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Second Regular Session

Sixty-first General Assembly

LLS NO. R98­0503.01 BJA

STATE OF COLORADO

BY SENATOR Duke

SENATE CONCURRENT RESOLUTION 98-002

SUBMITTING TO THE REGISTERED ELECTORS OF THE STATE OF COLORADO AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF THE STATE OF COLORADO, CONCERNING THE EXEMPTION OF ALL PERSONAL PROPERTY FROM TAXATION.

Resolution Summary

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

Amends article X of the constitution of the state of Colorado to exempt all personal property from taxation.

Be It Resolved by the Senate of the Sixty­first General Assembly of the State of Colorado, the House of Representatives concurring herein:

SECTION 1.  At the next election at which such question may be submitted, there shall be submitted to registered electors of the state of Colorado, for their approval or rejection, the following amendment to the constitution of the state of Colorado, to wit:

Article X of the constitution of the state of Colorado is amended BY THE ADDITION OF A NEW SECTION to read:

Section 3a.  Personal property exempt.  EFFECTIVE JANUARY 1, 2003, ALL PERSONAL PROPERTY, AS DEFINED BY LAW, SHALL BE EXEMPT FROM TAXATION.

Section 20 (8) (b) of article X of the constitution of the state of Colorado is amended to read:

Section 20.  The Taxpayer's Bill of Rights. (8)  Revenue limits. (b) (I)  Each district may enact cumulative uniform exemptions and credits to reduce or end business personal property taxes.

(II)  THIS PARAGRAPH (b) IS REPEALED, EFFECTIVE JANUARY 1, 2003.

Section 3 (1) (c) of article X of the constitution of the state of Colorado is amended to read:

Section 3.  Uniform taxation ­ exemptions. (1) (c) (I)  The following classes of personal property, as defined by law, shall be exempt from property taxation: Household furnishings and personal effects which are not used for the production of income at any time; inventories of merchandise and materials and supplies which are held for consumption by a business or are held primarily for sale; livestock; agricultural and livestock products; and agricultural equipment which is used on the farm or ranch in the production of agricultural products.

(II)  THIS PARAGRAPH (c) IS REPEALED, EFFECTIVE JANUARY 1, 2003.

SECTION 2.  Each elector voting at said election and desirous of voting for or against said amendment shall cast a vote as provided by law either "Yes" or "No" on the proposition: "AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF THE STATE OF COLORADO, CONCERNING THE EXEMPTION OF ALL PERSONAL PROPERTY FROM TAXATION."

SECTION 3.  The votes cast for the adoption or rejection of said amendment shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress, and if a majority of the electors voting on the question shall have voted "Yes", the said amendment shall become a part of the state constitution.