A proposal to phase out the state’s 133-year-old business personal property tax has died at the hands of its sponsor.The Senate assigned the bill to its Appropriations Committee yesterday, something supporters thought would end the measure. But, the committee gutted the bill leaving it a vague representation of its former self.
So, the bill’s sponsor, Sen. Mark Scheffel (R-Parker) asked the committee to rewrite the bill, effectively killing it, ann to instead create a study about how to phase out the tax.
Business owners have long complained about the business personal property tax, which applies to equipment, furnishings and other property. Economic Development proponents say it hurts the state’s ability to attract business.
If the tax were eliminated in one year, the state would have to come up with $350 million.