The RMMFI community is full of business and community leaders, many of whom stepped up and stepped into making their voices heard at the Capitol this past legislative session. RMMFI is proud to highlight what we accomplished through our community’s engagement efforts and to share ten new laws that impact our entrepreneur community.
10 Notable New Laws to Know
Operation of Home-Based Businesses (SB24-134)
What It Does: Prohibits a homeowner association (HOA) from restricting the operation of a home-based business in an HOA unit, while still complying with other rules and ordinances, to allow more home-based businesses to operate in HOA communities
How It May Impact You: If you live in an apartment, condo, or HOA community, your HOA now cannot restrict you from operating a home-based business, with few exceptions which you can view here.
Family Affordability Tax Credit (HB24-1311)
What It Does: Creates an income tax credit for Coloradans with children under 17, aiming to reduce child poverty and support families
How It May Impact You: If you are a parent, your household may qualify for a tax credit. Check out this post to see if you and your family qualify based on household income and age of your child or children.
Ex-Offenders Practice in Regulated Occupations (HB24-1004)
What It Does: Establishes a uniform process for considering criminal records in occupational licensure applications, reducing barriers for formerly incarcerated entrepreneurs
How It May Impact You: If you have been formerly incarcerated and struggled to get the necessary license in your field, this may reduce that barrier! While most of this will be automatic, you can also petition the state directly to obtain your occupational license. Read more about it here.
Reauthorization of Rural Jump-Start Program (HB24-1001)
What It Does: Extends income tax credits and grants for businesses and employees in the Colorado Rural Jump-Start Zone Programs
How It May Impact You: If you are starting or relocating a business to certain rural Colorado communities, you may qualify for tax credits, grants, and other incentives. Eligibility and application details can be found here.
Improved Access to the Child Care Assistance Program (CCCAP) (HB24-1223)
What It Does: Makes changes to the Child Care Assistance Program, including updating its application process, method of reimbursing child care providers, and expanding eligibility
How It May Impact You: If you are a parent, this may expand access and eligibility for your child to participate in the CCCAP program. The fiscal note has details on the ways this new law will expand eligibility and access.
Employee-Owned Business Office and Income Tax Credit (HB24-1157)
What It Does: Codifies the Employee Ownership Office in a state agency and creates an income tax credit for new employee-owned businesses
How It May Impact You: If you plan to transition your business to an employee-owned business, you may be eligible for a refundable income tax credit to cover 50% of those costs. Read more about it here.
Transparency in Health-Care Coverage (SB24-080)
What It Does: Requires health insurance carriers to comply with federal price transparency laws and to make available an internet-based self-service tool that provides real-time responses to a covered person’s questions concerning carrier prices that are based on cost-sharing information
How It May Impact You: Your health insurance provider must now disclose more information about the price of treatments, appointments, and services, addressing challenges many Coloradans face in accessing and affording medical care. Read more about it here.
Update Local Government Sales & Use Tax Collection (SB24-025)
What It Does: Streamlines Sales and Use Tax Simplification (SUTS) tax collection and enhance transparency, accessibility, and fairness by reducing administrative burdens and improving compliance rates
How It May Impact You: If you have struggled to understand and be in compliance with various sales tax collection requirements, this new law may help simplify the process. The fiscal note details the ways that SUTS will be revised and simplified.
Racial Equity Study (SB24-053)
What It Does: Establishes the Black Coloradan Racial Equity Commission to conduct a study on the historical and ongoing effects of slavery and systemic racism on Black Coloradans that may be attributed to state practices, systems, and policies
How It May Impact You: The results of this study will be used to identify measures and make recommendations on mitigating the effects of slavery and systemic racism on Black Coloradans. You can follow along with the commission and the study here.
Cause Required for Eviction of Residential Tenant (HB24-1098)
What It Does: Establishes a “For Cause” eviction policy in state law that prohibits landlords from evicting tenants from residential properties without cause, subject to certain conditions and requirements
How It May Impact You: If you are a renter, your landlord now cannot evict you without “for cause,” which is defined in the fiscal note.
RMMFI’s Engagement and Advocacy By the Numbers
- 63 individuals attended two workshops on entrepreneur-focused legislation and how to bring a business voice to decision-making tables, co-hosted with Good Business Colorado
- 60+ entrepreneurs, volunteers, and staff participated in the Entrepreneur and Employer Day of Action at the State Capitol to connect directly with state policymakers, hear from Governor Polis, and build connections with other entrepreneurs across the state
- 3-part video series was shared in our graduate newsletter spotlighting community advocates who focus on holistic entrepreneur policies
- 6 policy-focused coalitions were joined, 6 letters were signed onto, and 3 bills had content contributed by RMMFI in support of policies that benefit our entrepreneur community
- 45+ state and local policymakers were introduced to RMMFI and our community, including several who attended our fall and spring Pitch Nights and Boot Camp Graduations
Voices From the RMMFI Community
Here are some reflections from our community about their leadership and advocacy experiences:
“It was so enlightening and encouraging to see that we still have power to bring change and get facetime with our lawmakers.”
“Advocacy is in general important because we have power in numbers. And when we’re supporting ethical legislation, we know that we are making a positive difference in our communities.”
“I never understood the process of how to lobby for the issues that I care about. I’ve already passed on what I’ve learned to others. So as a community, we can make change.”
What Now
Let’s keep the momentum going and continue making a difference together! Follow RMMFI, Good Business Colorado, and Small Business Majority for more information and ways to make your voice heard at decision-making tables. The RMMFI community is strong, and together we can help create an equitable entrepreneur ecosystem where all entrepreneurs can thrive.
