Denver (AP) State lawmakers may consider phasing out a property tax that businesses say is onerous.
Senate President Peter Groff said Monday said lawmakers should look at phasing out the business personal property tax to create jobs.
Currently, businesses must calculate the value of their equipment and pay a tax on that amount. Lawmakers have resisted persistent calls to get rid of it because local governments and school districts rely on the revenue.
Republican Sen. Mark Scheffel has introduced a measure, senate bill 85, to phase out the tax over 18 years. Starting this year, businesses could deduct 1 percent from the value of their property and be taxed on that reduced amount. By 2027, all their property would be exempt.