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DA3005E1E5DF133987258B6900743341 Hearing Summary




PUBLIC
BILL SUMMARY For OFFICE OF THE STATE AUDITOR - TAX EXPENDITURE EVALUATIONS

INTERIM COMMITTEE  LEGISLATIVE OVERSIGHT COMMITTEE CONCERNING TAX POLICY & TASK FORCE
Date Jul 29, 2024      
Location SCR 357



Office of the State Auditor - Tax Expenditure Evaluations -


10:10:17 AM  
James Taurman, Office
of the State Auditor, began by providing an overview of the OSA's tax expenditure
report presentation. The tax expenditure evaluations for review by the
committee may be found in Attachment A and online here: https://leg.colorado.gov/content/ilocctptf2024ascheduleandmeetingmaterials
10:13:20 AM  
Meghan Westmoreland,
OSA, presented on the film incentive tax credit.
10:15:03 AM  
The committee had a discussion with OSA about film incentive tax credits and 2024 legislation.
10:26:33 AM  
Ms. Westmoreland
continued by discussing child care expenses income tax credits: child care
expenses credit and low-income child care expenses credit.
10:42:58 AM  
Ms. Westmoreland continued by discussing the deduction of wages and salaries due to IRC 280C.
10:53:07 AM  
Ms. Westmoreland continued by discussing the tax-exempt organization insurance premium tax deduction and credit for insolvency assessments paid.
11:06:24 AM  
Kim Tinnell, OSA, came to the table to present on a memorandum issued by OSA on the Alternative Transportation Options Credit for Employers.
11:19:13 AM  
Ms. Tinnell continued by discussing the business personal property tax income tax credit.
11:36:49 AM  
Ms. Tinnell continued by discussing the contaminated land redevelopment credit.
11:43:54 AM  
Ms. Tinnell continued by discussing the state income tax refund deductions.
11:48:22 AM  
Ms. Tinnell continued by discussing the excise tax credt for unsalable alcohol.
12:00:04 PM  
Ms. Tinnell continued by discussing several fuel excise tax expenditures: two percent loss allowance, bad debt & administrative allowance, and the lost and destroyed fuel credit.
12:08:56 PM  
Ms. Tinnell continued by discussing the the agricultural sales tax exemptions: the farm and equipment and parts exemption and the special fuels for farm vehicles exemption.
12:14:38 PM  
The committee took a break for lunch.
01:02:37 PM  
The committee came back to order.
01:02:48 PM  
Jacquelyn Combellick, OSA, continued the presentation by discussing the OSA memo on the residential energy storage credit.
01:06:20 PM  
Ms. Combellick continued by discussing the organ donor employer credit.
01:12:24 PM  
She continue by discussing the dyed special fuels and off-road fuel use tax expenditures.
01:17:58 PM  
Ms. Combellick continued by discussing the fraternal society exemption.
01:20:46 PM  
Ms. Combellick continued by discussing the wholesale sales tax exemption.