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Secretary of State Jena Griswold Announces Immediate Benefit of Colorado Business Fee Relief Act for Colorado’s Businesses
Colorado Business owners have already saved nearly three quarters of a million dollars in filing fees
Denver, August 8, 2022 - Since the Colorado Business Fee Relief Act went into effect on July 1, more than 13,000 new business registrations and 4,200 trade names have been filed with the Colorado Secretary of State’s Office, Secretary of State Jena Griswold announced today at a press conference with Governor Jared Polis. In just over a month, this legislation has already kept nearly $750,000 in the pockets of Colorado small business owners and entrepreneurs.
“As Secretary of State, I am focused on supporting economic opportunity for all Coloradans. This new law keeps money in the pockets of business owners and entrepreneurs across the state so they can continue to innovate and create businesses that provide good-paying jobs for hardworking Coloradans,” said Secretary Griswold. “We must continue to do all we can to support Colorado’s working families and the small businesses that are critical to our economy and communities.”
The Colorado Business Fee Relief Act, which passed through the legislature in May 2022 with support from Governor Polis and Majority Leadership in the General Assembly, saves Colorado businesses and entrepreneurs over $8.4 million in business fees for filing documents with the Colorado Secretary of State’s Office during the 2022-23 fiscal year, which began on July 1, 2022. The act was sponsored by Representatives Lisa Cutter and Tom Sullivan, and Senators Brittany Pettersen and Chris Kolker.
While businesses across sectors have struggled in these uncertain times, these reductions will keep money in the pockets of small businesses across the state. The more than $8.4 million in business fees that the Secretary of State will reduce in Fiscal Year 2022-23 is part of a cross-government fee reduction effort with the Governor’s Office and the Majority leadership in the legislature. The Secretary of State’s Office will utilize general fund dollars to offset the foregone revenue from the fee reductions. The reduction in filing fees under this fee relief program will remain in place during Fiscal Year 2022-23 until the amount of the general fund transfer is exhausted.
