Phase-out of Colorado business tax still alive

By: Associated Press Email
By: Associated Press Email

Denver (AP) - A proposal to phase out Colorado's business personal property tax is still alive.

Senators agreed Thursday to delay a vote on the measure until Monday after a brief fight.

A $31,000 study has been added to the bill, which could lead to its defeat since money is so tight. Backers asked for time to figure out whether business groups could pick up the tab and save the measure.

Senate Bill 85 would gradually eliminate a tax on all business equipment over the next 40 years.

Businesses have long complained about the tax, but many school districts depend on it, and the state would find a way to make up for the lost revenue.

If the tax were eliminated in one year, the state would lose $350 million.

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