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DENVER, CO – Governor Jared Polis today signed legislation into law that will save Coloradans money on housing and gas and allow small retailers to keep more of the sales tax they collect, saving businesses money as well.
“The legislation signed today will save Coloradans money on housing and put more money back into the pockets of small retail businesses,” said Rep. Marc Snyder, D-Manitou Springs, sponsor of SB22-146 and SB22-006. “This investment will help build more homes and increase the supply of affordable housing that our communities and businesses need to thrive. I’m also excited that small businesses are going to be able to keep nearly $6 million that they can reinvest in their businesses, employees, and other needs.”
Saving Coloradans Money on Housing: SB22-146, sponsored by Representatives Marc Snyder and Marc Catlin will expand critical middle-income housing so that more Coloradans and communities have access to affordable housing where it’s needed most. The legislation provides $25 million in federal American Rescue Plan Act funds to the Colorado Housing and Finance Authority’s Middle-Income Access Program, which serves middle income families and individuals with incomes too high to qualify for low income housing tax credits. Typically, the “missing middle” is made up of renters whose income is between 80 percent and 120 percent of area median income, which in the Denver area is $55k-88k per year, increasing with family size.
To date, the Middle Income Access Program has leveraged $14 million in CHFA-invested funds to support developments comprising over 600 units across the state. Developments leverage significant private sector investment and have brought much needed housing to communities such as Denver, Estes Park, Keystone, Steamboat Springs and Gypsum.
Saving Businesses Money: SB22-006, sponsored by Representatives Barbara McLachlan and Marc Snyder, allows retailers with taxable sales under $100,000 per filing period to retain 5.3 percent of the sales tax they collect. Retailers are currently permitted to retain 4 percent of the vendor fee to compensate them for the cost of collecting and remitting sales tax. This new law increases the amount that small retailers can retain, saving retailers $5.9 million over the next two years.
“Saving Coloradans money was our top priority this session, and we looked at every way possible, big and small, to put more money back into people’s pockets,” said Rep. Barbara McLachlan, D-Durango, sponsor of SB22-006 and HB22-1351. “The bills the governor signed into law today will save Coloradans money at the pump and save small retail businesses nearly $6 million by allowing them to keep more of the sales tax they collect.”
“In the last few months, gas prices have been driven up by national and global influences, so at a state level we acted to make sure Coloradans weren’t hit with further price increases,” said Rep. Dylan Roberts, D-Avon, sponsor of HB22-1351. “The bill the governor signed today will help Coloradans keep some money in their pockets when they register their cars this year and when they fill up their tanks, all while keeping our state on track to fix our roads.”
Saving Coloradans Money at the Pump: HB22-1351, sponsored by Representatives Dylan Roberts and Barbara McLachlan, will save Coloradans money by lowering vehicle registration costs and delaying the anticipated road usage fees, a two-cent per gallon gasoline fee slated to go into effect in July. This law invests one-time recovery funds to save Coloradans nearly $80 million on transportation costs. Specifically, this will save Coloradans $45 million at the gas pump and nearly $34 million in vehicle registration costs.