Over 10,000 New Colorado Businesses Filed Following New Law Signed by Gov. Polis & Passed by Legislature to Save Coloradans Money When Starting a Business
DENVER — Today, Governor Polis, Secretary of State Jena Griswold, and state legislators joined Colorado entrepreneurs and small business owners to announce that over 10,000 new Colorado businesses (LLCs) have been filed since July 1, when a new law signed by Gov. Polis and passed by the legislature took effect making it nearly free to start a business. Gov. Polis met with Coloradans who took the exciting step to form their own businesses in the past month and were able to put the money saved towards starting and running their new businesses.
“I am thrilled that this new money-saving plan has reduced costs for so many Colorado entrepreneurs, creating 10,000 new businesses,” said Gov. Polis. “As an entrepreneur, I know that every dollar counts when getting a business off the ground.”
This new law reducing the cost for Coloradans to register their business went into effect last month and has already saved business owners over $500,000, fueling economic growth and saving people money.
“As Secretary of State, I am focused on supporting economic opportunity for all Coloradans. This new law keeps money in the pockets of business owners and entrepreneurs across the state so they can continue to innovate and create businesses that provide good-paying jobs for hardworking Coloradans,” said Secretary Jena Griswold. “We must continue to do all we can to support Colorado’s working families and the small businesses that are critical to our economy and communities.”
Making it nearly free to register a business in Colorado is one of over 100 ways the Polis administration in partnership with the legislature is saving people money. This month, Colorado Cash Back checks are hitting the mail, putting $750 and $1,500 back into the pockets of individual and joint tax filers respectively.
“We took bold action this year to save businesses money, and legislation I sponsored is already making it easier and cheaper to start a business in Colorado,” said Rep. Lisa Cutter, D-Jefferson County, sponsor of HB22-1001. “This year, we passed legislation to reduce property taxes on businesses by $200 million and used $600 million in federal funds to prevent unemployment insurance cost increases on employers. From reducing the cost of starting a business to allowing retailers and restaurants to keep more of the sales tax they collect and boosting tax credits for advanced industries, we’ve worked hard to help businesses hold on to 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 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.”
This year, Governor Polis signed and the legislature passed nearly $1 billion in property tax relief for homeowners and businesses. Gov. Polis signed new laws cutting licensing fees for frontline workers in healthcare and behavioral health fields, reducing the cost of state parks passes to $29, and permanently eliminating the sales tax on diapers and feminine hygiene products. Under the Governor’s leadership, people are saving money on health care and prescription drugs, at the gas pump, and on their driver's license renewals.
“Colorado’s small businesses are the backbone of our economy, and we need to do all that we can to help them bounce back from the effects of the pandemic and move forward,” said Senator Brittany Pettersen, D-Lakewood. “Reducing business filing fees will make it easier and more affordable for Coloradans to start a business, which will help us continue to power our economic recovery and help Colorado thrive.”
“Colorado’s entrepreneurs create jobs and grow our economy, and their work has established exciting new companies across our state,” said Rep. Tom Sullivan, D-Centennial, sponsor of HB22-1001. “Because of our work, the fee to start your own businesses in Colorado is now just one dollar, and over 10,000 businesses have taken advantage of that. I’m proud of our efforts to save businesses and workers money and help Colorado businesses weather the high costs they are facing from inflation and supply chain challenges.”
At the conclusion of the legislative session, the Governor’s office released the 100 ways the Polis administration is saving Coloradans money and Gov. Polis continues to build upon these efforts to put money back into the pockets of hardworking Coloradans.