The Democratic president of the Senate will back a GOP bill aimed at eliminating the state's personal property tax, at least as it affects businesses, according to a Denver Post report.
The article, by the Post's John Ingold, says Sen. Peter Groff, D-Denver, has told members of the Select Committee on Job Creation and Economic Growth that he believes the proposal by freshman Sen. Mark Scheffel, R-Parker, would strengthen Colorado's economy.
The personal property tax requires business owners to pay a tax every year on their physical assets, including such mundane items as desks, computers and printers.
Scheffel's bill, if enacted into law, would phase the tax out over 20 years.
SB 85 is sponsored in the House by Reps. Kent Lambert, R-Colorado Springs, and Kevin Priola, R-Brighton.