Colorado reviews proposals to change $1.1B biz tax
DENVER, Colorado – A Colorado lawmaker says the state could lose $1.1 billion a year if it eliminates the business personal property tax.
Democratic Sen. Joyce Foster of Denver released the estimate Friday at a meeting of a legislative task force reviewing proposals to reduce or eliminate the tax. Foster is chairwoman of the 17-member task force.
Business leaders are clamoring for the state to eliminate the complicated business tax, saying it hurts Colorado’s ability to recruit new employers.
Lawmakers say it will be difficult to eliminate the tax because it’s a major part of the budget.
The task force is expected to report to the Legislature by Nov. 1.