PUEBLO – Today, Mayor Nick Gradisar has called on local restaurants, bars and food trucks to take full advantage of a new sales tax relief program after Governor Jared Polis signed into law HB 20B-1004: Qualified Retailer Retain Sales Tax For Assistance.
“At the State level and here in Pueblo, we are doing everything we can to help our local businesses make it through this pandemic, and that’s why I am encouraging our food and bar establishments to take part in this program to retain sales tax revenue to make up for lost revenue over the winter months,” said Mayor Gradisar. “Until COVID-19 is under control, our businesses will not be able to reopen safely, but what we have done is offer loans, grants and now State sales tax relief to help businesses through this difficult holiday season.”
In an effort to aid retailers with lost revenue due to COVID-19 disruptions, this State of Colorado law allows restaurants, bars, and mobile food services to deduct up to $70,000 in net taxable sales from their monthly state sales tax and they can retain sales tax revenue for sales made from November 2020 through February 2021.
This law only allows for retailers to retain their State of Colorado sales tax. Pueblo restaurants, bars and food trucks will still need to file and pay their City of Pueblo sales and use tax.
The full text of the law can be found at https://leg.colorado.gov/bills/hb20b-1004.