H_FIN_2016A 02/24/2016 01:36:00 PM Committee Summary
Final
STAFF SUMMARY OF MEETING
HOUSE COMMITTEE ON FINANCE
| Date: | 02/24/2016 |
ATTENDANCE
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| Time: | 01:36 PM to 07:56 PM |
Becker K.
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X
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Conti
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X
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| Place: | LSB A |
Garnett
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X
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Kagan
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X
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| This Meeting was called to order by |
Pabon
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X
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| Representative Court |
Priola
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X
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Roupe
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X
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| This Report was prepared by |
Van Winkle
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X
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| Katie Ruedebusch |
Wilson
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X
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Foote
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X
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Court
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X
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X = Present, E = Excused, A = Absent, * = Present after roll call
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| Bills Addressed: | Action Taken: | ||
| HB16-1207 HB16-1229 HB16-1065 HB16-1275 |
Postponed Indefinitely Amended, Referred to Appropriations Postponed Indefinitely Amended, Referred to Appropriations |
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Representative Court, chair, called the meeting to order. A quorum was present.
01:36 PM -- HB16-1207
Representative Rosenthal, prime sponsor, introduced House Bill 16-1207. The bill requires that the Public Employees' Retirement Association (PERA) ensure that one percent of future investments be in renewable energy companies. Beginning in January 1, 2017, and each year thereafter, PERA must ensure that one percent of the moneys not already invested by the association in the coming year will be invested in renewable energy companies. If PERA is unable to invest in one percent, the association must explain why it was unable to satisfy this requirement in their comprehensive annual financial report. Rep. Rosenthal distributed a handout to the committee (Attachment A).
16HouseFin0224AttachA.pdf
01:54 PM -- Mr. Greg Smith, representing PERA, came to the table to testify against the bill. He answered several committee questions regarding PERA's portfolio. Committee discussion ensued regarding PERA and its investments.
02:16 PM -- Mr. Davio DiCarlo, representing himself, came to the table to testify against the bill.
| BILL: | HB16-1207 | |
| TIME: | 02:19:38 PM | |
| MOVED: | Becker K. | |
| MOTION: | Postpone indefinitely House Bill 16-1207. The motion passed on a vote of 11-0. | |
| SECONDED: | Van Winkle | |
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VOTE
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Becker K.
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Yes
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Conti
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Yes
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Garnett
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Yes
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Kagan
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Yes
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Pabon
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Yes
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Priola
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Yes
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Roupe
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Yes
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Van Winkle
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Yes
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Wilson
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Yes
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Foote
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Yes
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Court
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Yes
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Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:25 PM -- HB16-1229
Representative Rankin, sponsor, introduced House Bill 16-1229. The bill transfers moneys in the reserve fund into the revenues fund during FY 2015-16 to address a FY 2015-16 shortfall in the revenues fund. It eliminates the reserve fund and directs all FML moneys previously deposited to the reserve fund to the revenues fund. The bill also prohibits the state from entering into any additional lease-purchase agreements to be funded from the revenues fund. Finally, it clarifies that annual appropriations for the certificates of participation payments are made to the Department of Higher Education for transfer to the State Treasurer. Representative Rankin distributed strike below amendment L.001 (Attachment B) and a JBC staff handout to the committee (Attachment C). He discussed several questions regarding the funds addressed in the bill.
16HouseFin0224AttachB.pdf16HouseFin0224AttachC.pdf
| BILL: | HB16-1229 | |
| TIME: | 02:33:22 PM | |
| MOVED: | Roupe | |
| MOTION: | Adopt amendment L.001 (Attachment B). The motion passed without objection. | |
| SECONDED: | Kagan | |
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VOTE
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Becker K.
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Conti
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Garnett
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Kagan
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Pabon
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Priola
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Roupe
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Van Winkle
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Wilson
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Foote
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Court
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | HB16-1229 | |
| TIME: | 02:34:14 PM | |
| MOVED: | Court | |
| MOTION: | Refer House Bill 16-1229, as amended, to the Committee on Appropriations. The motion passed on a vote of 11-0. | |
| SECONDED: | Conti | |
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VOTE
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Becker K.
