First Regular Session

Sixty-second General Assembly

LLS NO. R99­0936.01 Jane Ard­Smith

STATE OF COLORADO




BY SENATOR Lamborn;

also REPRESENTATIVE Spradley.

APPROPRIATIONS

SENATE JOINT RESOLUTION 99-050

CONCERNING AN INTERIM COMMITTEE ON BUSINESS PERSONAL PROPERTY TAX.


WHEREAS, The General Assembly recognizes that the ad valorem taxation of personal property used by businesses in the state of Colorado creates inequities for those businesses; and

WHEREAS, Such inequities make it more difficult for Colorado to attract and maintain businesses in the state; and

WHEREAS, Attracting businesses to and maintaining businesses in the state of Colorado is essential to maintain and enhance the health of Colorado's economy; now, therefore,

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

(1)  There shall be a committee to meet in the interim after the First Regular Session of the Sixty­second General Assembly to study business personal property taxation issues. Such interim committee shall consist of six members of the General Assembly. Three interim committee members shall be members of the Senate, appointed by the President of the Senate, two of whom shall be from the majority party and one of whom shall be from the minority party. The other three interim committee members shall be members of the House of Representatives, appointed by the Speaker of the House of Representatives, two of whom shall be from the majority party and one of whom shall be from the minority party.

(2)  The committee shall perform the following duties:

(a)  Identify and evaluate the inequities of business personal property taxation;

(b)  Review the effects of section 39­3­199.5, Colorado Revised Statutes, which exempts personal property that has an actual value of two thousand five hundred dollars or less from the levy and collection of property tax, and consider whether the amount of such exemption should be changed;

(c)  Review and evaluate the effects of the tax exemptions and credits for businesses in enterprise zones upon business personal property tax and consider whether such exemptions and credits should be extended;

(d)  Review and evaluate the effects of any business personal property tax relief adopted at the First Regular Session of the Sixty­second General Assembly, including any credits or other mechanisms adopted to refund state revenues in excess of the constitutional limitation on state fiscal year spending;

(e)  Develop recommendations and a final report for the General Assembly, including any legislative changes necessary to correct the identified inequities; and

(f)  Consider and evaluate any other issues related to the inequities of business personal property tax the committee considers relevant.

(3)  The appointments to the interim committee shall be made no later than July 1, 1999. The President of the Senate shall designate the chair of the interim committee. The chair shall call the first meeting of the interim committee no later than August 1, 1999.

(4)  In conducting its study and developing recommendations, the interim committee shall consult with businesses, counties, municipalities, special districts, school districts, taxpayer groups, appropriate local and state agencies, chambers of commerce, and interested members of the public and may hold public hearings as deemed necessary for purposes of the study. The study shall not require additional staff for any state agency or any additional appropriation to any such agency.

(5)  The Legislative Council shall report the findings and recommendations of the interim committee to the Second Regular Session of the Sixty­second General Assembly.

(6)  All expenditures incurred in the conduct of the study enumerated in this Resolution shall be approved by the chair of Legislative Council and paid by vouchers and warrants drawn as provided by law from funds allocated to the Legislative Council from appropriations made by the General Assembly.