“This incentive gives local governments another tool in the tool box to ensure that small businesses in their community have the resources to stay in Colorado,” said Scheffel. “This bill makes local businesses more competitive and expands the authority of local governments to reduce companies’ business personal property tax when that company is being recruited to leave the state.”
Currently, local governments can enter into business incentive agreements to offset all or a portion of their business personal property tax liability. However, the law only allows local governments to offer these incentives to businesses that are expanding their facilities or building new facilities.
House Bill 1206, which was sponsored by Representative Brian DelGrosso (R-Loveland) in the House, expands the situations in which local governments can offer incentives offered to include preventing businesses from moving their facilities out of state.
The bill now moves to the Committee of the Whole.