h_fin_2016a_2016-04-27t13:38:15z0 Hearing Summary

Date: 04/27/2016

The committee was called to order. A quorum was present.



01:38 PM -- HB16-1433



Representatives Hamner and Rankin, co-prime sponsors, introduced House Bill 16-1433. Beginning in FY 2017-18, the bill caps the total amount of severance tax receipts deposited in the severance tax trust fund and the local government severance tax fund at $180 million adjusted annually for inflation. Any money above the cap is to be transferred to the newly created severance tax reserve fund. In addition, the bill refers a ballot question to the voters at the 2016 general election seeking voter approval for the state to retain and spend any severance tax revenue deposited in the reserve fund as a voter-approved revenue change to the TABOR limit. The sponsors respectfully asked the committee to postpone the bill indefinitely.