Since so many of my clients are in Colorado, I thought it prudent that they become aware of potential new legislation that is currently being debated that may impact their bottom line. The following article was published on Coloradobizmag.com…
Ending tax incentives will hurt business
CACI survey reveals exactly how
By Colorado Association of Commerce & Industry
Elimination or suspension of tax exemptions, exclusions and credits proposed by Gov. Bill Ritter will harm businesses across the state and hamper job growth and economic recovery, according to a survey of companies by the Colorado Association of Commerce and Industry (CACI).
In December, CACI conducted a survey of businesses on the potential elimination or suspension of 13 tax provisions targeted by Ritter to raise $131.8 million to help balance the state’s budget for the fiscal year beginning July 1. On Friday, bills targeting these tax provisions were introduced in the Colorado House of Representatives. The House Appropriations Committee will hear the bills at 8 a.m. today in House Committee Room 109 as the legislative leadership fast-tracks the bills to send them to Governor Ritter for his signature.
Ritter said last week he had moved up the effective date of seven of the bills to March 1 to capture $18 million in new tax revenue before the current fiscal year (2009-1010) ends on June 30. View Full Article.