h_fin_2017a_2017-03-01t10:26:13z0 Hearing Summary

Date: 03/01/2017

Location: LSB A

10:26 AM -- HB17-1091



The committee was called to order. A quorum was present. Representative Wilson, prime sponsor, presented House Bill 17-1091. As amended in the House Business and Labor Committee, this bill creates an income tax credit for taxpayers who provide donations to non-profit sponsors of employer-assisted housing projects in rural areas of the state for tax years 2018 through 2021. The credit is calculated as 50 percent of the amount donated to a sponsor to be used for costs associated with employer-assisted housing projects for employees with adjusted incomes of less than 120 percent of area median household income. The credit is nonrefundable, meaning it is limited to the taxpayer's income tax liability. Any remaining credits may be carried forward for up to five years.



Committee members received a memorandum assessing the fiscal impact of proposed amendment L.002 (Attachment A). Representative Wilson explained amendment L.002 (included in Attachment A). He responded to questions from the committee.



17HouseFin0301AttachA.pdf



10:45 AM -- Mr. Wendell Pryor, representing the Chaffee County Economic Development Corporation, testified in support of the bill. Mr. Pryor responded to earlier questions raised by the committee.





11:00 AM



Mr. Pryor continued to address questions from the committee. Representative Wilson also responded to committee questions.





11:15 AM



Mr. Pryor continued to address questions from the committee. Representative Wilson also responded to committee questions.



11:21 AM -- Ms. Stefka Fanchi, representing the Colorado Rural Schools Alliance, and Ms. Michelle Murphy representing Habitat for Humanity, testified in support of the bill and responded to questions from the committee.



11:34 AM -- Mr. Phil Ross, representing himself, testified in support of the bill.





11:39 AM



Representative Wilson responded to committee questions.



11:41 AM -- Ms. Amber Egbert, representing the Department of Revenue, and Mr. Bruce Eisenhauer, representing the Department of Local Affairs, responded to committee questions.





11:52 AM



Representative Wilson explained amendment L.002.

11:55 AM



Representative Wilson made closing remarks on the bill and members of the committee commented on the merits of the bill.