News Release--Small business takes inventory as Friday deadline for executive action approaches
DENVER, Colo., June 6, 2017—With this Friday’s deadline for signing or vetoing legislation approaching, the representative group for Colorado’s small-business owners today thanked Gov. John Hickenlooper for signing three bills into law that will prove of benefit to Main Street’s entrepreneurs.
“As we take inventory of the 2017 session of the Colorado General Assembly and Gov. John Hickenlooper’s actions on proposals coming out of it, we were delighted to see him sign three bills into law beneficial for small business,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business. “We’re not shy about criticizing the governor when we think it justified and equally not shy about praising him when he deserves it.”
The three bills winning NFIB’s praise for the governor are:
- Under Senate Bill 267, small businesses will now be allowed a permanent income tax credit for business personal property taxes paid on up to $18,000 of the total actual value of a taxpayer’s business personal property. The amount of the current exemption is $7,300.
- House Bill 1216 creates a sales-and-use tax simplification task force to study streamlining collection and reimbursement between the state and local governments, and between the state and home rule jurisdictions. Colorado is in the top four states in the country known for having the most complicated and inefficient sales tax collection and remittance process. Currently, Colorado maintains over 700 taxing districts. The task force will examine issues such as uniform definitions of taxable items and a single point of collect and remittance of sales and use taxes collected.
- Senate Bill 112 clarifies the General Assembly’s intent when it enacted a dispute resolution process in 1985 to address a situation when a taxpayer paid sales and use tax to one local government when it should have instead paid that disputed amount to a different local government. A recent court case applied the statute of limitations to this dispute resolution process, resulting in the taxpayer having to pay the disputed amount twice to two different local governments.
With 350,000 dues-paying members nationwide, including 7,000 in Colorado, NFIB is the nation’s largest and leading small-business association. You can follow NFIB on Twitter, NFIB_CO, or on its webpage, www.nfib.com/colorado.
For more than 70 years, the National Federation of Independent Business has been the Voice of Small Business, taking the message from Main Street to the halls of Congress and all 50 state legislatures. NFIB annually surveys its members on state and federal issues vital to their survival as America’s economic engine and biggest creator of jobs. NFIB’s educational mission is to remind policymakers that small businesses are not smaller versions of bigger businesses; they have very different challenges and priorities.
National Federation of Independent Business/Colorado
1580 Logan St. Suite 520
Denver, CO 80203