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Second Regular Session
Sixty-first General Assembly
LLS NO. 980543.01 BJA
SENATE BILL 98092
STATE OF COLORADO
BY SENATOR Duke
A BILL FOR AN ACT
CONCERNING THE EXEMPTION OF PERSONAL PROPERTY FROM
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments that may be subsequently
Effective January 1, 2003, exempts all personal property
from property taxation. Makes a conforming amendment.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 393119.5, Colorado Revised Statutes, is amended to read:
393119.5. Personal property exemption. (1) For property tax years commencing on and after January 1, 1997, BUT PRIOR TO JANUARY 1, 2003, personal property not otherwise exempt from property tax shall be exempt from the levy and collection of property tax if the personal property would otherwise be listed on a single personal property schedule and the actual value of such personal property is two thousand five hundred dollars or less.
(2) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2003, ALL PERSONAL PROPERTY NOT OTHERWISE EXEMPT FROM PROPERTY TAX SHALL BE EXEMPT FROM THE LEVY AND COLLECTION OF PROPERTY TAX.
SECTION 2. 393118.5, Colorado Revised Statutes, is amended to read:
393118.5. Business personal property exemption repeal. (1) For property tax years commencing on and after January 1, 1996, business personal property shall be exempt from the levy and collection of property tax until such business personal property is first used in the business after acquisition.
(2) THIS SECTION IS REPEALED, EFFECTIVE JANUARY 1, 2003.
SECTION 3. Refer
to people under referendum. This act shall be submitted
to a vote of the registered electors of the state of Colorado
at the next biennial regular general election, for their approval
or rejection, under the provisions of the referendum as provided
for in section 1 of article V of the state constitution, and in
article 40 of title 1, Colorado Revised Statutes. Each elector
voting at said election and desirous of voting for or against
said act shall cast a vote as provided by law either "Yes"
or "No" on the proposition: "SHALL ALL PERSONAL
PROPERTY BE EXEMPT FROM PROPERTY TAXATION?" The votes cast
for the adoption or rejection of said act shall be canvassed and
the result determined in the manner provided by law for the canvassing
of votes for representatives in Congress.