H_FIN_2016A 04/27/2016 01:38:15 PM Committee Summary

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



01:38 PM -- HB16-1433



Representatives Hamner and Rankin, co-prime sponsors, introduced House Bill 16-1433. Beginning in FY 2017-18, the bill caps the total amount of severance tax receipts deposited in the severance tax trust fund and the local government severance tax fund at $180 million adjusted annually for inflation. Any money above the cap is to be transferred to the newly created severance tax reserve fund. In addition, the bill refers a ballot question to the voters at the 2016 general election seeking voter approval for the state to retain and spend any severance tax revenue deposited in the reserve fund as a voter-approved revenue change to the TABOR limit. The sponsors respectfully asked the committee to postpone the bill indefinitely.

01:50 PM -- SB16-116



Representatives Lee and Lebsock, co-prime sponsors, introduced Senate Bill 16-116. The reengrossed bill provides a simplified process for sealing criminal justice records. Defendants must pay a $65 fee to seal their records. Fee revenue is credited to the Judicial Stabilization Cash Fund. Representatives Lebsock and Lee answered several committee questions. Representative Lee distributed amendment L.009 (Attachment A) to the committee.



16HouseFin0427AttachA.pdf



01:56 PM -- Ms. Amanda Hayden, Legislative Council Staff, came to the table to answer several committee questions.

02:12 PM -- HB16-1403



Representatives Pettersen and Buckner, co-prime sponsors, introduced House Bill 16-1403. The bill creates the Colorado Secure Savings Plan (the plan) to provide a retirement savings plan for private sector Colorado workers whose employers do not provide a retirement plan. Private employers are required to arrange for the automatic enrollment of employees in the plan and funds are contributed through a payroll deduction from employee wages. Smaller employers are given up to three years to establish the arrangement; larger companies must establish the arrangement sooner. An employer who offers an alternative retirement savings plan is not required to offer participation in the state plan. Accounts with the plan are in the form of a Roth Individual Retirement Account (IRA). An account in the plan is automatically established unless an employee opts out of the program. Representatives Pettersen and Buckner answered several committee questions.



02:26 PM -- Mr. Rich Jones, representing the Bell Policy Center, testified in support of the bill. He distributed a handout (Attachment B) to the committee. He answered several committee questions.



16HouseFin0427AttachB.pdf



























02:41 PM -- Mr. Rich Hiller, representing the Teachers Insurance and Annuity Association of America (TIAA), testified in support of the bill. He answered several committee questions.



02:46 PM -- Ms. Caren Lock, representing TIAA, testified in support of the bill. She spoke to a potential amendment.



03:01 PM -- Mr. Ben Moultrie, representing the American Association of Retired Persons (AARP), testified in support of the bill.



03:04 PM -- Dr. Stacy Howard, representing Qualistar Colorado, testified in support of the bill. She answered several committee questions.



03:10 PM -- Mr. Brian Tanner, representing the Colorado Education Association, testified in support of the bill. He answered several committee questions.



03:13 PM -- Ms. Christana Postolowski, representing Young Invincibles, testified in support of the bill. She distributed a handout to the committee (Attachment C). She answered several committee questions.



16HouseFin0427AttachC.pdf



03:22 PM -- Mr. Tim Gaudette, representing the Small Business Majority, testified in support of the bill. He answered several committee questions.



03:32 PM -- Ms. Kristen Deevy, representing Strategic Retirement Partners, testified against the bill. She answered several committee questions.



03:49 PM -- Ms. Paula Hendrickson, representing First Western, testified against the bill. She answered several committee questions.



03:54 PM -- Mr. Jim Hall, representing the American Council of Life Insurers, testified against the bill. He answered several committee questions.



03:59 PM -- Mr. Nicholas Colglazier, representing the Colorado Competitive Council (C3), testified against the bill.



04:06 PM -- Mr. Terry Jones, representing the Mortgage Lenders Association, testified against the bill. He answered several committee questions.



04:10 PM -- Ms. Jenifer Waller, representing the Colorado Bankers Association, testified against the bill. She answered several committee questions.

























04:16 PM -- Mr. Tony Gagliardi, representing the National Federation of Independent Businesses, testified against the bill. He answered several committee questions.



04:28 PM -- Ms. Loren Furman, representing the Colorado Association of Commerce and Industry, testified against the bill.



04:32 PM -- Ms. Jennifer Engle, representing Fidelity Investments, testified against the bill. She answered several committee questions.





04:40 PM



The bill was laid over to a future date for action only.





04:43 PM



The committee recessed.





04:50 PM



The committee came back to order.





04:50 PM -- SB16-165



Representative Young, sponsor, introduced Senate Bill 16-165. Effective January 1, 2017, the bill expands the criteria that an insurance company may satisfy in order to qualify for a reduced insurance premium tax rate. Specifically, it removes the requirement that companies that maintain significant direct insurance operations perform specific operational functions in Colorado in order to qualify for the lower insurance premium tax paid by companies with home offices or regional home offices in Colorado. Representative Young distributed a handout to the committee (Attachment D).



16HouseFin0427AttachD.pdf



04:53 PM -- Mr. Nicholas Colglazier, representing C3, testified in support of the bill.



04:55 PM -- Mr. Christian Rataj, representing the National Association of Mutual Insurance Companies, testified in support of the bill.

05:06 PM -- SB16-115



Representative Conti, sponsor, introduced Senate Bill 16-115. The reengrossed bill creates the Electronic Recording Technology Board (board) in the Secretary of State's office as a Type 1 transfer. The nine-member board is established as an enterprise and is authorized to issue revenue bonds. The board repeals in September 1, 2022, pending a sunset review.



05:09 PM -- Ms. Pam Anderson, representing the Colorado County Clerks Association, came to the table to answer committee questions.

05:12 PM



The committee adjourned.