William Lindstedt
- Democratic
- Representative
- District 33
Primary
The act creates the employee ownership office (office), which was originally created administratively by the governor in 2020 as a statutory entity within the office of economic development (OED). The act also creates a refundable income tax credit for income tax years 2025 to 2029 for up to 50% of specified costs incurred by new employee-owned businesses, not to exceed $50,000. New employee-owned businesses are defined as businesses that have been employee-owned for 7 or fewer years. The tax credit is administered by the office, which may allocate up to $1.5 million in tax credits per year. The office is required to include information on the effectiveness of the tax credit in OED's annual report to the general assembly. The act also creates the employee ownership cash fund, which is to be used by the office for the administration of the tax credit and consists of fees collected from applications for the tax credit. The tax credit and cash fund are repealed on January 1, 2035. For the 2024-25 state fiscal year, $145,847 is appropriated from the general fund to the office of the governor for use for the employee ownership office. APPROVED by Governor June 4, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
House Considered Senate Amendments - Result was to Concur - Repass
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed with Amendments - Committee
Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
Senate Committee on Finance Refer Unamended to Appropriations
House Third Reading Passed with Amendments - Floor
House Second Reading Special Order - Passed with Amendments - Committee
House Committee on Appropriations Refer Amended to House Committee of the Whole
House Committee on Finance Refer Amended to Appropriations
House Committee on Business Affairs & Labor Refer Amended to Finance
Introduced In House - Assigned to Business Affairs & Labor
| Bill Text Versions | Format |
|---|---|
| Signed Act (06/04/2024) | |
| Final Act (05/23/2024) | |
| Rerevised (05/07/2024) | |
| Revised (05/06/2024) | |
| Reengrossed (04/26/2024) | |
| Engrossed (04/25/2024) | |
| Introduced (01/30/2024) | |
| PA4 (05/04/2024) | |
| PA3 (04/25/2024) | |
| PA2 (03/20/2024) | |
| PA1 (02/29/2024) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note SA1 (04/24/2024) | |
| Fiscal Note SA2 (05/04/2024) | |
| Fiscal Note FN1 (02/20/2024) | |
| Fiscal Note FN2 (02/28/2024) | |
| Fiscal Note FN3 (04/23/2024) | |
| Fiscal Note FN4 (08/01/2024) |
Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.