CBSA Takes Positions on Statewide Ballot Measures Impacting Life Sciences Ecosystem
By: Colorado BioScience Association Date: 10/12/2020
Colorado BioScience Association (CBSA) leads Policy + Advocacy for Colorado’s life sciences community. We work for a pro-innovation policy environment to accelerate the growth of our life sciences ecosystem and support the development of breakthrough treatments and cures for patients. CBSA advocates for the following policy priorities:
- Protect Patient Access to Health Innovation
- Strengthen Incentives for Innovation
- Increase Capital + Growth
- Promote a Supportive Tax + Regulatory Environment
- Cultivate an Educated Workforce
- Advance Industry Priorities within the Colorado State Budget
CBSA evaluates all public policy proposals against these priorities and takes positions to advance our agenda and the interests of our members.
This November, Coloradans will vote on a number of key issues that have qualified for the ballot. In preparation for the election, CBSA examined the statewide ballot measures that could impact our life sciences ecosystem. Based on feedback from CBSA’s Policy Committee and CBSA’s Executive Committee, the CBSA Board of Directors approved the following positions on 2020 ballot measures.
CBSA Supports Amendment B: Repeal Property Tax Assessment Rates
What does it do?
The Gallagher Amendment was adopted in 1982 and requires a 45/55 statewide ratio between residential and non-residential property tax collections. (Non-residential includes business, commercial, agricultural and industrial properties.) When home values rise faster than business property values, Gallagher triggers a cut to the residential property assessment rate. That means that each time a community increases taxes, it falls that much harder on businesses. Amendment B would repeal the Gallagher amendment and freeze assessment rates at 7.15% for residential and 29% for non-residential.
Why we support Amendment B
CBSA promotes a supportive tax and regulatory environment for life sciences companies, which is crucial to maintain and grow a competitive life sciences ecosystem in Colorado. Amendment B aligns with this policy priority because it will stop the continual shift of property tax burden from homeowners to business owners and provide more predictability forColorado life sciences companies.
CBSA Opposes Proposition 116: State Income Tax Rate Reduction
What does it do?
Proposition 116 decreases the state income tax rate from 4.63% to 4.55%.
Why we oppose Proposition 116
CBSA works to advance industry priorities within the Colorado state budget, including protecting critical programs like the Advanced Industries Accelerator Grant Program. Proposition 116 threatens this policy priority because it would reduce state revenue by over $150 million per year, forcing budget cuts on top of the shortfall we are already facing and making it harder to protect the state programs and incentives that support our life sciences ecosystem.