Senate Finance Committee defeats repeal of business personal property tax

State Senator Mark Scheffel, R-Parker, presented a repeal of the job-killing business personal property tax Thursday in the Senate Finance Committee. Senate Bill 11-026 would have phased-out this onerous tax on new purchases made by companies operating in the state.

“This bill would have given Colorado businesses some much needed tax relief,” said Scheffel. “It would have also incentivized them to grow and make new purchases. Unfortunately the concerns of the business community were ignored in today’s vote.

Senate Bill 11-026 was defeated on a party-line vote of 4 to 3 in the Senate Finance Committee.