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<br />00008'1 <br /> <br />of Colorado, with particular emphasis on <br />those rural and lesser populated areas of <br />the state which desire to receive such as- <br />sistance. <br /> <br />(i) Coordination and stimulation of, <br />and assistance to, the efforts ~ govern- <br />mental and private agencies engaged in the <br />planning and development of a balanced <br />economy for Colorado. <br /> <br />Tax Policies Encouraqinq Economic Growth <br /> <br />The various local chambers of commerce, the Colorado <br />Association of Commerce and Industry, the Colorado Public <br />Expenditure Council, and other industrial and commercial <br />organizations have been active in initiating policies de- <br />signed to stimulate economic activity. <br /> <br />For example, in 1965, substantial bi-partisan sup- <br />port in the Colorado General Assemblr enabled the passage <br />of so-called "Freeport" legislation.lI Members of the As- <br />sembly were concerned that a reduction in inventory taxes <br />on goods in transit in Colorado was needed to keep Colorado <br />competitive with other states, especially to attract and <br />retain warehousing operations. <br /> <br />Another example of a majority of the General Assem- <br />bly's concern with fostering a good business climate was <br />the enactment or a five-year phase-down of all business <br />inventory taxes in 1967. Inventories valued at 30 percent <br />were reduced to 25 percent in 1969, 20 percent in 1970, 15 <br />percent in 1971, 10 percent in 1972, and 5 percent in 197~.!1 <br /> <br />-4- <br /> <br /> <br />y <br /> <br />Chapter 291, Session Laws of Colorado 1965. The Free- <br />port legislation was made possible by a constitutional <br />amendment adopted in 1962 (Article X, Section 15). <br />This amendment permitted valuations for assessment to <br />be established by statute for various classes of prop- <br />erty. <br />Chapter 370, Session Laws of 1967. <br /> <br />v <br />