S_FIN_2017A 02/28/2017 Committee Summary

02:05 PM -- HB17-1137



The committee was called to order. Senator Moreno, co-prime sponsor, presented House Bill 17-1137, which is recommended by the Statutory Revision Committee, and repeals or makes changes to the requirements of several reports from the Department of Revenue to the General Assembly.

























































02:07 PM



Senator Moreno responded to a committee question.

02:09 PM -- HB17-1093



Senator Kagan, prime sponsor, presented House Bill 17-1093, which increases the exemption for the cash surrender value of a life insurance policy from $100,000 to $250,000. Senator Kagan responded to a committee question.

02:18 PM



The meeting recessed.





02:26 PM -- SB17-188



The meeting reconvened. Senator Marble, prime sponsor, presented Senate Bill 17-188, which refers a ballot measure to voters at the November 2017 election. Conditional on approval of the measure, the bill repeals the state income tax credits for purchases of innovative motor vehicles and trucks at the end of the 2017 tax year. For each fiscal year between FY 2017-18 and FY 2020-21, the amount by which state revenue increases as a result of these credits' repeal is diverted to the Highway Users Tax Fund (HUTF) and distributed to the state, counties, and municipalities for transportation project construction and maintenance. The increase in revenue resulting from repeal of the credits is exempt from the state's TABOR limit as a voter-approved revenue change. Senator Marble discussed amendment L.002 (Attachment A).



17SenateFin0228AttachA.pdf



02:31 PM



The committee recessed.





02:35 PM



The committee reconvened. Senator Marble discussed amendments L.003, L.004, and L.005 (Attachments B, C, and D, respectively). Greg Sobetski, Legislative Council Staff, came to the table to address committee questions on the fiscal impact of the amendments.



17SenateFin0228AttachB.pdf 17SenateFin0228AttachC.pdf



17SenateFin0228AttachD.pdf



02:40 PM -- Dawn Mullally, representing the American Lung Association, testified in opposition to the bill. Ms. Mullally responded to committee questions.



02:51 PM -- Nigel Zeid, representing Boulder Nissan, testified in opposition to the bill. Mr. Zeid responded to committee questions. Committee discussion ensued on other tax credits in the state.





















03:01 PM -- Jim Cole, representing the Colorado Oil and Gas Association, testified in opposition to the bill. Mr. Cole responded to committee questions.



03:07 PM -- Scott Hutchings, representing Waste Management, testified in opposition to the bill. Mr. Hutchings responded to a committee question.



03:08 PM -- Bill Skewes, representing the Colorado Association of Commerce and Industry, testified in opposition to the bill. Mr. Hutchins responded to committee questions.



03:15 PM -- William Yeatman, representing the Independence Institute, testified in support of the bill. Mr. Yeatman responded to a committee question.



03:21 PM -- Michael Sandoval, representing the Independence Institute, testified in support of the bill. Mr. Sandoval responded to a committee question.



03:31 PM -- Rudy Zitti, representing Americans for Prosperity, testified in support of the bill. Discussion ensued on the merits of tax subsidies.



03:35 PM -- Greg Fulton, representing the Colorado Motor Carriers Association, testified in opposition to the bill. Mr. Fulton responded to committee questions.





03:44 PM



Senator Marble wrapped up her presentation of SB 17-188.

03:50 PM



Committee discussion ensued on the merits of the bill.

03:55 PM



The committee adjourned.