Coronavirus, Featured, Governor Polis, Sherrie Peif

Governor orders tax deferrals at greater levels than federal government; encourages feds to “think big” with stimulus packages

DENVER — Just one day after calling President Donald Trump a “socialist,” Colorado Gov. Jared Polis urged federal leaders to pass incentives for industries that have “been disproportionately affected,” by the COVID-19 coronavirus pandemic and government actions in response, including travel and tourism.

Polis also introduced Colorado tax help that extends beyond anything the president introduced.

Polis told MSNBC in an interview on Thursday that Trump’s corporate stimulus packages — which would come only on the condition the money was not used to buy back stock — rubbed him the wrong way.

Governor Jared Polis

“I don’t think that government should own the means of production,” Polis said. “I’m not a socialist like Donald Trump. I think that is a very dangerous way to go. I think rather than corporate bailouts, we should talk about helping people.”

Polis’ most recent executive orders, outlined at a morning press conference on Friday, included a state tax filing deadline extension for all individuals and businesses.

“That includes all filers. All businesses, all individuals, all filers. That goes further than the federal order,” Polis said in reference to The Trump Administration’s 90-day extension and deferral of tax payment up to $1 million for individuals and $10 million for corporations. “Unlike the federal government, this extension goes further. We’re imposing no conditions, no caps on the amount of tax that can be deferred for the 90-day period.”

Polis, who said the impact to people’s income is affected by quarantine, infection and many other issues, also extended the timeline for estimated tax payments due for the first quarter of 2020.

Estimated payments due on or after April 15, but on or before June 20, can be paid on or before July 15 without penalty.

Polis didn’t stop with tax extensions. He also called on the federal government to stabilize the economy with incentives for industries hit the hardest, such as travel and hospitality, where airlines alone are estimated to lose as much as $50 billion in the crisis. He encouraged the federal government to not hold back in its efforts.

“This is a critical step that will help our businesses and families keep more money in their pocket while we weather this crisis,” Polis said. “We need as much stabilization and help from the federal government as possible. I’m formally encouraging our federal delegation to think big to pass legislation that stabilizes the economy and prepares it for further economic growth.”

 

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