A bipartisan panel recommended a proposed bill that would eliminate Colorado's personal property tax on businesses.

The Joint Select Committee on Job Creation and Economic Growth, which includes state senators and representatives, gave the nod to legislation that would phase out the tax over 20 years.

Sen. Mark Scheffel, R-Parker, introduced the measure with the aim of encouraging businesses to invest and create jobs.

The tax has been unpopular with businesses because it requires them to pay property taxes on the equipment they own. Lawmakers have been wary of repealing it in past years because many local governments depend on the revenue it produces.