HB 18-1350

HB 18-1350 is a Colorado bill that expands tax exemptions for businesses buying machinery or tools used in manufacturing. Specifically, it includes materials made from scrap metal or old metals being reused or recycled into new metal products. This change helps companies save on sales and use taxes when they purchase equipment needed to process these types of materials. The bill has been signed into law, meaning the tax exemption is now active for qualifying businesses.

Official Summary

Purchases of machinery or machine tools to be used in Colorado directly and predominantly in manufacturing tangible personal property are currently exempt from state sales and use tax. Manufacturing is currently defined to include the processing of recovered materials. The bill expands the definition of recovered materials to include materials that have been derived from scrap metal or end-of-life-cycle metals for remanufacturing, reuse, or recycling into new metal stock that meets applicable standards for metal commodities sales. The bill makes an appropriation. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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