In the early days of January, an important legislative development took place with the introduction of the proposed property tax treatment bill for short-term rentals (STRs), known as SB24-033, in the Colorado Legislature. It is our privilege to inform you that SB24-033 is scheduled for its inaugural hearing before the Colorado Senate Finance Committee on Tuesday, February 20 (though subject to potential changes).
A succinct overview of SB24-033 reveals its intent to impose lodging tax rates on short-term rentals rented for 90 days or more per year, aligning them with the tax structure applicable to hotels and bed-and-breakfast establishments. The implication of this measure is a conceivable quadrupling of property taxes for STRs exceeding the 90-day threshold, in contrast to existing rates. It is crucial to note that primary residences and properties rented for less than 90 days annually will continue to be subject to the residential tax rate.
Noteworthy is a recent economic report released by the Colorado Lodging and Resort Alliance (CLARA), which posits that SB24-033 poses a substantial threat to approximately $1.36 billion in annual visitor spending and 8,100 tourism-related jobs in Colorado. Furthermore, the report suggests a potential net reduction in total state and local tax revenues.
As stakeholders deeply invested in the short-term rental landscape, your voices are pivotal in shaping the discourse around SB24-033. In anticipation of the Senate Finance Committee hearing, we urge you to express your concerns and articulate the potential adverse impacts of this proposed legislation on both personal circumstances and the broader Colorado economy.
A timely opportunity presents itself with the CLARA STR Advocacy Day at the Colorado Capitol on Tuesday, February 6, 2024. As the foremost representative body for short-term rental enthusiasts in Colorado, CLARA invites you to partake in this event, demonstrating your support for STRs and your principled opposition to SB24-033. Attire for the occasion is encouraged to be in blue, symbolizing solidarity with the cause.
Event Details:
- Date: Tuesday, February 6, 2024
- Time: 8:00 AM - 11:30 AM MT
- Location: Colorado State Capitol, 200 E Colfax Ave, Denver
- Attire: Wear Blue to show support for short-term rentals
- RSVP: To confirm your attendance, kindly click here.
We sincerely hope to see you there, standing united in advocacy for short-term rentals. Rest assured, we remain committed to keeping you abreast of legislative developments and providing avenues for your continued engagement.