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s_fin_2016a_2016-05-09t12:24:15z2 Hearing Summary

Date: 05/09/2016



Final

BILL SUMMARY for HB16-1467



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Refer House Bill 16-1467 to the Committee on Appro PASS







01:04 PM -- HB16-1467



Senators Scheffel and Martinez Humenik, co-prime sponsors, presented House Bill 16-1467, which allows for the creation of first-time home buyer savings accounts, and starting tax year 2017, allows an income tax deduction for account holders equal to the interest and other income earnings on account contributions. The savings account holder must designate a qualifying beneficiary of the account who must have never owned a single-family, owner-occupied residence (including a condo, manufactured home or mobile home), or must have been off of the title for such a residence for at least three years due to the dissolution of marriage. The beneficiary may be changed at any time and the account holder may designate himself or herself as the beneficiary.



01:09 PM --
Mr. Ted Leighty, representing the Colorado Association of Realtors, testified in support of the bill. He responded to questions from the committee.



01:14 PM --
Ms. Sara Reynolds, representing Housing Colorado, testified in support of the bill. Ms. Reynolds addressed questions from the committee.



01:17 PM --
Ms. Jenifer Waller, representing Colorado Bankers Association, testified in support of the bill.





01:18 PM



Senator Scheffel made some closing remarks on the bill. Senator Neville distributed and explained amendment L.003 (Attachment C). Senator Scheffel commented on amendment L.003. Senator Martinez Humenik also commented on amendment L.003.



16SenateFin0509AttachC.pdf16SenateFin0509AttachC.pdf

BILL: HB16-1467
TIME: 01:29:42 PM
MOVED: Holbert
MOTION: Refer House Bill 16-1467 to the Committee on Appropriations. The motion passed on a vote of 3-2.
SECONDED:
VOTE
Holbert
No
Johnston
Yes
Kerr
Yes
Roberts
Yes
Neville T.
No
Final YES: 3 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS














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