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Yes
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Conti
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Yes
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Garnett
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Yes
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Kagan
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Yes
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Pabon
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Yes
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Priola
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Yes
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Roupe
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Yes
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Van Winkle
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Yes
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Wilson
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Yes
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Foote
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Yes
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Court
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Yes
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Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:36 PM -- HB16-1065
Representative Conti, sponsor, introduced House Bill 16-1065. The bill provides a state income tax credit for taxpayers aged 75 and older of up to $3,000 per year for certain out-of-pocket health care costs. The tax credit is nonrefundable and may not be carried forward. The availability of the tax credit is contingent upon the Legislative Council Staff December forecast projecting sufficient revenue to grow the General Fund appropriations by at least 6 percent in the fiscal year in which the forecast occurs.
02:49 PM -- Mr. Phil Ross, representing himself, came to the table to testify in support of the bill.
02:55 PM -- Mr. Todd Chambers, representing the Home Care Association of Colorado, came to the table to testify in support of the bill.
03:02 PM -- Ms. Betsy Murray, representing Assessible Access, came to the table to testify in support of the bill.
03:07 PM -- Mr. Ed Shackelford, representing the Colorado Senior Lobby, came to the table to testify in support of the bill.
03:17 PM -- Mr. Corky Kyle, representing the Colorado Assisted Living Association, came to the table to testify in support of bill.
| BILL: | HB16-1065 | |
| TIME: | 03:39:17 PM | |
| MOVED: | Conti | |
| MOTION: | Refer House Bill 16-1065 to the Committee on Appropriations. The motion failed on a vote of 5-6. | |
| SECONDED: | Van Winkle | |
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VOTE
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Becker K.
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No
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Conti
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Yes
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Garnett
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No
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Kagan
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No
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Pabon
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No
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Priola
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Yes
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Roupe
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Yes
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Van Winkle
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Yes
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Wilson
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Yes
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Foote
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No
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Court
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No
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YES: 5 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: FAIL
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| BILL: | HB16-1065 | |
| TIME: | 03:40:49 PM | |
| MOVED: | Foote | |
| MOTION: | Postpone House Bill 16-1065 indefinitely. The motion passed on a vote of 6-5. | |
| SECONDED: | Kagan | |
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VOTE
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Becker K.
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Yes
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Conti
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No
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Garnett
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Yes
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Kagan
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Yes
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Pabon
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Yes
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Priola
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No
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Roupe
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No
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Van Winkle
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No
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Wilson
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No
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Foote
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Yes
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Court
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Yes
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Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS
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03:42 PM
The committee recessed.
03:50 PM
The committee returned to order.
03:50 PM -- HB16-1275
Representatives Foote and Pettersen, co-prime sponsors, introduced House Bill 16-1275. Conditional on voter approval, this bill requires corporations filing a Colorado combined income tax return on or after January 1, 2017, to add income from affiliated corporations incorporated in a tax haven jurisdiction. The bill identifies criteria for which jurisdictions are considered tax havens. The Department of Revenue (DOR) will use this criteria to determine tax havens through administrative rule. The director of DOR may allow corporations with subsidiaries incorporated in tax havens to not report tax haven income if the subsidiary is incorporated in the tax haven for legitimate business purposes. The bill refers a measure to the voters authorizing the state to retain and spend revenue received by the taxation of a corporation's income that is held in offshore tax havens. If the voters approve this measure, the increase in corporate income tax revenue will be transferred from the General Fund to the State Educational Fund. The voter approved revenue increase is exempt from TABOR. Representative Foote distributed amendment L.001 (Attachment D) and several handouts (Attachments E, F, G, H, respectively). Committee discussion ensued.
16HouseFin0224AttachD.pdf16HouseFin0224AttachE.pdf
16HouseFin0224AttachF.pdf16HouseFin0224AttachG.pdf
16HouseFin0224AttachH.pdf
04:20 PM -- Mr. Tim Gaudette, representing the Small Business Majority, came to the table to testify in support of the bill.
