S_FIN_2016A 03/15/2016 02:06:00 PM Committee Summary

The committee was called to order. A quorum was present.



02:06 PM -- Confirmation Hearing, Colorado Limited Gaming Control Commission



Mr. Roger Hutson, Chair, Colorado Limited Gaming Control Commission (commission) introduced the appointees to the commission. Ms. Jannine Mohr, Mr. Ryan Shirley, and Mr. Don Wick, appointees to the commission, introduced themselves, described their backgrounds, and discussed their interest in serving on the commission. The appointment letters may be found in Attachment A. The appointees' applications and resumes are available at the State Archives.



16SenateFin0315AttachA.pdf

02:15 PM -- Confirmation Hearing, Colorado Racing Commission



Mr. Dan Hartman, Chair, Colorado Racing Commission, introduced Dr. Lori Scott, appointee to the Colorado Racing Commission. Dr. Scott introduced herself, described her background, and explained her interest in serving on the board. The appointment letter may be found in Attachment B. Dr. Scott's application and resume is available at the State Archives.



16SenateFin0315AttachB.pdf

02:19 PM -- Confirmation Hearing, Securities Board



Mr. Jerry Rome, Colorado Securities Commissioner, introduced two appointees to the Securities Board: Mr. Thomas Kenning and Mr. Darren Hensley. Mr. Kenning and Mr. Hensley introduced themselves, described their backgrounds, and explained their interest in serving on the board. The appointment letters may be found in Attachment C. The appointees' applications and resumes are available at the State Archives.



16SenateFin0315AttachC.pdf

02:24 PM -- HB16-1229



Senator Steadman, prime sponsor, presented House Bill 16-1229. For FY 2015-16, the reengrossed bill transfers any money in the Higher Education Maintenance and Reserve Fund (reserve fund) into the Higher Education Federal Mineral Lease (FML) Revenues Fund (revenues fund). The bill then eliminates the reserve fund and directs all FML moneys previously deposited to the reserve fund to the revenues fund.



Under current law, a portion of FML revenue is allocated to two cash funds to pay for lease purchase agreements (certificates of participation/COPs) that fund capital construction projects at state institutions of higher education. The bill prohibits the state from entering into any additional lease-purchase agreements to be repaid from the revenues fund. Finally, the bill clarifies that annual appropriations for these higher education COP payments are made to the Department of Higher Education for transfer to the State Treasurer.



Senator Steadman distributed a handout illustrating the changes to the distribution of FML revenue under the bill (Attachment D).



16SenateFin0315AttachD.pdf

02:27 PM -- SB16-130



Senator Scott, prime sponsor, presented Senate Bill 16-130. The 2015 Colorado individual income tax form includes lines requiring taxpayers to compute and remit use tax due on purchases made during the 2015 tax year. The bill prohibits the Department of Revenue (DOR) from auditing a taxpayer for any amount reported on one of the use tax lines, and prohibits the inclusion of these lines on individual income tax forms for future tax years. Senator Scott distributed a copy of the 2015 Colorado Individual Income Tax Form 104 (Attachment E).



16SenateFin0315AttachE.pdf



02:35 PM -- Mr. Paul Northrup, representing the DOR, testified in opposition to the bill. He responded to questions from the committee about whether a taxpayer is required to report about on-line purchases made by family members. Discussion ensued on the topic of how a taxpayer should identify the amount to report about on-line purchases.





02:45 PM



Mr. John Vecchiarelli, Senior Director of Tax, DOR, came to the table to address committee questions. Mr. Northrup continued his testimony. Committee discussion returned to how taxpayers report use tax.





03:04 PM



Mr. Northrup responded to a question about the amount of revenue that is expected to be earned from use tax remittances, if the tax form is not changed under SB 16-130.



















03:06 PM



Mr. Greg Sobetski, Legislative Council Staff, explained the revenue loss assumptions reflected in the prepared fiscal note.





03:11 PM



Senator Scott made some closing remarks about the bill. The committee discussed a potential amendment.

03:23 PM



The committee adjourned.