

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