Sponsors: Sen. Ray Scott (R-Grand Junction), Sen. Mike Johnston (D-Denver), Rep. Crisanta Duran (D-Denver), and Rep. Yeulin Willett (R-Delta)
Status: Introduced and assigned to the state Senate State, Veterans and Military Affairs Committee on April 27. The State, Veterans and Military Affairs Committee referred an amended version of the bill to the Appropriations Committee on April 29. The Appropriations Committee referred an amended version of the bill to the whole Senate on May 1. The Senate passed its third reading of the bill, with some amendments, on May 5. The House Local Government Committee referred the bill to the Appropriations Committee, and the Appropriations Committee referred the bill to the whole House on May 5. The House passed its third reading of the bill on May 6.
What the bill does: The bill provides tax benefits to new businesses in "rural jump-start zones" in economically distressed counties. Those benefits include a 100 percent income tax for money earned from business activity and a sales and use tax refund for property bought by the businesses and used exclusively in the jump-start zone.
Eligible businesses must be new to the state, hire at least five new employees, and not compete directly with the "core function" of already existing businesses, according to the bill's fiscal note.
How it affects your refund: This bill would reduce the average taxpayer refund by at least six cents in fiscal year 2015-16.
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