Location: SCR 357
Final
BILL SUMMARY for SB17-287
SENATE COMMITTEE ON FINANCE
BILL SUMMARY for SB17-287
SENATE COMMITTEE ON FINANCE
| Votes: View--> | Action Taken: |
| Adopt amendment L.001 (Attachment A). The motion p Refer Senate Bill 17-287, as amended, to the Commi |
Pass Without Objection PASS |
11:21 AM -- SB17-287
The committee was called to order. Senator Priola, prime sponsor, presented Senate Bill 17-287, which creates an income tax credit for contributions made to an endowment of a Colorado charitable organization. Eligible endowment funds do not include donor advised funds or funds for private foundations, which are typically funded by a single primary donor instead of the general public. The credit is equal to 25 percent of the contribution up to a maximum of $25,000 per taxpayer per year. The credit is non-refundable, but can be carried forward for five years, and is available in tax years 2017, 2018, and 2019.
11:25 AM -- Renny Fagan, representing the Colorado Nonprofit Association, testified in support of the bill.
11:30 AM -- Dr. Aleah Horstman, representing Arapahoe House, testified in support of the bill.
11:33 AM -- Dirk Bird, representing Jewish Colorado, testified in support of the bill. Dr. Horstman responded to a committee question.
11:36 AM -- Marla Williams, representing Community First Foundation, testified in support of the bill.
11:39 AM -- Megan Ledin, representing the Grand Foundation, testified in support of the bill.
11:41 AM -- Joanne Kelley, representing the Colorado Association of Funders, testified in support of the bill.
11:44 AM
Ms. Williams and Ms. Ledin responded to a committee question.
11:47 AM
John Vecchiarelli, representing the Department of Revenue, came to the table to respond to a committee question. Mr. Fagan returned to the table to respond to a committee question.
11:53 AM
Senator Priola wrapped up his presentation of SB 17-287 and explained amendment L.001 (Attachment A). Committee members also received a memo prepared by Legislative Council Staff regarding the fiscal impact of amendment L.001 (Attachment B).
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| BILL: | SB17-287 | |
| TIME: | 11:54:41 AM | |
| MOVED: | Tate | |
| MOTION: | Adopt amendment L.001 (Attachment A). The motion passed without objection. | |
| SECONDED: | |
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VOTE |
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Court |
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Kagan |
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Tate |
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Hill |
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Neville T. |
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | SB17-287 | |
| TIME: | 11:55:07 AM | |
| MOVED: | Tate | |
| MOTION: | Refer Senate Bill 17-287, as amended, to the Committee on Appropriations. The motion passed on a vote of 4-1. | |
| SECONDED: | |
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VOTE |
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Court |
No |
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Kagan |
Yes |
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Tate |
Yes |
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Hill |
Yes |
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Neville T. |
Yes |
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Final YES: 4 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS
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