Democratic Bill Raising Personal Property Tax Exemption Passes House Committee

A bill that would increase the amount of business assets exempt from paying the state's personal property tax was approved by a House committee Tuesday.

HB 1225 would raise from $2,500 to $7,500 the amount of assets owned by a business that are exempt from the personal property tax, which is levied against the value of any item used in a business that is not a fixture.

The bill, sponsored by Rep. Joe Rice, D-Littleton, now moves to the House floor.

According to a news release issued by the House Democratic Caucus, the bill would relieve 30,000 businesses of the obligation to file personal property tax returns.