(Feb. 4) – A bill sponsored by Rep. Pete Lee (D-Colorado Springs) to increase the amount of money a Colorado based business may raise from a Colorado stock offering passed the House today with unanimous bipartisan support.
Under current law, a Colorado business may not raise more than $1 million in an in-state only stock offering. Rep. Lee’s bill will increase this amount to $5 million under a set of provisions designed to promote business and increase access to capital in Colorado. The company conducting the offering must have its headquarters in Colorado, a majority of its employees working in Colorado and 80 percent of the funds raised must be spent on operations in Colorado.
“We need policies that assist and promote small business across the state,” Rep. Lee said. “This bill will benefit businesses that are located in Colorado and employ Coloradans.”
After today’s vote, HB14-1079 now heads to the Senate for consideration.