DENVER-
The House approved and sent to the Senate on Wednesday a plan that would increase the exemption of the business personal property tax from $2,500 to $7,000.
The measure (House Bill 1325) would be phased in three steps by 2011. After 2013, the exemption would increase according to the Consumer Price Index. The measure would affect an estimated 30,400 small businesses in Colorado, or approximately 30 percent of the total.
Rep. Joe Rice, D-Littleton, said processing the paperwork is cumbersome and often not worth it for such a small exemption. He said the proposed change is invaluable for the development of small businesses.
“This expansion of the property tax exemption is long overdue for Colorado’s small-business community. It’s a big win for small businesses,” Rice said.
