S_FIN_2019A 01/29/2019 02:02:02 PM Committee Summary

Senators Coram and Rankin, bill sponsors, introduced Senate Bill 19-067, and its origin.  The bill creates a program to fund entrepreneurships in rural parts of Colorado.  The bill sponsors responded to questions from the committee related to definitions in the bill.

The following three witnesses testified remotely from Colorado Mesa University:

Ms. Bonnie Peterson, Associated Governments of Northwest Colorado, gave testimony in support of the bill.  Ms. Peterson responded to a question from the committee related to the grant program mechanics.

Ms. Sandy Head, Executive Director of the Montrose Economic Development Corporation, testified in support of the bill.

Mr. Don Suppes, County Commissioner of Delta County, gave testimony in support of the bill.

Remote testimony ended, and witness testimony continued.

Ms. Emily Ibach, Colorado Farm Bureau, gave testimony in support of the bill.

Ms. Samantha Walsh, Colorado Hemp Agricultural Advancement Guild, gave testimony in support of the bill.  Ms. Walsh responded to a question from the committee related to other sources of capital for rural development.

Mr. Bill Clayton, Colorado Counties Inc., testified in support of the bill.  Mr. Clayton responded to a question from the committee related to the size limit on counties or communities that would qualify for a grant.

Senator Coram provided further comments on the intended impact of the bill.

Mr. Jeff Kraft, Colorado Office of Economic Development and International Trade (OEDIT), gave neutral testimony describing how the proposed program would fit into the porfolio of OEDIT's current work.  Mr. Kraft responded to questions from the committee related to program design, tracking third-party capital, other programs available to entrepreneurs, and other benefits grant recipients may obtain from OEDIT.

Mr. Kraft responded to further questions from the committee related to local competition, economic need, and strategic funding.

Senators Rankin and Coram made closing comments on the bill.

The bill was laid over to a date to be determined.

Senator Sonnenberg, bill sponsor, introduced Senate Bill 19-055.  The bill would reduce Colorado's personal income, corporate income, and alternative tax rates.  Senator Sonnenberg distributed a news article (Attachment A).  Senator Sonnenberg responded to questions from the committee related to the impact on Coloradans of different income levels and the Governor's position on the bill.

Senator Sonnenberg responded to a question from the committee related to the relationship between taxes and economic growth and comments related to the Taxpayer's Bill of Rights (TABOR).  Senator Sonnenberg responded to further questions related to a comparative tax plan and the bill's impact on rural counties.

Senator Sonnenberg responded to a question related to bipartisan support.

Mr. Chris Stiffler, Colorado Fiscal Institute, testified against the bill.  Mr. Stiffler responded to a question from the committee related to the implications of TABOR.

Ms. Evie Hudak, Colorado PTA, testified against the bill.

Mr. Harry Hempy, League of Women Voters, testified against the bill.

Mr. Rich Jones, Director of Policy and Research at the The Bell Policy Center, testified against the bill.  Mr. Jones responded to questions from the committee related to the bill's impact on income equality, how tax savings are used by taxpayers, and alternatives to business investment for driving the economy.

Mr. Jones responded to questions from the bill sponsor about the impact of tax savings by high-income earners.

Mr. Brian Tanner, Government Affairs Director for the Colorado Education Association, testified against the bill.

Senator Sonnenberg made closing comments on the bill.

Committee members made closing comments on the bill.

Senator Todd, bill sponsor, introduced Senate Bill 19-066.  The bill would create a trust fund for spending on special education.  Senator Todd responded to questions from the committee related to the source of funds and definitions in the bill.

Ms. Evie Hudak, Colorado PTA, Ms. Laura Hess, Executive Director of Special Education for the Saint Vrain Valley School District, and Mr. Brandon Shaffer, Executive Director of Legal and Governmental Affairs for the Saint Vrain Valley School District, testified in support of the bill. Ms. Hudak and Mr. Shaffer responded to a comment from the committee related to education funding sources in Colorado.

The bill sponsor, witnesses, and committee members discussed the funding source for the trust fund.

Senator Todd moved the bill, Amendment L.002 (Attachment B), Amendment L.003 (Attachment C), and a conceptual amendment.  Discussion ensued related to the amendments, and the chair decided to lay the bill over to allow new amendments to be drafted. Senator Todd withdrew the motions.