Business owners and advocates for vulnerable populations squared off in dueling news conferences Thursday addressing the impact of ending tax breaks for corporations.
Planting a sign reading “Colorado Open for Business” on the frigid Capitol steps, an alliance of business owners expressed fear that Gov. Bill Ritter’s plan to eliminate $132 million worth of tax exemptions to help balance the budget could tip some small businesses to the breaking point.
“We now face bankruptcy and financial ruin,” said Bob Boswell, owner of a slumping Western Sizzlin steakhouse in Greeley, who said state government leaders are misleading citizens about the true impact of scaling back or removing tax credits. “When you repeal a credit, that is a tax increase.”
Boswell’s comments were echoed by the head of the Colorado Springs Chamber of Commerce, representatives of the oil and gas industry and other restaurant owners.
Many of those in attendance protested the House Finance Committee’s approval on Wednesday of six bills reversing tax breaks. That contentious committee meeting lasted nine hours, illuminating unusually high tension in the early days of the new session.
The state’s largest business coalitions recently said they would fight the elimination or suspension of any tax exemption or credit, despite the state’s need to fill a $2.2 billion budget shortfall this budget year and a $1.3 billion hole next year.
Countering the corporate community’s message during their own rally Thursday were several lawmakers, dozens of teachers and advocates for the elderly and poor who said they already had made sacrifices through hundreds of millions of dollars in cuts to the budgets of schools and universities. It was time, they said, for businesses to make concessions.
By not doing so, they devalue teachers and students in Colorado, said Beverly Ingle, president of the Colorado Education Association, drawing jeers from some business representatives in the audience.
“Education is the single biggest contributor to income growth,” she said. “Canceling special-interest giveaways means more money for the state budget.”
Miles Moffeit: 303-954-1415 or mmoffeit@denverpost.com
