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h_bus_2017a_2017-02-07t13:32:20z1 Hearing Summary

Date: 02/07/2017

Location: LSB A


BILL SUMMARY for HB17-1091


Votes: View--> Action Taken:
Adopt amendment L.001. The motion passed without o Pass Without Objection

02:26 PM -- HB 17-1091

Representative Wilson introduced House Bill 17-1091. The bill creates an income tax credit for taxpayers who provide donations to non-profit sponsors of employer-assisted housing projects in rural areas of the state for tax years 2017 through 2020. The credit is calculated as the amount donated to a sponsor to be used for costs associated with employer-assisted housing projects for employees with adjusted incomes of less than 120 percent of area median household income. The credit is nonrefundable, meaning it is limited to the taxpayer's income tax liability. Any remaining credits may be carried forward for up to five years.

The bill specifies the procedures for documenting and certifying donations and applying for an allocation of the tax credit through a housing agency, including the Colorado Housing and Finance Authority (CHFA) or a local government housing authority. Housing agencies are required to report on the economic activity, usage, and impacts of the employer-assisted housing project if a tax credit is allocated. Housing agencies may collect an application fee of up to $500 and a reservation fee of up to 3 percent of the tax credit from prospective sponsors.

Representative Wilson provided amendment L.001 (Attachment A) and a memorandum on the associated fiscal impact of the proposed amendment (Attachment B).

170207 AttachA.pdf170207 AttachA.pdf170207 AttachB.pdf170207 AttachB.pdf

Representative Wilson responded to questions from the committee.

02:39 PM --
Eloise Hirsch, OEDIT, testified in opposition to specific aspects of the proposed amendment.

02:41 PM

Representative Wilson and Ms. Hirsch responded to questions from the committee.

02:44 PM --
Wendell Pryor, Chaffee County Economic Development Corporation, testified in support of the bill. Mr. Pryor responded to questions from the committee.

02:49 PM --
John Vecchiarelli, Department of Revenue, responded to questions from the committee.

02:54 PM

Representative Wilson discussed amendment L.001.

BILL: HB17-1091
TIME: 02:55:33 PM
MOVED: Kraft-Tharp
MOTION: Adopt amendment L.001. The motion passed without objection.
SECONDED: Nordberg
Van Winkle
Williams D.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection

02:55 PM

Representative Wilson made closing remarks on the bill.

Committee members made closing remarks on the bill and Representative Wilson responded to committee questions.

02:58 PM

The committee took a brief recess.

03:07 PM

The committee reconvened. The chair laid the bill over until the end of the committee's calendar for final action.

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