Steadman bill to provide tax relief and increase funds for education clears Senate committee
Bill will let late taxpayers catch up, increase government transparency and accountability
Senator Steadman presenting his bill to the Senate Finance Committee
DENVER– Today, the Senate Finance Committee passed a bill to provide tax amnesty for Colorado businesses and families, and to make the state’s tax system more transparent and accountable. Senate Bill 184, sponsored by Senator Pat Steadman (D-Denver), will create a tax amnesty program for 60 days this summer, from August to September, which will allow anyone who owes back taxes to pay what they owe and have penalties forgiven. Interest owed on delinquent taxes will be cut in half if taxpayers pay in full during the amnesty period. The tax amnesty program is estimated to raise up to $15 million in additional revenue for the state. SB 184 passed the Finance Committee on a party line vote and now goes to the Senate Appropriations Committee for consideration.
SB 184 will also help make state government more transparent for Colorado families and businesses. Tax expenditures make up more than one-fifth of all state spending. To ensure taxpayer money is spent wisely the legislation will direct state to report the cost and effectiveness of all tax expenditures that result in reduced revenue from the state; including tax credits and tax exemptions.
Senator Steadman offered the following comment on the passage of SB 184 by the committee:
“In the face of unprecedented cuts to public education, we need to look at every efficiency and make every effort to support our schools and provide taxpayers with a transparent and accountable government. This bill gives those who have fallen behind on their taxes an opportunity to clear things up without facing penalties, and it will bring in much needed money to support our schools.”
“This bill also shines sunlight on over $2 billion in spending. Government has a responsibility to make this information available to the public so they know what their government is doing with their tax dollars.”