SENATE
                       3rd Reading Unamended
                   April 30, 2015      SENATE
                Amended 2nd Reading
                      April 29, 2015First Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                REENGROSSED
                       This Version Includes All Amendments
                       Adopted in the House of Introduction
 LLS NO. 15-0579.01 Ed DeCecco x4216     SENATE BILL 15-141
                   SENATE SPONSORSHIP
 Scheffel, 
 
                    HOUSE SPONSORSHIP
 Thurlow, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the expansion of eligibility for the state income
            tax credit to reimburse personal property taxes paid in
            the state, and, in connection therewith, making an
            appropriation.
       
       
                           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.)
       
            For 5 income tax years beginning in 2015, there is an income tax
       credit to reimburse a qualifying taxpayer for personal property taxes paid
       in Colorado for which the taxpayer does not already receive a state or
       federal income tax benefit. To qualify for the credit, a taxpayer must have
       $15,000 or less worth of personal property on which property taxes are
       paid in Colorado during an income tax year commencing in 2015, or have
       less than an inflation-adjusted amount for each income tax year thereafter
       (property cap).
            The bill increases the property cap for 2015 from $15,000 to
       $25,000, and the property cap for the next 4 income tax years will grow
       by inflation from this amount.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 39-22-537, amend
       (3) (b) as follows:
            39-22-537.  Credit for personal property taxes paid - legislative
       declaration - definitions - repeal. (3) (b) (I)  To qualify for a tax credit
       under this section, a taxpayer must have fifteen thousand dollars or less
       worth of taxpayer's personal property on which property taxes are paid
       in Colorado during an income tax year commencing in 2015, or have less
       than an inflation-adjusted amount for each income tax year thereafter.
       must not exceed:
            (A)  For an income tax year commencing in 2015, fifteen
       thousand dollars; and
            (B)  For an income tax year commencing in 2016, and the
       next three income tax years thereafter, an amount equal to the
       greater of the annual limit for the prior income tax year
       adjusted for inflation or the annual limit for the prior income
       tax year plus one thousand dollars.
            (II)  These The annual limits set forth in subparagraph (I) of
       this paragraph (b) are based on the total actual value of the taxpayer's
       personal property.
            SECTION 2.  Appropriation. (1)  For the 2015-16 state fiscal
       year, $42,701 is appropriated to the department of revenue. This
       appropriation is from the general fund. To implement this act, the
       taxpayer service division may use this appropriation as follows:
            (a) $31,006 for personal services, which amount is based on an
       assumption that the division will require an additional 0.8 FTE;
            (b) $5,495 for operating expenses; and
            (c) $6,200 for the purchase of document management services
       from the department of personnel.
            (2) For the 2015-16 state fiscal year, $6,200 is appropriated to the
       department of personnel. This appropriation is from reappropriated funds
       received from the department of revenue under paragraph (c) of
       subsection (2) of this section. To implement this act, the department of
       personnel may use this appropriation for operating expense related to the
       provision of document management services for the department of
       revenue.
            SECTION 3.  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
       5, 2015, if adjournment sine die is on May 6, 2015); 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 2016 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.