The Colorado Chamber continues to look out for businesses and consumers’ best interest by ensuring legislation does not further increase the state’s cost of living. Following successful amendments that addressed key member concerns, the Chamber’s Tax Council voted on Friday to change their position on Senate Bill 116 from “oppose” to “monitor.”
As introduced, the bill proposed significant changes to how property taxes are administered in the state. One proposed change would have allowed municipalities to levy a lodging tax with voter approval, while another set new requirements for the valuation of lodging properties.
The Colorado Chamber initially opposed the bill due to the potential for inaccurate property tax valuations and the likelihood of increased lodging costs for consumers. Additionally, the bill would have disproportionally impacted Colorado’s hospitality industry, which is already facing labor shortages, rising costs and increased regulatory pressure.
After strong opposition from the Chamber the bill was substantially narrowed in the Senate Finance Committee on April 14. The amended version of the bill cuts the problematic sections concerning property tax valuation, addressing members concerns and avoiding cost of living increases for Coloradans.
View the Colorado Chamber’s full opposition agenda here.