S_FIN_2016A 01/28/2016 09:48:13 AM Committee Summary
Final
STAFF SUMMARY OF MEETING
SENATE COMMITTEE ON FINANCE
| Date: | 01/28/2016 |
ATTENDANCE
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| Time: | 09:48 AM to 10:19 AM |
Holbert
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X
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Johnston
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X
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| Place: | LSB B |
Kerr
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X
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Hill
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X
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| This Meeting was called to order by |
Neville T.
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X
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| Senator Neville T. | |||
| This Report was prepared by | |||
| Kori Donaldson | |||
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X = Present, E = Excused, A = Absent, * = Present after roll call
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| Bills Addressed: | Action Taken: | ||
| Fiscal Note Analyst Introduction SB16-001 |
Witness Testimony and/or Committee Discussion Only Amended, Referred to Appropriations |
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The committee was called to order. A quorum was present.
09:48 AM -- Fiscal Note Analyst Introduction
Mr. Greg Sobetski and Ms. Kate Watkins, Legislative Council Staff, introduced the fiscal note process and described changes to the fiscal note from prior years. Ms. Watkins described a new on-line resource: the Colorado Online Tax Handbook, which can be found on the Legislative Council Staff website: https://www.colorado.gov/pacific/cga-legislativecouncil/colorado-online-tax-handbook-0
09:50 AM -- SB16-001
Senator Larry Crowder, prime sponsor, presented Senate Bill 16-001, which allows taxpayers to deduct the entire amount of their military retirement income from state taxable income beginning in tax year 2017. Under current law, qualifying taxpayers ages 55 to 64 may deduct up to $20,000 in retirement benefits from their taxable income each year and qualifying taxpayers ages 65 and older may deduct up to $24,000 a year.
09:53 AM -- Mr. Frank McCurdy and Ms. Shelly Kalkowski, both representing the United Veterans Committee (UVC), testified in support of the bill. Committee members received information supporting Mr. McCurdy's testimony (Attachment A). Ms. Kalkowski described the benefits to veterans associated with the proposed change to the allowable deduction of military retirement income from state taxable income.
15SenateFin0128AttachA.pdf
10:13 AM
Senator Crowder made some closing remarks about the bill. Committee members received written testimony about the bill (Attachment B). Senator Crowder distributed and explained Amendment L.001 (Attachment C).
15SenateFin0128AttachB.pdf 15SenateFin0128AttachC.pdf
| BILL: | SB16-001 | |
| TIME: | 10:17:12 AM | |
| MOVED: | Holbert | |
| MOTION: | Adopt amendment L.001. The motion passed without objection. | |
| SECONDED: | ||
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VOTE
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Holbert
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Johnston
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Kerr
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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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10:17 AM
Members of the committee commented on the merits of the bill.
| BILL: | SB16-001 | |
| TIME: | 10:19:17 AM | |
| MOVED: | Hill | |
| MOTION: | Refer Senate Bill 16-001, as amended, to the Committee on Appropriations. The motion passed on a vote of 5-0. | |
| SECONDED: | ||
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VOTE
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Holbert
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Yes
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Johnston
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Yes
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Kerr
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Yes
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Hill
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Yes
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Neville T.
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Yes
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Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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10:19 AM
The committee adjourned.