March 28, 2022

BILLS TO SAVE BUSINESSES AND MENTAL HEALTH PROFESSIONALS MONEY ADVANCE

Bills will save Coloradans $66 million dollars

DENVER, CO – The House Finance Committee today advanced three bills that will save businesses and mental health professionals money.

SB22-006, sponsored by Representatives Barbra McLachlan and Marc Snyder, would allow businesses to keep more of the sales taxes they collect as compensation for expenses incurred in collecting and remitting sales tax, known as the state vendor fee. For 2023, small businesses with revenues under $100,000 will be able to keep 5.3 percent–up from 4 percent–of the sales tax they collect. Small businesses across Colorado will save approximately $5.3 million from this legislation. The bill passed by a vote of 9-1.

“We’re looking at every option we have to save businesses money, and the bill we passed today is one small way we can save retailers money,” said Rep. Marc Snyder, D-Manitou Springs. “Retailers can keep a small portion of the sales tax they collect to cover their costs of passing that sales tax along to where it needs to go. This bill will allow retailers to keep more of the sales tax they already collect and put those savings to use however they need.”

“With costs rising for families and businesses, we’re focused on saving people and businesses money however we can,” said Rep. Barbara McLachlan.“The legislation we passed today will save small businesses over $5 million that they can put toward rent, salaries or whatever they need.”

HB22-1299, sponsored by Representative Mary Young, would reduce license fees for 2 years for mental health professionals regulated by state boards. Collectively, mental health professionals seeking licenses will save nearly $3.7 million next year. The bill passed by a vote of 6-4.

“Our mental health professionals have carried a heavy burden throughout this pandemic,” said Rep. Mary Young, D-Greeley. “We’re doing what we can to support these essential workers by directing savings to reduce fees when they apply for or renew their licenses.”

HB22-1305, sponsored by Representatives Yadira Caraveo and Matt Gray, will save businesses over $57 million by reducing premiums for the new paid family and medical leave program. In 2020, Colorado voters overwhelmingly decided that employees should have access to paid family and medical leave. The bill passed on a vote of 7-4.

“The legislature is stepping up to save businesses money on paid family and medical leave premiums,” said Rep. Yadira Caraveo, D-Thornton. “I’m proud that Colorado voters overwhelmingly approved paid family and medical leave for workers in our state. With this bill, businesses, which are confronting pandemic-induced inflation and rising costs, will see lower premiums at the beginning of the program as our economy fully recovers from the pandemic.”

“Coloradans rightfully decided in 2020 that workers in our state should be able to take time off if they or a loved one is sick,” said Rep. Matt Gray, D-Broomfield. “With pandemic-induced inflation and supply chain challenges continuing to impact Coloradans, we are going to pass legislation that saves businesses money on their family and medical leave insurance premiums.”