I_LOCC_TPTF_2022A 08/12/2022 09:32:32 AM Committee Summary

Chair Hansen called the meeting to order. He discussed the agenda and upcoming meetings.

Ms. Paquin continued by discussing Colorado's property tax burden and distinctive features of Colorado's property tax system.

She continued by discussing the residential and commercial homestead classification ratios with other metropolitan areas. She noted Colorado has a rank of 16th in the nation for per capita property tax.

In response to a committee questions, Ms. Paquin discussed a circuit breaker property tax relief program.

Ms. Paquin continued by discussing state-imposed property tax limits and noted that Colorado is one of 18 states with assessment limits.

Ms. Paquin concluded her presentation by highlighting several resources for further information.

Ms. Beth Oliva and Mr. Mark Triplett, representing the Premium Cigar Colation and Cigar Association of America, came to the table to discuss House 20-1427 and collecting excise tax from delivery sellers.

Mr. Triplett highlighted several documents which may be found in Attachment B and online here: https://leg.colorado.gov/content/ilocctptf2022ascheduleandmeetingmaterials

Ms. Oliva began by discussing several legal issues related to collecting excise tax from delivery sellers.

In response to a committee question concerning revenue, Mr. Triplett stated that while the association helped with fiscal estimates in other states, there is no specific fiscal analysis for Colorado.

In response to committee questions, Ms. Oliva discussed the Wayfair decision and disparate treatment

Ms. Esther Van Mourik, representing the Colorado Department of Revenue, came to the table discuss the tobacco products excise task and the department's analysis of the current situation.

Ms. Van Mourik provided the committee with a memorandum from the department to the Joint Budget Committee. The memorandum may be found in Attachment C and online here: https://leg.colorado.gov/content/ilocctptf2022ascheduleandmeetingmaterials

Mr. Taurman began by discussing insurance premium tax expenditures overall and the fraternal society exemption.

Mr. Taurman highlighted the unauthorized insurance premium tax expenditures and several policy considerations.

Mr. Taurman continued by discussing the long term care insurance credit and the in-state investment pre-1969 premium tax deduction.

Mr. Taurman end his presentation by discussing the crop hail insurance premium tax expenditure.

The committee took a brief break.

The committee came back to order.

Mr. Paul Olson, representing Thrivent, testified regarding the Fraternal Society Insurance Premium Tax expenditure. Mr. Jon Herskovits, representing the Knights of Columbus, testified regarding the Fraternal Society Insurance Premium Tax expenditure. Mr. Peter Thrane, representing the American Fraternal Alliance, testified regarding the Fraternal Society Insurance Premium Tax expenditure. All the witnesses discussed packet of information distributed to the committee. The information may be found in Attachment E.