|
Home
Bruce Back Draft 0384 Guest Book |
Draft 0384 |
|
| Draft in Microsoft Word Format | ||
| First Regular Session Sixty-third General Assembly STATE OF COLORADO DRAFT LLS NO. 01-0384.01 Gregg Fraser SENATE BILL SENATE SPONSORSHIP Cairns HOUSE SPONSORSHIP (None) Senate Committees House Committees A BILL FOR AN ACT CONCERNING THE REDUCTION OF THE STATE SALES AND USE TAX RATE. Bill Summary (Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments that may be subsequently adopted.) Reduces the state sales and use tax rate from 2.9% to 1.9% in equal increments over a ten-year period. Be it enacted by the General Assembly of the State of Colorado: SECTION 10 39-26-106 (1) (a) (II), Colorado Revised Statutes, is amended, and the said 39-26-106 (1) (a) is further amended BY THE ADDITION OF THE FOLLOWING NEW SUBPARAGRAPHS, to read: 39-26-106. Schedule of sales tax. (1) (a) (II) On and after January 1, 2001, there is imposed upon all sales of commodities and services specified in section 39-26-104 a tax at the rate of two and ninety one-hundredths percent of the amount of the sale to be computed in accordance with schedules or systems approved by the executive director of the department of revenue. Said schedules or systems shall be designed so that no such tax is charged on any sale of seventeen cents or less. (III) ON JANUARY 1, 2002, AND ON EACH JANUARY 1 THEREAFTER UP TO AND INCLUDING JANUARY 1, 2011, THE TAX IMPOSED BY THIS SECTION UPON ALL SALES OF COMMODITIES AND SERVICES SPECIFIED IN SECTION 39-26-104 SHALL BE AT A RATE TEN ONE-HUNDREDTHS PERCENT LESS THAN THE TAX RATE OF THE PREVIOUS CALENDAR YEAR. ON AND AFTER JANUARY 1, 2012, THE TAX IMPOSED BY THIS SECTION UPON ALL SALES OF COMMODITIES AND SERVICES SPECIFIED IN SECTION 39-26-104 SHALL BE AT THE RATE OF ONE AND NINETY ONE-HUNDREDTHS PERCENT OF THE AMOUNT OF THE SALE TO BE COMPUTED IN ACCORDANCE WITH SCHEDULES OR SYSTEMS APPROVED BY THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE. (IV) SAID SCHEDULES OR SYSTEMS SHALL BE DESIGNED SO THAT NO SUCH TAX IS CHARGED ON ANY SALE OF SEVENTEEN CENTS OR LESS. SECTION 20 39-26-202 (1) (b), Colorado Revised Statutes, is amended to read: 39-26-202. Authorization of tax. (1) (b) (I) On and after January 1, 2001, there is imposed and shall be collected from every person in this state a tax or excise at the rate of two and ninety one-hundredths percent of storage or acquisition charges or costs for the privilege of storing, using, or consuming in this state any articles of tangible personal property purchased at retail. (II) ON JANUARY 1, 2002, AND EACH JANUARY 1 THEREAFTER UP TO AND INCLUDING JANUARY 1, 2011, THE TAX IMPOSED BY THIS SECTION UPON ALL STORAGE OR ACQUISITION CHARGES OR COSTS FOR THE PRIVILEGE OF STORING, USING, OR CONSUMING IN THIS STATE ANY ARTICLES OF TANGIBLE PERSONAL PROPERTY PURCHASED AT RETAIL SHALL BE AT A RATE TEN ONE-HUNDREDTHS PERCENT LESS THAN THE TAX RATE OF THE PREVIOUS CALENDAR YEAR. ON AND AFTER JANUARY 1, 2012, THE TAX IMPOSED BY THIS SECTION SHALL BE AT THE RATE OF ONE AND NINETY ONE-HUNDREDTHS PERCENT OF THE AMOUNT OF THE STORAGE OR ACQUISITION CHARGES OR COSTS FOR THE PRIVILEGE OF STORING, USING, OR CONSUMING IN THIS STATE ANY ARTICLES OF TANGIBLE PERSONAL PROPERTY PURCHASED AT RETAIL. SECTION 30 Effective date. This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section 1 (3) of the state constitution; except that, if a referendum petition is filed against this act or an item, section, or part of this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date of the official declaration of the vote thereon by proclamation of the governor. DRAFT 12/28/00 Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment. Capital letters indicate new material to be added to existing statute. Dashes through the words indicate deletions from existing statute. DRAFT 12/28/00 DRAFT |
||