04:27 PM -- Mr. Tyler Rauert, representing World Trade Center Denver, came to the table to testify against the bill.
04:42 PM -- Ms. Rhonda Sparlin, representing the Colorado Association of Commerce and Industry, came to the table to testify against the bill.
04:55 PM -- Ms. Kerrie Dallman, representing the Colorado Education Association, came to the table to testify in support of the bill.
05:02 PM -- Mr. Patrick Boyle, representing the Colorado Competitive Council, came to the table to testify against the bill.
05:13 PM -- Ms. Marilyn Hughes, representing herself, came to the table to testify in support of the bill.
05:16 PM -- Ms. Patricia Davis, representing herself, came to the table to testify in support of the bill.
05:20 PM -- Ms. Nikki Dobay, representing the Council on State Taxation, came to the table to testify against the bill. She provided the committee with a tax study (Attachment I).
16HouseFin0224AttachI.pdf
05:40 PM -- Ms. Rhonda Peters, representing herself as a small business owner, came to the table to testify in support of the bill.
05:47 PM -- Mr. Phillip Horowitz, representing DOR, came to the table to answer committee questions. Committee discussion ensued.
06:02 PM -- Ms. Michelle McCartny, representing the Colorado Bar Association, came to the table to testify against the bill.
06:07 PM -- Mr. Scott Larson, representing Terumo BCT, came to the table to testify against the bill.
06:13 PM -- Mr. Tom Clark, representing the Metro Denver Economic Development Corporation and the Denver Metro Chamber, came to the table to testify against the bill.
06:25 PM -- Dr. Andrea Kutinsky, representing the Colorado Association of School Executives, came to the table to testify in support of the bill.
06:30 PM -- Ms. Sophia San Miguel, representing herself, came to the table to testify against the bill.
06:34 PM -- Mr. Danny Katz, representing the Colorado Public Interest Research Group, came to the table to testify in support of the bill.
06:45 PM
Representative Foote distributed amendment L.003 (Attachment J).
16HouseFin0224AttachJ.pdf
06:52 PM -- Mr. Scott Froehlich, representing Terumo BCT, came to the table to testify against the bill.
07:02 PM -- Mr. Horowitz returned to the table to answer committee questions. Committee discussion ensued.
| BILL: | HB16-1275 | |
| TIME: | 07:18:15 PM | |
| MOVED: | Foote | |
| MOTION: | Adopt amendment L.001 (Attachment D). The motion passed on a vote of 6-5. | |
| SECONDED: | Kagan | |
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VOTE
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Becker K.
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Yes
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Conti
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No
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Garnett
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Yes
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Kagan
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Yes
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Pabon
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Yes
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Priola
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No
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Roupe
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No
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Van Winkle
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No
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Wilson
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No
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Foote
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Yes
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Court
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Yes
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YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS
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| BILL: | HB16-1275 | |
| TIME: | 07:19:07 PM | |
| MOVED: | Garnett | |
| MOTION: | Adopt amendment L.003 (Attachment J). The motion passed without objection. | |
| SECONDED: | Pabon | |
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VOTE
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Becker K.
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Conti
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Garnett
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Kagan
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Pabon
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Priola
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Roupe
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Van Winkle
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Wilson
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Foote
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Court
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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07:20 PM
Representatives Foote and Pettersen provided some closing comments on the bill.
07:23 PM -- Ms. Esther van Mourik, Legislative Legal Services, came to the table to address committee questions. Committee discussion ensued.
| BILL: | HB16-1275 | |
| TIME: | 07:49:25 PM | |
| MOVED: | Foote | |
| MOTION: | Refer House Bill 16-1275, as amended, to the Committee on Appropriations. The motion passed on a vote of 6-5. | |
| SECONDED: | Court | |
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VOTE
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Becker K.
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Yes
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Conti
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No
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Garnett
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Yes
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Kagan
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Yes
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Pabon
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Yes
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Priola
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No
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Roupe
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No
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Van Winkle
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No
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Wilson
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No
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Foote
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Yes
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Court
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Yes
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Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS
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07:56 PM
The committee adjourned.