h_fin_2016a_2016-02-25t10:20:56z1 Hearing Summary

Date: 02/25/2016

10:56 AM -- HB16-1089



Representative Moreno, sponsor, introduced House Bill 16-1089. The bill 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 a private foundation. The credit is equal to 25 percent of the contribution and the maximum credit allowed is $25,000 per taxpayer per year. The credit is nonrefundable, but can be carried forward for five years, and is available starting in tax year 2016. Representative Moreno distributed amendment L.002 (Attachment B) to the committee. Representative Court distributed amendment L.001 (Attachment C) to the committee.



16HouseFin0225AttachB.pdf16HouseFin0225AttachC.pdf



11:03 AM -- Ms. Ali Mickelson, representing the Colorado Fiscal Institute, came to the table to testify against the bill.



11:09 AM -- Mr. Renny Fagan, representing the Colorado Nonprofit Association, came to the table to testify in support of the bill. He distributed a handout to the committee (Attachment D). He mentioned that Mile High United Way and Jewish Colorado support the bill.



16HouseFin0225AttachD.pdf



11:20 AM -- Ms. Marla Williams, representing Community First Foundation, came to the table to testify in support of the bill.



11:24 AM -- Ms. Mary Pat Rooney, representing the Denver Museum of Nature and Science, came to the table to testify in support of the bill.



11:27 AM -- Ms. Lydia McCoy, representing Ray of Hope Cancer Foundation, came to the table to testify in support of the bill.



11:31 AM -- Ms. Joanne Kelley, representing Colorado Association of Funders, came to the table to testify in support of the bill.