House Speaker Lola Spradley, R-Beulah, has appointed five representatives to the Interim Committee on Stimulating Economic Development through Business Personal Property Tax Exemptions and Other Methods.

Authorized by Senate Bill 01, sponsored in the House by Speaker Spradley, the committee is charged with identifying ways to create and retain jobs in Colorado, possibly through tax policy changes. The business personal property tax is assessed on equipment and capitol owned by businesses in the state, and it affects investments and the ability of companies to grow and hire new employees.

"The business personal property tax is an onerous tax on Colorado's businesses which makes it difficult for them to compete with businesses in other states," Spradley said. "This committee has an opportunity to evaluate ways to phase out or eliminate the tax for the long term health of this state."

According to Spradley, phasing out the tax or finding ways to offset the burden it causes should be the focus of the committee. "The committee members will look at tax credits and incentives for job creation for employers in order to improve the business climate and increase the number of jobs in Colorado," Spradley said. "Other states have gotten rid of this type of tax because they understand that it is a disincentive for businesses and slows economic growth. We need to follow their lead."

Representatives on the committee include: Rep. Bob McCluskey, R-Fort Collins - Chairman; Rep. Bob Briggs, R-Westminster; Rep. Mike May, R-Parker; Rep. Michael Garcia, D-Aurora; and Rep. Joel Judd, D-Denver. The committee, which consists of five members from the House and five from the Senate, is authorized to meet up to six times during the 2004 interim.