Date: 02/10/2009

Final
BILL SUMMARY for SB09-085

SENATE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 09-085 to the Committee on ApproPASS



03:48 PM -- Senate Bill 09-085

The committee reconvened.

Senator Scheffel, prime sponsor, presented Senate Bill 09-085, which eliminates the business personal property tax in Colorado. Senator Scheffel provided background about the bill and his ongoing discussions with individuals in Colorado about this issue. He said that the bill phases out the tax over a 20-year period, and excludes state-assessed property in an effort to decrease the bill's fiscal impact. He said that businesses have expressed the tax inhibits job growth and economic development. Senator Scheffel responded to questions from the committee about the bill's impact on school finance.


04:00 PM

Discussion ensued about phasing out the tax and the resulting impact on education, school finance and local governments. Discussion also ensued about the personal property tax's burden on different types of businesses, including those in the service and manufacturing sectors. Committee members expressed interest in looking at the tax system as a whole, TABOR, and the six percent spending limit.

The following person testified on the bill:

04:05 PM --
Mr. Tony Gagliardi, representing the National Federation of Independent Businesses (NFIB), testified about the bill. He stated the business personal property tax has been an issue for years for small businesses in Colorado. Mr. Gagliardi stated that he will continue working to address this tax issue and its implications for small businesses.

Discussion continued about repealing the personal property tax and the extensive dialogue and process in moving this idea forward.
BILL:SB09-085
TIME: 04:10:49 PM
MOVED:Scheffel
MOTION:Refer Senate Bill 09-085 to the Committee on Appropriations. The motion passed 5-1, with one excused.
SECONDED:
VOTE
Brophy
Excused
Heath
Yes
Isgar
Yes
King K.
Yes
Scheffel
Yes
Hudak
No
Sandoval
Yes
Final YES: 5 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS