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s_fin_2017a_2017-04-13t11:21:04z0 Hearing Summary

Date: 04/13/2017

Location: SCR 357

Final

BILL SUMMARY for SB17-287



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment A). The motion p

Refer Senate Bill 17-287, as amended, to the Commi
Pass Without Objection

PASS







11:21 AM -- SB17-287



The committee was called to order. Senator Priola, prime sponsor, presented Senate Bill 17-287, which creates an income tax credit for contributions made to an endowment of a Colorado charitable organization. Eligible endowment funds do not include donor advised funds or funds for private foundations, which are typically funded by a single primary donor instead of the general public. The credit is equal to 25 percent of the contribution up to a maximum of $25,000 per taxpayer per year. The credit is non-refundable, but can be carried forward for five years, and is available in tax years 2017, 2018, and 2019.



11:25 AM --
Renny Fagan, representing the Colorado Nonprofit Association, testified in support of the bill.



11:30 AM --
Dr. Aleah Horstman, representing Arapahoe House, testified in support of the bill.



11:33 AM --
Dirk Bird, representing Jewish Colorado, testified in support of the bill. Dr. Horstman responded to a committee question.



11:36 AM --
Marla Williams, representing Community First Foundation, testified in support of the bill.



11:39 AM --
Megan Ledin, representing the Grand Foundation, testified in support of the bill.



11:41 AM --
Joanne Kelley, representing the Colorado Association of Funders, testified in support of the bill.





11:44 AM



Ms. Williams and Ms. Ledin responded to a committee question.





11:47 AM



John Vecchiarelli, representing the Department of Revenue, came to the table to respond to a committee question. Mr. Fagan returned to the table to respond to a committee question.





11:53 AM



Senator Priola wrapped up his presentation of SB 17-287 and explained amendment L.001 (Attachment A). Committee members also received a memo prepared by Legislative Council Staff regarding the fiscal impact of amendment L.001 (Attachment B).



17SenateFin0413AttachA.pdf17SenateFin0413AttachA.pdf 17SenateFin0413AttachB.pdf17SenateFin0413AttachB.pdf

BILL: SB17-287
TIME: 11:54:41 AM
MOVED: Tate
MOTION: Adopt amendment L.001 (Attachment A). The motion passed without objection.
SECONDED:
VOTE
Court
Kagan
Tate
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection




BILL: SB17-287
TIME: 11:55:07 AM
MOVED: Tate
MOTION: Refer Senate Bill 17-287, as amended, to the Committee on Appropriations. The motion passed on a vote of 4-1.
SECONDED:
VOTE
Court
No
Kagan
Yes
Tate
Yes
Hill
Yes
Neville T.
Yes
Final YES: 4 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS














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