Two major business groups pulled their support from a bill to reform Colorado's enterprise-zone program Wednesday when its sponsor lowered the annual caps on investment tax credits, but Democrats on the House Finance Committee still passed House Bill 1142 on a party-line vote.
Colorado's enterprise-zone program has granted the majority of its tax credits in recent years to natural-resource companies and utilities operating in rural areas.
That has critics asking whether the state is using its limited economic-development ammunition to reward activities that would have happened anyway.
Yesterday, during a hearing of the House Health and Environment Committee, Rep. Janak Joshi, R-Colorado Springs, ended his attempt to repeal the hospital provider fee that became law in 2009. Upon his request, the bill died by a unanimous vote.
Blog posting to shine a light on amount spent to fight Amendment 58, in light of 98 percent increase in earnings by Berry Petroleum of Denver. Company contributed $65,000 to "No on 58" fight.
In spite of what oil and gas companies are saying, a ‘yes’ vote on Amendment 58 won’t mean higher prices at the gas pump. According to a report issued by the Bell Policy Center, an economic research organization in Denver, gas prices are not directly determined by severance tax rates. Amendment 58 seeks to eliminate a tax benefit historically handed to the oil and gas industries in Colorado in order to recoup $300 million per year for schools, transportation and natural resource projects.
