04/01/2010 05:12 am ET Updated May 25, 2011

Colorado Legislature Passes Bills To Eliminate Tax Exemptions After Heated Debate

A standoff in the House over eliminating tax breaks for a slew of items ranging from software to soft drinks lasted late into the night Friday.

After eight hours of debate, the House had given initial approval to eight bills eliminating sales-tax exemptions. The House must approve the bills once more before they can move to the Senate.

Gov. Bill Ritter, a Democrat, wants to eliminate or suspend 13 tax exemptions and credits to generate somewhere between $125 million and $140 million for the 2010-11 fiscal year that begins in July. He also wants to speed up the expiration date for seven of the tax exemptions to March 1 in order to generate $18 million to help balance the budget in the current fiscal year.

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