Editor’s Note: State Bill premium users may stream or download the audio file of the full Tuesday House floor session by clicking on the player below.
A bill that would limit an enterprise zone tax credit for the state’s largest companies narrowly cleared the House by a 33-32 vote on Tuesday after a debate over whether the Democratic-led legislature was attacking business, The Denver Post reports.
The bill, sponsored by Rep. Dickey Lee Hullinghorst, D-Boulder County, would limit to no more than $250,000 a year an income-tax credit that companies with investments in enterprise zones can take.
In other coverage:
The Pueblo Chieftain: By one vote, the House passed a bill on Tuesday that temporarily limits enterprise zone tax credits. Evraz Rocky Mountain Steel’s mill in Pueblo is among the businesses that would be impacted. Evraz receives an annual tax credit of $595,634 from the state as an enterprise zone, according to a state document cited in the House. Under HB1200, enterprise zone tax credits would be capped at $250,000 for the tax years 2011, 2012 and 2013, but the businesses could claim the difference in subsequent years.
The Durango Herald: The House of Representatives has voted to delay tax credits for big companies in order to help the state government cope with the recession. House Bill 1200 passed on a 33-32 vote. The bill targets tax credits for big companies that participate in Colorado’s enterprise zone program. Some Democrats have railed against the program as “corporate welfare” with no benefit for the state.