As El Paso County faces a multimillion dollar shortfall from reduced property taxes next year, officials are realizing, once again, how far the business personal property tax could go in easing their financial woes. El Paso County is the only county in the state that does not levy a business personal property tax, a tax on equipment used to conduct business. And though opinions about the tax differ, one thing is certain: The county is missing out on millions in revenue without it.
A group of Colorado Springs manufacturers say that if the city waived a use tax on big ticket equipment items it would serve as an incentive to attract and retain business, especially manufacturers that spend millions each year on heavy equipment. Some say the use tax is a double burden because businesses are already taxed annually on personal property.
The annual futility of efforts either to abolish Arizona's tax on business equipment and machinery or to increase the exemption has not deterred the many critics of the tax. This year's version, HCR 2006, takes a novel approach to formulating the tax exemption, which, if passed by voters, would increase from $66,440 annually per company to almost $1 million.
Blissfully rolling out of the Target with a red shopping cart full of (tax-free weekend) school supplies and back-to-school outfits could end in less than blissful feelings if you haven't paid your personal property taxes. The city has been on patrol since Tuesday, searching for those 17,000 cars whose owners haven't paid their personal property taxes.
For as long as I can remember, business interests in Colorado Springs and throughout the state have had a simple position on the business personal property tax: Get rid of it! They have correctly claimed that the tax inhibits business formation, creates disincentives for companies considering a move to Colorado, and unreasonably targets businesses.
West Virginia officials are considering a new tax incentive to help lure a massive petrochemical facility to the state. Under the plan, which must be approved by the Legislature, the owner of a facility known as an ethane cracker could save about half a billion dollars in personal property taxes over the next 25 years, Commerce Secretary Keith Burdette said in an interview last week.
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