Wednesday, April 14, 2010

Priola Trucking Business Incentives to Colorado

Rep. Kevin, R-Henderson, today presented to committee his proposal that would grant incentives for investment in the trucking industry in Colorado.

“I believe this bill will create jobs in the trucking industry in Colorado,” Priola said. “They’ve had a tough time making a go of it during this current recession. This bill would make Colorado an attractive place for motor carriers to do business and bring jobs to our state by making Colorado more competitive with neighboring states.”

According to Priola, truck registration in Colorado has dropped more than 57% since 2000 and trucking employment declined by 30,000 jobs, costing the state considerable tax revenues.

Priola’s proposal, House Bill 1285, would allow the trucking industry to qualify for enterprise-zones and sales-tax credits. It would grant companies a sales tax refund as well as an income credit for their commercial vehicle investment in Colorado. It would also increase the fines for egregiously overweight trucks and the money collected from overweight vehicles fines would go into a fund that would pay for these incentives and offset their cost, while also protecting our roads and environment.

“These fines would level the regional playing field in the trucking industry and protect Colorado’s roadways,” Priola said.

The bill also addresses a safety issue that overweight vehicles pose because they cause significant damage to roads. Priola’s measure offers an economically viable approach to combat safety issues, in a way that would bring jobs to Colorado.

One of Colorado’s largest employers has indicated a strong interest in basing its national trucking fleet in Colorado as well as dozens of trucking companies have expressed interest in returning to Colorado or making Colorado their new base operation if these incentives became available.

“I’m excited about this bill and what it means for jobs, roads and the environment,” Priola added.

HB 1285 was heard by the House Transportation Committee and passed on an 8 to 2 vote. The bill was heard today by the House Finance Committee and passed on a 9 to 2 vote and now proceeds to the House Appropriations Committee for consideration.

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