3/23/06-The Senate State, Veterans and Military Affairs Committee voted 4-3 March 22 to kill a bill that would have extended enterprise zone tax credits to rolling stock. The bill passed the House early this month.
Sponsored by Rep. Buffie McFadyen, D-Pueblo West, HB1091 would have made new trucks and trailer purchases eligible for the state’s 3 percent enterprise zone investment tax credit program.
Existing Colorado law limits the tax credit to purchases of equipment used “solely” or “exclusively” within an enterprise zone for at least one year. The mobile use of trucks and trailers disqualifies them from the tax credit.
The bill sought to clarify that all new equipment purchases, including truck tractors weighing more than 16,000 pounds and trailers, qualify for the 3 percent investment tax credit.
The credits would have been phased in by 1 percent a year during the next three years. Once fully implemented, the credit would have matched the investment tax credit offered other forms of enterprise zone equipment.

3/8/06-The House has approved a bill that would extend enterprise zone tax credits to rolling stock.
Sponsored by Rep. Buffie McFadyen, D-Pueblo West, HB1091 would make new trucks and trailer purchases eligible for the state’s 3 percent enterprise zone investment tax credit program.
Existing Colorado law limits the tax credit to purchases of equipment used “solely” or “exclusively” within an enterprise zone for at least one year. The mobile use of trucks and trailers disqualifies them from the tax credit.
The bill would clarify that all new equipment purchases, including truck tractors weighing more than 16,000 pounds and trailers, qualify for the 3 percent investment tax credit.
The credits would be phased in by 1 percent a year during the next three years. Once fully implemented, the credit would match the investment tax credit offered other forms of enterprise zone equipment.
The bill has been sent to the Senate for further consideration.
For bill status, call (303) 866-3055. In Colorado, call 1-800-811-7647.