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Bill > HB1157

CO HB1157

CO HB1157
Employee-Owned Business Office & Income Tax Credit

summary

Introduced
01/30/2024
In Committee
05/04/2024
Crossed Over
05/23/2024
Passed
05/23/2024
Dead
Signed/Enacted/Adopted
06/04/2024

Introduced Session

2024 Regular Session

Bill Summary

CONCERNING SUPPORT FOR COLORADO EMPLOYEE-OWNED BUSINESSES, AND, IN CONNECTION THEREWITH, SUPPORT FOR BUSINESSES TRANSITIONING TO AND IN THE EARLY STAGES OF EMPLOYEE OWNERSHIP AND MAKING AN APPROPRIATION.

AI Summary

This bill creates an Employee Ownership Office within the Office of Economic Development and International Trade to support the development and advancement of employee-owned businesses, especially by providing technical support to small business owners looking to transition into employee ownership models. The bill also establishes a tax credit for new employee-owned businesses to offset eligible costs associated with the transition, up to $50,000. The tax credit is available for income tax years from 2025 to 2030, with a maximum aggregate amount of $1.5 million per year. The bill also creates the Employee Ownership Cash Fund to support the administration of the tax credit and other provisions.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (45)

Jeff Bridges (D)*,  Chris Kolker (D)*,  William Lindstedt (D)*,  Stephanie Vigil (D)*,  Judy Amabile (D),  Shannon Bird (D),  Andrew Boesenecker (D),  Kyle Brown (D),  Janet Buckner (D),  Chad Clifford (D),  Lisa Cutter (D),  Lindsey Daugherty (D),  Tony Exum (D),  Steve Fenberg (D),  Rhonda Fields (D),  Lorena García (D),  Eliza Hamrick (D),  Chris Hansen (D),  Tim Hernández (D),  Leslie Herod (D),  Sonya Jaquez Lewis (D),  Iman Jodeh (D),  Cathy Kipp (D),  Sheila Lieder (D),  Mandy Lindsay (D),  Meghan Lukens (D),  Javier Mabrey (D),  Janice Marchman (D),  Tisha Mauro (D),  Julie McCluskie (D),  Barbara McLachlan (D),  Dafna Michaelson Jenet (D),  Kyle Mullica (D),  Jennifer Parenti (D),  Kevin Priola (D),  Naquetta Ricks (D),  Manny Rutinel (D),  Cleave Simpson (R),  Emily Sirota (D),  Marc Snyder (D),  Brianna Titone (D),  Alex Valdez (D),  Michael Weissman (D),  Faith Winter (D),  Steven Woodrow (D), 

Last Action

Governor Signed (on 06/04/2024)

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Document Type Source Location
State Bill Page https://leg.colorado.gov/bills/hb24-1157
Fiscal Note FN4 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_f1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_enr.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_rer.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_rev.pdf
Senate Appropriations Amendment J.002 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/3AAED93E0EFE1CFC87258B13007E5698/HB1157_J.002.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_sen.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_ren.pdf
Third Reading Amendment L.007 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/9703C21428F2A9E787258B0B004EC698/HB1157_L.007.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_eng.pdf
House Appropriations Amendment J.001 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/6D8314F83570F4EE87258B090051266A/HB1157_J.001.pdf
House Appropriations Amendment L.006 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/2D1457386AB4089187258B070065A48C/HB1157_L.006.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_hse.pdf
Fiscal Note FN3 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_r2.pdf
House Finance Amendment L.004 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/75A243FD9938BB4087258ADF004E865A/HB1157_L.004.pdf
House Finance Amendment L.003 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/54C7CA2F43562C5E87258ADF004EEE1C/HB1157_L.003.pdf
Fiscal Note FN2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_r1.pdf
House Business Affairs & Labor Amendment L.001 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/5B9B39BD590332BB87258ACA006EF564/HB1157_L.001.pdf
House Business Affairs & Labor Amendment L.002 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/838CCFF633D5A37787258ACA006F2EF0/HB1157_L.002.pdf
Fiscal Note FN1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1157_00.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1157_01.pdf
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