One year after business owners got their most significant cut in a decade on the hated business personal property tax, a Colorado legislative committee informed them Thursday that they shouldn’t expect any more breaks for a while.
Democrats on the House State, Veterans and Military Affairs Committee killed House Bill 1036, which is expected to be the only major effort to cut taxes on business equipment this legislative session, on a party-line 6-3 vote.
Many of those who voted again the bill, from Rep. Tim Leonard, R-Evergreen, said that while they are sympathetic of the need to help small companies, they would prefer to discuss the tax in the greater context of comprehensive budgetary reform that would look also at the revenue-limiting Taxpayer’s Bill of Rights, the school-funding mandate of Amendment 23 and the Gallagher Amendment that's cutting residential property tax revenues.
The discussion is not new. Patrick Boyle, the lobbyist for the Colorado Competitive Council, estimated that he’s been advocating for the elimination of the tax for 25 years, calling it one of the worst tax policies enacted by the state of Colorado.