HB22-1001 was part of Secretary Griswold’s legislative priorities and will
keep money in the pockets of small businesses across the state
Recently, Secretary of State Jena Griswold announced the implementation of HB22-1001 the “Colorado Business Fee Relief Act.”
As of July 1, business owners and entrepreneurs across the state will only pay $1 for the new formation of an LLC and the new registration of a trade name for business entities.
“I will always work to cut costs and red tape for Colorado businesses that are the backbone of our communities,” said Secretary Griswold. “This fee relief will keep money in the pockets of small business owners, many of whom have faced adversity and uncertainty over the last few years.”
Filers will only pay $1 for initial LLC formations and initial trade name registrations which are normally $50 and $20, respectively. Filers will see a $49 credit on the fee for LLC formation and a $19 credit for the fee on the tradename registration. The reduction in filing fees under this fee relief program will remain in place during Fiscal Year 2022-23 or until the amount of the general fund transfer is exhausted. The Department estimates this fee relief will last until June 30, 2023.
HB22-1001, which was a collaboration between Colorado Secretary of State Jena Griswold, the Governor’s Office, and legislative leadership, will save Colorado businesses and entrepreneurs over $8.4 million in business fees for filing documents with the Colorado Secretary of State’s Office during the fiscal year beginning on July 1. The bill was sponsored by Representatives Lisa Cutter and Tom Sullivan, and Senators Brittany Pettersen and Chris Kolker.
The over $8.4 million in business fees that the Secretary of State seeks to 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.