(The Center Square) – Democratic lawmakers have introduced a bill that seeks to reduce business filing fees in Colorado by $17 million.  

House Bill 22-1001, also known as the “Colorado Business Fee Relief Act,” was written in collaboration between state lawmakers and the Colorado secretary of state’s office. If passed, the bill would become effective during the fiscal year beginning July 1. 

It is sponsored by Sens. Brittany Pettersen, D-Lakewood, and Chris Kolker, D-Centennial, and Reps. Lisa Cutter, D-Littleton, and Tom Sullivan, D-Centennial. 

According to the bill, many of the most common business filing fees will be reduced to $1 for businesses that are in good standing. Those filings include new business registrations, annual renewals, trade name registrations, change of address forms, and trade name renewals. 

“These fee reductions will keep money in the pockets of Colorado’s small business owners, many of whom have faced adversity and uncertainty over the last few years,” Secretary of State Jena Griswold said in a statement. 

If passed, the state treasurer would be required to transfer money from the general fund to the secretary of state’s office to make up for the reduced fees. The cuts would remain in place until the funds transferred from the general fund are exhausted, according to the bill’s text. 

“As a small business owner myself, I know how challenging and unpredictable the last few years have been for businesses which is why we’re focused on saving them money,” Sen. Kolker said. “We know that the business community is essential to a strong economy, and by making it cheaper and easier for folks to start a business, we will not only be able to help our small businesses thrive but drive our economic recovery as we work to move Colorado forward.”

Colorado Governor Jared Polis voiced support for the bill in his state of the state address last week.