How the 2020 Election Will Impact Fort Collins Businesses

The citizens of Larimer County had to examine many complex issues when voting in the 2020 election.

Now, the Fort Collins Area Chamber of Commerce is breaking down how these issues will affect the local business community:

Amendment B: Repeal Property Tax Assessment Rates
Chamber Position: Support
Passed – 57.42% to 42.58%

With the passage of Amendment B, the majority of non-residential assessment rates will freeze at 29%, while the residential rate will freeze at 7.15%. The measure repeals the Gallagher Amendment of 1982, which required non-residential property taxes to equal 55% of the total share of state property taxes, and residential property taxes to equal 45%.

According to the Chamber, the decision to pass Amendment B has prevented a $250 million tax increase for small businesses.

Proposition 117: Voter Approval Requirement for Creation of Certain Fee-Based Enterprises
Chamber Position: Support
Passed – 52.56% to 47.44%

Under Proposition 117, new state enterprises must receive statewide voter approval, given that the enterprise's projected or definite revenue from subcharges and fees is greater than $100 million within its first five years.

The Chamber believes that Proposition 117 will provide citizens with more clarity as to what counts as a tax or a fee in Colorado.

Proposition 118: Paid Family and Medical Leave Insurance Program
Chamber Position: Oppose
Passed – 57.44% to 42.56%

Proposition 118 will mandate a payroll tax on employers and employees in order to support a $1.3 billion state-run paid family and medical leave program. Local government employees are not included in the program, but others will have a .9% payroll premium deducted from their wages.

The Chamber fears that Proposition 118 is too generalized to fit the needs of many businesses, especially those that are facing financial struggles due to the COVID-19 pandemic.

Proposition 113: Adopt Agreement to Elect U.S. Presidents by National Popular Vote
Chamber Position: Oppose
Passed – 52.16% to 47.84%

Proposition 113 puts Colorado in with the group of states who have agreed to elect the President of the United States by national popular vote. If enough states enter this agreement, Colorado's electoral votes will no longer go towards the presidential candidate with the most votes in the state, but towards the candidate with the most votes nationwide.

The Chambers sees the passage of Proposition 113 as a win for populous states like California, and fears that the measure will reduce Colorado's political voice throughout the country.

With the 2021 Legislative Session approaching, citizens are encouraged to contact the Chamber with their unique perspective here.