F71FC62860EC3F0E87258883005C4E87 Hearing Summary CLICS/CLICS2022A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION OF TAX EXPENDITURE REPORTS FROM OFFICE OF THE STATE AUDITORINTERIM COMMITTEE LEGISLATIVE OVERSIGHT COMMITTEE CONCERNING TAX POLICY & TASK FORCEDate Jul 18, 2022 Location SCR 357 Presentation of Tax Expenditure Reports from Office of the State Auditor - Committee Discussion Only Attachment Tag File Name Attachment C http://www2.leg.state.co.us/CLICS/CLICS2022A/commsumm.nsf/0/FB31BFCE172E...$File/Attachment C.pdf?OpenElement Attachment C.pdf 10:48:16 AM Mr. Trey Standley, Office of the State Auditor (OSA), introduced himself and gave a brief overview of the OSA's presentation. 10:49:43 AM The OSA started their presentation (Attachment C) and gave an overview of the OSA process. 10:54:29 AM Mr. Standley answered questions from the committee on the OSA five year evaluation process and current statutes. 10:55:25 AM Mr. Stadley gave an overview of the tax expenditures by the OSA with policy considerations. 11:01:43 AM Mr. Stadley answered questions from the committee about the tax expenditures reviewed by the OSA. 11:07:31 AM Mr. Stadley gave an overview of the enterprise zone tax expenditures. 11:13:28 AM Mr. Stadley answered questions on zone designation and credits from the committee. 11:21:28 AM Mr. Stadley gave an overview of businesses and enterprise zone credits and answered questions from the committee. 12:35:13 PM The committee briefly recessed for lunch. 12:39:42 PM The committee came back to order. Ms. Meghan Westmoreland, Office of the State Auditor, gave a brief overview of childcare contribution credit and recommendations to the General Assembly. 12:41:19 PM Ms. Westmoreland answered questions from the committee. 12:47:34 PM Ms. Westmoreland gave a brief overview of corporate condemnation capital gains income tax deduction. 12:56:08 PM Ms. Westmoreland answered questions from the committee. 01:00:30 PM Mr. Dakota Peterson, Office of the State Auditor, gave a brief overview of Colorado Alternative Minimum Tax Credit. 01:01:19 PM Mr. Peterson answered questions from the committee. 01:04:48 PM Mr. Peterson gave a brief overview of Downloaded Software Exemption. 01:17:15 PM Mr. Peterson and Mr. Standley answered questions from the committee. 01:24:46 PM Mr. Peterson gave a brief overview of the aircraft used in interstate commerce exemption. 01:41:45 PM Mr. Peterson and Mr. Standley answered questions from the committee. 01:42:09 PM Ms. Kim Tinnell and Ms. Jacquelyn Combellick, Office of the State Auditor, presented on severance taxes including oil and gas severance tax and ad valorem credit and stripper wells. 01:53:28 PM Ms. Tinnell answered questions about stripper wells. 01:53:47 PM Ms. Tinnell gave a brief overview of the evaluation of the impact assistance credits. 01:56:44 PM The committee took a brief recess. 02:00:45 PM The committee came back to order. 02:09:43 PM Ms. Jacquelyn Combellick, Office of the State Auditor, gave a brief overview of oil shale expenditures. 02:10:38 PM Ms. Combellick answered questions from the committee. 02:12:58 PM Ms. Combellick gave a brief overview of metallic minerals threshold exemption. 02:14:37 PM Ms. Combellick answered questions from the committee. 02:15:46 PM Ms. Combellick gave a brief overview of the metallic minerals ad valorem credit. 02:24:10 PM Ms. Combellick answered questions from the committee. 02:27:18 PM Ms. Combellick gave a brief overview of molybdenum ore tonnage exemption. 02:33:20 PM The committee determined that the Office of the State Auditor will finish their presentation on insurance premium tax exemptions at the committee's meeting on August 12.