Colorado Secretary of State Jena Griswold, Governor’s Office Proposal for $17 Million in Reduced Business Filing Fees Introduced in the Colorado State Assembly
DENVER, CO – Representatives Lisa Cutter and Tom Sullivan, and Senators Brittany Pettersen and Chris Kolker introduced HB22-1001 the “Colorado Business Fee Relief Act” to the Colorado State Assembly. The bill, which is a collaboration between Colorado Secretary of State Jena Griswold, the Governor’s office, and legislative leadership, looks to save Colorado businesses and entrepreneurs nearly $17 million in business fees for filing documents with the Colorado Secretary of State’s office during the fiscal year beginning on July 1, 2022.
“These fee reductions will keep money in the pockets of Colorado’s small business owners, many of whom have faced adversity and uncertainty over the last few years,” said Secretary Griswold. “Thank you to Representatives Cutter and Sullivan, and Senators Pettersen and Kolker for introducing this bill. I look forward to working together to push forward this important proposal which would provide support to the small businesses that keep our communities thriving.”
“Our top priority this session is saving Coloradans money, and that’s what this bill will do by significantly cutting fees to start a business,” said Rep. Lisa Cutter, D-Littleton. “HB22-1001 will reduce a number of filing fees with the Colorado Department of State, keeping more money in the pockets of Colorado's entrepreneurs and small businesses who are the backbone of our economy.”
“Our efforts to save Coloradans money continues,” said Rep. Tom Sullivan, D-Centennial. “The legislation we’ve introduced will greatly reduce fees to start your own business and other costs associated with business filings. We know small businesses have faced adversity and uncertainty throughout the pandemic, and I’m excited to take this step to make it easier to start your own business in Colorado.”
"Small businesses are the backbone of our economy, and we must do everything we can to support them in the face of continued uncertainty due to the pandemic," said Sen. Brittany Pettersen, D-Lakewood. "I am proud to be pushing the Colorado Business Fee Relief Act, which will slash fees for small businesses, make doing business in Colorado easier, and help business owners and entrepreneurs across the state to hold onto more of their hard-earned money."
“As a small business owner myself, I know how challenging and unpredictable the last few years have been for businesses which is why we’re focused on saving them money,” said Sen. Chris Kolker, D-Centennial. “We know that the business community is essential to a strong economy, and by making it cheaper and easier for folks to start a business, we will not only be able to help our small businesses thrive but drive our economic recovery as we work to move Colorado forward.”
While businesses across sectors have struggled in these uncertain times, these reductions will keep money in the pockets of just about every small business across the state. The business fee relief package will drastically reduce filing fees for five of the most common business filings that the vast majority of small businesses in Colorado pay to stay in good standing with the state:
New business registrations
Annual business renewals
Registrations of new business trade names
Statements of change for registered agent information and address
Renewals of trade names
The bill will reduce these common filing fees down to just $1. The Department will retain a $1 fee to continue the credit card transaction processes that are essential to confirming identities and reducing fraud within the business registry.
The $17 million in business fees that the Secretary of State seeks to reduce in Fiscal Year 2022-23 is part of a cross-government fee reduction effort with the Governor’s office and the Majority leadership in the legislature. In the proposed fee relief package, the Secretary of State’s office would utilize general fund dollars to offset the foregone revenue from the fee reductions. The reduction in filing fees under this fee relief program would remain in place during Fiscal Year 2022-23 until the amount of the general fund transfer is exhausted.
The full text of the bill can be found HERE.