New State Bill Allows Business Owners to Claim Greater Exemption on Their Business Personal Property

December 27, 2021 – HB 21-1312 concerning insurance premium property sales severance tax was signed into law on June 23, 2021. Under the new law, starting Jan 1, 2022, business personal property exemption will change from $7,900 to $50,000. Effective January 1, 2022, any business owner whose Business Personal Property is $50,000 or less as…