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I_LOCC_TPTF_2024A 07/29/2024 10:02:00 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  LEGISLATIVE OVERSIGHT COMMITTEE CONCERNING TAX POLICY & TASK FORCE
Date 07/29/2024
Attendance
Frizell X
Liston X
Marshall X
Mullica X
Weissman X
Hansen X
Time 10:02:00 AM to 01:47:31 PM
Place SCR 357
This Meeting was called to order by Hansen
This Report was prepared by Katie Ruedebusch
Hearing Items Action Taken
Staff Update Committee Discussion Only
Office of the State Auditor - Tax Expenditure Evaluations
Office of the State Auditor - Updates per House Bill 24-1053 Committee Discussion Only

10:02:02 AM
Chair Hansen gave some opening remarks.



Staff Update - Committee Discussion Only
10:07:48 AM  
Katie Ruedebusch,
Legislative Council Staff, provided an overview of the committee and the
2023 scope of the committee. Pierce Lively, Legislative Legal Services,
highlighted the bill deadline and process for the 2024 interim. Greg Sobetski,
Legislative Council Staff, came to the table to discuss the fiscal note
and economics staffing for the 2024 interim.



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.



Office of the State Auditor - Updates per House Bill 24-1053 - Committee Discussion Only
01:24:58 PM  
James Taurman and
Trey Standley highlighted several changes made via House Bill 24-1053.
 The bill gave OSA more flexibility the schedule of reports, allows
the committee to select three additional expenditures for review, and allows
the committee to request research on two additional tax topics.
01:27:12 PM  
Mr. Taurmen answered
committee questions about how certain tax expenditures are chosen for review
and noted that the office tends to choose expenditures for review with
at least four or five years of data to provide a solid evaluation.
01:44:43 PM  
The committee will discuss additional tax expenditure reviews and tax topics at its meeting on August 15.


01:47:31 PM   The committee adjourned.