HB21-1312 (Weissman & Sirota/Hansen & Moreno) Insurance Premium Property Sales Severance Tax
Summary
This bill would make changes to several state and local government taxes, including increasing the threshold for the business personal property exemption from $7,900 to $50,000, raising the value of personal property owned by a business that may be exempted from tax filings.
Position
The Children’s Campaign supports this bill, which is part of a package of legislation (with HB21-1311) that would clean up and modernize Colorado’s tax code, making it fairer for all Coloradans by closing tax expenditures that don’t meet their intended purpose, aren’t creating jobs or growing the economy, are substantially different in Colorado than other states, or are not broadly beneficial to Coloradans. The bill would also help our small business child care providers by raising the business personal property exemption threshold.
Current Status
House concurred with Senate Amendments. The bill repassed the House on a vote of 41-23 and now heads to the Governor for signature.
Previous Status
May 14, 2021
Scheduled to be heard in the House Finance Committee on Fri., May 14 upon adjournment.
