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h_sa_2018a_2018-05-02t11:01:45z3 Hearing Summary




PUBLIC
BILL SUMMARY For SB18-061

HOUSE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS
Date May 2, 2018      
Location RM 271



SB18-061 - Postponed Indefinitely


12:02:46 PM  

Representative Lawrence, bill sponsor, presented Senate Bill 18-061.  For tax year 2018 and all subsequent years, the bill reduces the state income tax rate from 4.63 percent to 4.43 percent.  The bill also reduces the alternative minimum tax rate from 3.47 percent to 3.27 percent and reduces the percentage of the federal alternative minimum tax credit allowed to Colorado alternative minimum taxpayers from 12.0 percent to 11.8 percent.  Additionally, the income tax rate used in years when the income tax rate reduction TABOR refund mechanism is triggered is reduced from 4.50 percent to 4.305615346 percent.

 

12:07:36 PM  

Represenative Lawrence made concluding remarks regarding the bill.  Committee members commented on the bill.



12:13:09 PM
Motion Refer Senate Bill 18-061 to the Committee on Finance.
Moved Williams D.
Seconded Leonard
Benavidez No
Hooton No
Humphrey Yes
Leonard Yes
Melton Excused
Weissman No
Williams D. Yes
Lontine No
Foote No
YES: 3   NO: 5   EXC: 1   ABS:  0   FINAL ACTION:  FAIL


12:13:25 PM
Motion Postpone Senate Bill 18-061 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely.
Moved Weissman
Seconded Lontine
Benavidez Yes
Hooton Yes
Humphrey No
Leonard No
Melton Excused
Weissman Yes
Williams D. No
Lontine Yes
Foote Yes
Final YES: 5   NO: 3   EXC: 1   ABS:  0   FINAL ACTION:  PASS