Ritter Signs Tax Hikes


Governor Ritter today signed nine pieces of legislation that raise taxes on Colorado business and consumers. Several of those bills will directly impact the bottom lines of farmers and ranchers across Colorado by raising their costs and putting them at a competitive disadvantage to neighboring states who have the foresight and wisdom to keep ag inputs tax-free.

The Governor’s press release follows…

Gov. Bill Ritter today signed nine pieces of legislation that suspend or eliminate several special tax breaks in order to help balance the state’s budget by generating $15.6 million in revenue this fiscal year and $132.6 million next fiscal year. The Governor will hold a media availability in his office at 3:45 p.m. today to discuss the bills with reporters.

“Over the past 18 months, we have cut spending and closed shortfalls of $2.2 billion, while also addressing a $1.3 billion shortfall in the next fiscal year and preparing for even more cuts in the fiscal year after that,” Gov. Ritter said. “We have taken a balanced approach to keeping the budget balanced. We have asked everyone – government agencies, state workers, nonprofits, medical providers, senior citizens, schools, colleges, the conservation community and businesses – to share in the burden and share in the solutions so that no one group is unfairly or unduly impacted.

“Signing these bills was not something I wanted to do,” Gov. Ritter said. “But it was something that was necessary in order to keep the budget balanced and to continue positioning Colorado for a strong and healthy recovery. My sincere thanks to those lawmakers who supported this package of bills and made the difficult but right decisions for the future of Colorado.”

Gov. Ritter signed the following bills today:

House Bill 1189, Eliminate Sales Tax Exemption for Direct Mail

House Bill 1190, Suspend Industrial Fuel Sales and Use Tax

House Bill 1191, Eliminate Candy and Soda Sales Tax Exemption

House Bill 1192, Repeal Sales and Use Tax of Standardized Software

House Bill 1193, Sales Tax Out-of-State Retailers

House Bill 1194, Eliminate Non-Essential Articles Sales Tax Exemption

House Bill 1195, Suspend Ag Sales & Use Tax Exemption

House Bill 1196, Income Tax Credit Vehicles Using Alternative Fuels

House Bill 1199, Limit the Net Operating Loss Deduction Temporary Limit

Two additional bills are pending:

House Bill 1197, Reduce Conservation Easement Cap Amount

House Bill 1200, Limit Enterprise Zone Investment Tax Credit

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3 responses to this post.

  1. Posted by Janyce Harms on March 7, 2010 at 1:47 am

    How are we going to get the econony going when we are paying more tax every day. We need to not put all of the burden on the farmers and ranchers, Remember they feed everyone.

    Reply

  2. Posted by Dorothy on May 28, 2010 at 6:58 pm

    Obviously they cannot pass a new tax without a vote of the electorate so they fall back on eliminating exemptions. The cost of food and agricultural end products will now go up fro everyone. What next?

    Reply

    • Posted by Shawn Martini on May 28, 2010 at 7:34 pm

      Exactly Dorothy. Thats their plan. One could even make the argument that the elimination of the exemptions is a tax hike that should be brought to the voters.

      Reply

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