H_FIN_2017A 03/01/2017 Committee Summary

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.

12:11 PM -- HB17-1090



Representatives Kraft-Tharp and Wilson, co-prime sponsors, presented House Bill 17-1090, which extends the Advanced Industry Investment Income Tax Credit Program through tax years 2018 to 2022. The bill authorizes the Office of Economic Development and International Trade in the Governor's Office (OEDIT) to issue $1.5 million worth of state income tax credits each year to qualified investors.



12:16 PM -- Ms. Lindsey Cookson, representing herself, testified in opposition to the bill and responded to questions from the committee.



12:21 PM -- Mr. Jeff Kraft, representing OEDIT, testified in support of the bill.



12:27 PM -- Ms. April Giles, representing the Colorado Bioscience Association, testified in support of the bill.



















12:31 PM -- Ms. Chris Shepard, representing the Colorado Cleantech Industries Association, testified in support of the bill.





12:35 PM



Ms. Giles and Mr. Kraft responded to questions from the committee. Representative Kraft-Tharp also answered committee questions.



12:50 PM -- Mr. Patrick Boyle, representing the Colorado Competitive Council, testified in support of the bill.



12:53 PM -- Ms. Elyse Blazevich, representing Securisyn Medical, testified in support of the bill.



12:56 PM -- Ms. Sam Bailey, representing the Jefferson County Economic Development Corporation, testified in support of the bill.





12:57 PM



Mr. Boyle, Ms. Blazevich, and Mr. Bailey responded to questions from the committee.







































































01:00 PM



Representative Wilson commented on earlier witness testimony. Representatives Wilson and Kraft-Tharp made closing remarks on the bill.

01:10 PM -- HB17-1144



Representative Esgar, prime sponsor, presented House Bill 17-1144, which changes how depreciation equivalent payments from cash fund sources are recorded by state departments.

01:14 PM



The committee adjourned.