HB 18-1036

HB 18-1036 is a Colorado bill that increases the property tax exemption for small businesses from $7,400 to $50,000. This means businesses with personal property valued at less than this amount won't have to file taxes or pay them on that property. The bill also raises the exemption limit for consumable business items from $350 to $500. Since it has been signed into law, these changes are now in effect and will help reduce tax burdens for many small businesses in Colorado.

Official Summary

There is currently an exemption from property tax for business personal property that would otherwise be listed on a single personal property schedule that is equal to $7,400 for the current property tax year cycle. The bill raises the exemption to $50,000 commencing in tax year 2018, and continues to adjust it for inflation for subsequent property tax cycles, so that businesses with personal property under $50,000, or the inflation adjusted amount, would not have to file the business personal property tax forms nor pay the corresponding tax. The bill also raises the value of business personal property that qualifies for an exemption for consumable property from $350, which is the value set by the property tax administrator, to $500. (Note: This summary applies to this bill as introduced.) , Read More

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