ECONOMIC DEVELOPMENT INTIATIVE #3
Proposed Initiative]
SMALL BUSINESS TAXATION
CIO COLORADO TEAM
The individuals currently working on the Team assembled to address economic development reform related to Small Business Taxation in Colorado includes:
Karl Dakin – DaVinci Quest (Team Captain)
Mike Schmidt – Ensemble Ventures
Tom Frey – DaVinci Institute
Bob Vidal - PersonaSys
Sally Cornwell – Salern Productions
Steve Baker – International Wellness Resorts
Ron Yeager – DaVinci Quest
Windham Loopesko - W.E. Loopesko & Associates
PROBLEM
Taxation of small businesses is regressive, creating a greater burden on smaller businesses than for larger businesses. In addition, payment of taxes is prohibitively complicated and expensive.
ACTION
Part 1 – No new taxes
It is recommended that the State of Colorado make no tax increase, make no increases in fees and pass no law that increases costs of business operations for the next 5 years for any Colorado small business. This Economic Development Initiation would advanced by the Colorado legislature evaluating all legislation as to its impact on small business and waiving the application of any new tax, fee or law as to small business for the next 5 years.
Part 2 - Unify and standardize the collection of sales taxes statewide
It is recommended that the State of Colorado set a single sales tax level statewide on all product sales and establish an automated single system for payment of taxes to the State of Colorado. This Economic Development Initiation would advanced by legislation amending the constitution of the State of Colorado to restrict home rule cities from collecting sales taxes and legislation directly the Colorado Department of Revenue to establish an online filing and payment system for sales taxes.
Part 3 - Abolish collection of head taxes by Colorado cities
It is recommended that the State of Colorado end the ability of Colorado cities to collect a head tax. This Economic Development Initiation would advanced by legislation amending the constitution of the State of Colorado to restrict home rule cities from collecting head taxes.
Part 4 – Abolish collection of capital gain taxes for Colorado small businesses.
It is recommended that the State of Colorado collect no taxes on gains arising out of the sale of equity of a Colorado small business. This Economic Development Initiation would advanced by legislation ending the collection of taxes on gains from investment in small businesses.
Part 5 – Abolish collection of unemployment taxes for Colorado small businesses.
It is recommended that the State of Colorado collect no unemployment taxes from Colorado small businesses. This Economic Development Initiation would advanced by legislation ending the collection of unemployment taxes on wages paid by small businesses.
Part 6 – Abolish collection of personal property taxes for Colorado businesses
It is recommended that the State of Colorado collect no personal property taxes from any Colorado businesses. This Economic Development Initiation would advanced by legislation ending the collection of personal property taxes on Colorado businesses.
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