HB 24-1157 CO

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Became Law

The act creates the employee ownership office (office), which was originally created administratively by the governor in 2020 as a statutory entity within the office of economic development (OED). The act also creates a refundable income tax credit for income tax years 2025 to 2029 for up to 50% of specified costs incurred by new employee-owned businesses, not to exceed $50,000. New employee-owned businesses are defined as businesses that have been employee-owned for 7 or fewer years. The tax credit is administered by the office, which may allocate up to $1.5 million in tax credits per year. The office is required to include information on the effectiveness of the tax credit in OED's annual report to the general assembly. The act also creates the employee ownership cash fund, which is to be used by the office for the administration of the tax credit and consists of fees collected from applications for the tax credit. The tax credit and cash fund are repealed on January 1, 2035. For the 2024-25 state fiscal year, $145,847 is appropriated from the general fund to the office of the governor for use for the employee ownership office. APPROVED by Governor June 4, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

• William Lindstedt Democratic · primary
• Stephanie Vigil · primary
• Jeff Bridges Democratic · primary
• Chris Kolker Democratic · primary

1. Jun 4, 2024 Governor Signed · executive
2. May 23, 2024 Sent to the Governor · executive
3. May 23, 2024 Signed by the President of the Senate · upper
4. May 23, 2024 Signed by the Speaker of the House · lower
5. May 8, 2024 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 7, 2024 Senate Third Reading Passed - No Amendments · upper
7. May 6, 2024 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
8. May 4, 2024 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole · upper
9. May 2, 2024 Senate Committee on Finance Refer Unamended to Appropriations · upper
10. Apr 29, 2024 Introduced In Senate - Assigned to Finance · upper
11. Apr 26, 2024 House Third Reading Passed with Amendments - Floor · lower
12. Apr 25, 2024 House Second Reading Special Order - Passed with Amendments - Committee · lower
13. Apr 25, 2024 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
14. Mar 18, 2024 House Committee on Finance Refer Amended to Appropriations · lower
15. Feb 28, 2024 House Committee on Business Affairs & Labor Refer Amended to Finance · lower
16. Jan 30, 2024 Introduced In House - Assigned to Business Affairs & Labor · lower