End of legislative session brings new opportunities for Colorado small

Small businesses in Colorado make significant contributions to our economy, employing 1.2 million workers and generating more than $225 in total economic output. This is why it’s critical to enact and pass legislation that will continue to support our economic drivers to start, grow and adapt their businesses to market changes. The 2023 legislative session provided an opportunity for lawmakers, small business advocates and entrepreneurs to weigh in on issues that impact the ecosystem, and this session brought forward new laws and regulations that will benefit that ecosystem.

Small Business Majority worked with local partners and small business owners to advocate for the following policies.

A proposal to remove medical debt from consumer reports and credit scores passed during this legislative session, which will protect marginalized communities across Colorado, including small employers and their employees. Credit reporting of medical debt is an issue that exacerbates inequities in our communities and can make it harder for aspiring entrepreneurs to access credit and resources. What’s more, data shows that medical debt is not a good indicator of someone’s creditworthiness, which demonstrates why it was important to enact this legislation.

Additionally, small businesses in Colorado will benefit from an expansion of the state-level Earned Income Tax Credit (EITC) this year through 2026, in conjunction with a new expansion and increase of the Child Tax Credit (CTC). On the one hand, data shows that in 2021, approximately 430,000 Coloradans submitted EITC claims, accounting for $773 million in money back in their pockets and lifting thousands of people out of poverty. On the other hand, expanding eligibility and increasing the state CTC percentages will provide additional savings for more than 260,000 Coloradan families. What’s more, the state CTC is targeting and providing greater savings for lower income families, which have been more frequently impacted by the coronavirus pandemic and need the additional financial support to make ends meet. These are well-known tools that provide a boost for hardworking Coloradans, including small businesses, their employees and their families.

Senate Bill 23-037 also became law, which will protect Colorado small business owners from deceptive mailings and solicitations related to Secretary of State documents. In fact, this legislation imposes potential penalties for companies that continue to mislead the public and fail to meet the established criteria. This law will allow Colorado entrepreneurs to clearly identify that these are third-party companies, not related to or sending mailing on behalf of state and local agencies.

Another important new measure for Colorado small business owners is House Bill 23-1215, legislation that will help study and limit hospital facility fees. This is a step forward to providing protections for Coloradans and small business owners from costs associated with abusive hospital facility fees, which would in turn lower the increasing costs of healthcare across the system.

We know that access to healthcare, particularly access to reproductive health, is vital to aspiring and current women entrepreneurs and ensuring they can move forward in their careers and launch new businesses. This is why we’re thrilled that Senate Bill 23-089 passed during this session, as it provides greater access to insurance-covered benefits for reproductive healthcare in Colorado. This legislation will help close lingering gaps in patient coverage to safeguard the health of our job creators and workers across the state.

In addition, Small Business Majority continues to ensure small businesses like yours can weigh in and provide a unique perspective on how the rulemaking of critical programs such as the Colorado Family and Medical Leave Insurance (FAMLI) program can impact the small business community. FAMLI is one of the most essential new programs to launch in Colorado, providing employees of small businesses with access to paid family leave, and helping small firms compete with larger companies.

The work continues and we couldn’t do it with you! Share your story with us about what’s impacting your small business and your community.