FirstSB009_H_SA.001 RegularNOT SessionAMENDED Seventy-firstHOUSE GeneralCOMMITTEE AssemblyOF STATEREFERENCE OFREPORT COLORADO_______________________________ REENGROSSEDMay This3, Version2017 IncludesChairman Allof AmendmentsCommittee AdoptedDate inCommittee on State, Veterans, & Military Affairs After consideration on the Housemerits, ofthe IntroductionCommittee LLSrecommends NO.the following:

17-0663.01SB17-009 Edbe DeCeccopostponed x4216indefinitely. SENATE BILL 17-009 SENATE SPONSORSHIP Crowder, HOUSE SPONSORSHIP Leonard, Senate Committees House Committees Finance Appropriations A BILL FOR AN ACT C ONCERNING AN INCREASE IN THE PER -SCHEDULE EXEMPTION OF BUSINESS PERSONAL PROPERTY , AND , IN CONNECTION THEREWITH , MAKING AN APPROPRIATION .

Bill** Summary*** d** (Note:*** ** *SB009_H_SA.001*

This summary applies to this bill as introduced and does d notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill e 7 E a 0 passes third reading in the house of introduction, a bill summary that A U , applies to the reengrossed version of this bill will be available at N i l S a p http://leg.colorado.gov.) R A r There is an exemption from property tax for business personal property that would otherwise be listed on a single personal property schedule that is equal to $7,300 for the current property tax year cycle.

i Thebilltriplestheexemptionto$21,900forthenext2propertytaxyears a 7 and adjusts it for inflation for subsequent property tax cycles.

E R 0 T d , N 2 1 Shading denotes HOUSE amendment.

Double underlining denotes SENATE amendment.

S e r Capital letters indicate new material to be added to existing statute.

n Ap Dashes through the words indicate deletions from existing statute.

e A Be it enacted by the General Assembly of the State of Colorado:

SECTION 1.

In Colorado Revised Statutes, 39-3-119.5, amend (2)(a)(III), (2)(a)(IV), and (2)(b)(I);

and add (2)(a)(V) and (2)(a)(VI) as follows:

39-3-119.5.

Personal property - exemption - definitions.

(2)(a) Theexemptioncreatedinsubsection(1)ofthissectionshallbeup to and including the following amounts:

(III) Five thousand five hundred dollars for property tax years commencing on January 1, 2011, and January 1, 2012;

and (IV) Seven thousand dollars for property tax years commencing on January 1, 2013, and January 1, 2014;

(V) SEVEN THOUSAND THREE HUNDRED DOLLARS FOR PROPERTY TAX YEARS COMMENCING ON JANUARY 1, 2015,AND JANUARY 1, 2016;

AND (VI) TEN THOUSAND DOLLARS FOR PROPERTY TAX YEARS COMMENCING ON JANUARY 1, 2017AND ANUARY 1, 2018.

(b) (I) Beginning with the property tax year commencing on January 1, 2015ANUARY 1,2019, the amount of the exemption created insubsection(1)ofthissectionshallbeadjustedbienniallytoaccountfor inflation since the amount of the exemption last changed pursuant to this subsection (2).

On or before November 1, 2014BER 1,2018, and eacheven-numberedyearthereafter,the administratorshallcalculatethe amount of the exemption for the next two-year cycle using inflation for thepriortwocalendaryearsasofthedateofthecalculation.Theadjusted exemption shall be rounded upward to the nearest one hundred dollar increment.

The administrator shall certify the amount of the exemption -2- 009 for the next two-year cycle and publish the amount on the website maintainedbythedivisionofpropertytaxationinthedepartmentof local affairs.

SECTION 2.

Appropriation.

For the 2017-18 state fiscal year, $765,000 is appropriated to the department of education.

This appropriation is from the general fund.

To implement this act, the departmentmayusethisappropriationforthestateshareofdistricts'total program funding.

SECTION 3.

Act subject to petition - effective date.

This act takes effect at 12:01 a.m.

on the day following the expiration of the ninety-dayperiodafterfinaladjournmentofthegeneralassembly(August 9, 2017, if adjournment sine die is on May 10, 2017);

except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2018 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.

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