Colorado Governor Jared Polis has signed into law a measure aimed at providing relief to property tax payers. Senate Bill 23-303 provides property owners with the ability to deduct $50,000 from their property’s value and lessens the percentage used in calculating how much tax is owed. Additionally, taxpayers would receive refunds from TABOR surpluses. However, opponents to the bill claim that taking this course of action is unconstitutional.
The Advance Colorado Institute, the main group opposing the legislation, has announced it will add more than a dozen plaintiffs in a lawsuit challenging the constitutionality of the bill. The institute’s president, Jonathan Lockwood, has said that, if passed, the bill could result in “massive tax increases on families, job creators and small businesses that will only add to the problem”.
Although the bill’s supporters assert that the measure would help address the state’s increasingly top-heavy property tax system, opponents argue its implementation would prove to be a “haphazard way” to fund property tax relief. The competing perspectives have led to a vigorous debate about the bill’s constitutionality.
While the bill seeks to aid the average home owner, who may experience the benefit of several hundred dollars in savings each year, some residents and advocacy groups have questioned the legality of the proposals. Lawmakers themselves have acknowledged that this measure will only become law if voters approve the November referendum, adding pressure for publicity campaigns in the months ahead.
Moreover, the two opposing sides are gearing up for a prolonged legal battle in the courts over the measure, marking a shift to partisan politics in the state.
Electric Vehicles and Business Ownership Legislation Signed into Law in Pueblo
On Tuesday, Governor Polis signed two new laws into effect in Pueblo. House Bill 1233, sponsored by Representative Tisha Mauro, provides that all new multifamily housing in the state must have electric vehicle charging equipment installed. Additionally, local parking restrictions for electric vehicles will be negated. The bill expands where residents can install charging ports.
Furthermore, Governor Polis also signed into law legislation expanding the tax credit for businesses that opt to change to an employee-owned model. From July 2021 through June 2022, 12 businesses in the state applied to the government, with a total of $403,750 in tax credits issued, according to the bill’s fiscal note. The overall financial impact on the state’s budget is expected, at most, to total roughly $1.4 million each year.
The passage of this second piece of legislation allows Colorado to build on its reputation for innovation and sustainability. The state is host to numerous green energy facilities, is home to the nation’s highest solar-energy capacity, and recently announced a partnership with other states and utilities to develop an interstate electric highway.
As 2022 progresses, we are likely to witness a heightened level of commitment to clean energy advocacy in Colorado. The state’s new laws, as well as its continued investment in green technologies, demonstrate that Colorado is rapidly investing in a greener and more sustainable future.
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