May 15, 2012

(Denver) – A bill to save Colorado employers $5 million a year passed the full House today as the legislature continued its special-session CPR on bills strangled last week by Speaker Frank McNulty.

HB12S-1002, sponsored by Reps. Dan Pabon (D-Denver) and Larry Liston (R-Colorado Springs), was approved unanimously by the House and sent to the Senate.

When Colorado’s economy soured, the state government began borrowing federal funds to pay for a huge jump in unemployment insurance claims. The bill allows the state to issue bonds to repay the loans more quickly and at a lower interest rate. The estimated saving to employers is $75 per employee – a total of $5 million a year, statewide – at no cost to the taxpayer.

“We’re trying to give employers across our state every opportunity to grow their businesses and create more jobs,” Rep. Pabon said. “This is an important bill for Colorado business, and I want to thank Governor Hickenlooper for resurrecting it after the unfortunate events of last week.”

The bill would have been approved in the regular session, but it was one of 30 measures that Rep. McNulty (R-Highlands Ranch) blew up last week when he halted the legislative process to thwart a civil unions bill.

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