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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

FINANCE

A BILL FOR AN ACT

CONCERNING THE EXEMPTION OF PERSONAL PROPERTY FROM PROPERTY TAXATION.

Bill Summary

(Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments that may be subsequently adopted.)

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(2)  THIS SECTION IS REPEALED, EFFECTIVE JANUARY 1, 2003.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.