'Biggest Tax Reform In Colorado' Passed By The Senate

The biggest tax reform in Colorado in over a decade is on its way to Governor Jared Polis' desk, reports FOX31.

The Tax Fairness for Coloradan's package is sponsored by Rep. Emily Sirota (D-Denver), Rep. Mike Weissman (D-Aurora), Sen. Chris Hansen (D-Denver), and Sen. Dominick Moreno (D-Commerce City).

The two bills included in the package are expected to expand tax credits for working families and small businesses and close tax loopholes, according to FOX31.

The bills were passed by the Senate on Monday night (June 7). They now await a signature from the Governor.

“This is Colorado’s biggest tax reform in decades. For too long, our state tax system has been written by a handful of wealthy and powerful people and corporations, while working people and families — especially Black and Brown Coloradans — pay a higher share of their income in taxes,” Colorado Fiscal Institute executive director Carol Hedge told FOX31.

The second bill is set to increase the number of businesses that will be exempt from business personal property tax.

“Closing wasteful loopholes that aren’t creating jobs or growing the economy and instead using our tax code to invest in workers and families is a huge win for Colorado,” said Bell Policy Center president Scott Wasserman.

Each bill passed with a 41-23 vote.

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