On Aug. 29, COL LEG passed bill re business personal property taxes.
COL LEG passed bill HB 24B-1003 to make evergreen levy and property tax exemption for agricultural equipment that is used in a controlled indoor facility or in greenhouse.
Amend Colorado Revised Statutes (CSR), COL FIN 39-3-122 (property tax exemption).
Document dated Aug. 29, 2024 and was summarized Sep. 5, 2024 due to new feed.
Bill Provision
Current law provides levy and property tax exemptions on agricultural equipment used in controlled-environment agricultural (CEA) facilities for indoor agriculture production.
Levy and property tax exemption only extends from Jan. 1, 2023 to Jan. 1, 2028.
House bill HB 24B-1003 removes the levy and tax exemption Jan. 1, 2028 end-date.
Legislative History
On Aug. 26, 2024, bill was introduced in House; on Aug. 28, 2024, bill passed House.
On Aug. 28, 2024, bill introduced in the Senate; on Aug. 29, 2024, bill passed Senate.
On Aug. 29, 2024, bill signed in both legislative chambers and sent to the governor.
Effectiveness
Bill takes effect 90 days following adjournment of General Assembly sine die, Nov. 28.
Sep. 2024 COL LEG Governor Approval
On Sep. 6, 2024, COL LEG reported governor signed bill, effective 12:01 am day after expiration of 90-day period after assembly final adjourned (Aug. 29), Nov. 28, 2024.
Regulators
COL LEG; US IRS
Entity Types
Corp
Reference
Bill HB24B-1003, 9/6/2024; Bill HB24B-1003, 8/29/2024; Citation: COL FIN 39-3-122;
