s_fin_2016a_2016-01-28t09:48:13z1 Hearing Summary
Date: 01/28/2016
Final
BILL SUMMARY for SB16-001
SENATE COMMITTEE ON FINANCE
| Votes: View--> | Action Taken: |
| Adopt amendment L.001. The motion passed without o Refer Senate Bill 16-001, as amended, to the Commi |
Pass Without Objection PASS |
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.