First Regular Session
              Sixty-ninth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 13-0534.01 Ed DeCecco x4216     HOUSE BILL 13-1189
                    HOUSE SPONSORSHIP
 Wright,  Holbert, Everett, Nordberg, Szabo, Navarro, Scott, Waller, Priola, Sonnenberg,
 McNulty, Conti, Murray, Swalm, Gardner, Saine, Joshi, Landgraf, Lawrence, Wilson
 
                   SENATE SPONSORSHIP
 Lambert,  Marble
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 State, Veterans, & Military Affairs
 
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning a property tax exemption for business personal
            property that is purchased during the 2014 calendar
            year.
       
       
                           Bill Summary
       
            (Note: This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The bill exempts business personal property that is purchased
       during the 2014 calendar year from the levy and collection of property
       tax. For state-assessed public utilities, property must also be placed into
       service in the state in order to be exempt.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  Legislative declaration. The general assembly
       hereby declares that the intended purpose of the tax exemption in this act
       is to stimulate the economy by providing an incentive for businesses to
       purchase new business personal property.
            SECTION 2.  In Colorado Revised Statutes, amend 39-3-118.5
       as follows:
            39-3-118.5.  Business personal property - exemption. (1)  For
       property tax years commencing on and after January 1, 1996, business
       personal property shall be is exempt from the levy and collection of
       property tax until such business personal property is first used in the
       business after acquisition.
            (2)  Business personal property that is purchased during
       the 2014 calendar year is exempt from the levy and collection
       of property tax for as long as the property is used by the
       taxpayer who purchased the property. This exemption does not
       apply to business personal property that is sold and repurchased
       or leased back by the same taxpayer or to property transferred
       as part of a merger or acquisition.
            SECTION 3.  In Colorado Revised Statutes, 39-4-102, add (3) (e)
       as follows:
            39-4-102.  Valuation of public utilities. (3) (e)  Business
       personal property owned by a public utility that meets the
       requirements of section 39-3-118.5 (2) and that is placed into
       service in Colorado is exempt from the levy and collection of
       property tax. The value of the exempt property is removed from
       the system market value and is determined by applying the
       market-to-book ratio to the net of the historical cost less
       depreciation of the business personal property.
            SECTION 4.  Act subject to petition - effective date. This act
       takes effect at 12:01 a.m. on the day following the expiration of the
       ninety-day period after final adjournment of the general assembly (August
       7, 2013, if adjournment sine die is on May 8, 2013); except that, if a
       referendum petition is filed pursuant to section 1 (3) of article V of the
       state constitution against this act or an item, section, or part of this act
       within such period, then the act, item, section, or part will not take effect
       unless approved by the people at the general election to be held in
       November 2014 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.