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s_fin_2016a_2016-01-28t09:48:13z1 Hearing Summary

Date: 01/28/2016



Final

BILL SUMMARY for SB16-001



SENATE COMMITTEE ON FINANCE


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

Refer Senate Bill 16-001, as amended, to the Commi
Pass Without Objection

PASS







09:50 AM -- SB16-001



Senator Larry Crowder, prime sponsor, presented Senate Bill 16-001, which allows taxpayers to deduct the entire amount of their military retirement income from state taxable income beginning in tax year 2017. Under current law, qualifying taxpayers ages 55 to 64 may deduct up to $20,000 in retirement benefits from their taxable income each year and qualifying taxpayers ages 65 and older may deduct up to $24,000 a year.



09:53 AM --
Mr. Frank McCurdy and Ms. Shelly Kalkowski, both representing the United Veterans Committee (UVC), testified in support of the bill. Committee members received information supporting Mr. McCurdy's testimony (Attachment A). Ms. Kalkowski described the benefits to veterans associated with the proposed change to the allowable deduction of military retirement income from state taxable income.



15SenateFin0128AttachA.pdf15SenateFin0128AttachA.pdf



10:13 AM



Senator Crowder made some closing remarks about the bill. Committee members received written testimony about the bill (Attachment B). Senator Crowder distributed and explained Amendment L.001 (Attachment C).



15SenateFin0128AttachB.pdf15SenateFin0128AttachB.pdf 15SenateFin0128AttachC.pdf15SenateFin0128AttachC.pdf

BILL: SB16-001
TIME: 10:17:12 AM
MOVED: Holbert
MOTION: Adopt amendment L.001. The motion passed without objection.
SECONDED:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection





10:17 AM



Members of the committee commented on the merits of the bill.

BILL: SB16-001
TIME: 10:19:17 AM
MOVED: Hill
MOTION: Refer Senate Bill 16-001, as amended, to the Committee on Appropriations. The motion passed on a vote of 5-0.
SECONDED:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS







10:19 AM



The committee adjourned.




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