The Colorado Secretary of State Jena Griswold, in collaboration with the Governor’s Office, is proposing a sweeping package of business fee waivers in the Office’s annual budget request. As the economy continues to emerge from the COVID-19 pandemic, this proposal is intended to keep money in the pockets of small business owners across the state.
“Supporting Colorado’s small businesses is essential to our communities and economy,” said Secretary of State Jena Griswold. “That’s why we’re working to cut fees for the state’s business owners. As Secretary of State, I will always strive to cut red tape and reduce barriers for Colorado entrepreneurs so they can continue to innovate and create businesses that provide good-paying jobs for hardworking Coloradans.”
The Department aims to waive nearly $17 million in business fees for businesses that will file business documents with the Department during the fiscal year that begins July 1, 2022. The business fee waiver package aims to drastically reduce filing fees for five of the most common business filings that the vast majority of small businesses here in Colorado pay to stay in good standing with the state:
- New business registrations
- Annual business renewals
- Registrations of new business trade names
- Updates to businesses’ information
- Renewals of trade names
The waiver package will reduce these common filing fees down to just $1. The Department will retain a $1 fee to continue the credit card transaction processes that are essential to confirming identities and reducing fraud within the business registry.
The $17 million in business fees that the Secretary of State seeks to waive in Fiscal Year 2022-23 is part of a cross-government fee waiver effort with the Governor’s Office. In the proposed fee waiver package, the Secretary of State’s Office would utilize general fund dollars to offset the foregone revenue from the fee waivers. The reduction in filing fees under this fee waiver program would remain in place during Fiscal Year 2022-23 until the amount of the general fund transfer is exhausted.