Gov. Ritter announces 2008 ED agenda

Colorado Gov. Bill Ritter announced a comprehensive economic development package on Aug. 25 to enhance the competitiveness of Colorado and its top industries. The package includes key business legislation to be considered by the 2008 Colorado General Assembly.

“I’m committed to making Colorado businesses the most competitive in the country,” Gov. Ritter said. “This is the most significant, comprehensive business package Colorado has seen in more than a decade. These proposals will give businesses more tools to succeed – from a reduced tax burden to less red tape.”

Major components of the package include:

• Simplifying Colorado's corporate income tax structure through a "single factor" apportionment, allowing companies to pay taxes based solely on their "sales" in the state
• Raising Colorado's Business Personal Property Tax exemption from $2,500 to $7,000 over the next five years
• Eliminating the "Fly Away Tax" on small jets manufactured in Colorado and sold in other states or countries
• Creating a $3.5 million annual fund to support Colorado's burgeoning bioscience industry

"This agenda is a clear signal that Colorado is committed to recruiting and retaining high-tech industries," said Dave Perez, president and CEO of Gambro BCT, a global bioscience company headquartered in Lakewood.