s_fin_2016a_2016-05-09t12:24:15z2 Hearing Summary

Date: 05/09/2016

01:04 PM -- HB16-1467



Senators Scheffel and Martinez Humenik, co-prime sponsors, presented House Bill 16-1467, which allows for the creation of first-time home buyer savings accounts, and starting tax year 2017, allows an income tax deduction for account holders equal to the interest and other income earnings on account contributions. The savings account holder must designate a qualifying beneficiary of the account who must have never owned a single-family, owner-occupied residence (including a condo, manufactured home or mobile home), or must have been off of the title for such a residence for at least three years due to the dissolution of marriage. The beneficiary may be changed at any time and the account holder may designate himself or herself as the beneficiary.



01:09 PM -- Mr. Ted Leighty, representing the Colorado Association of Realtors, testified in support of the bill. He responded to questions from the committee.



01:14 PM -- Ms. Sara Reynolds, representing Housing Colorado, testified in support of the bill. Ms. Reynolds addressed questions from the committee.



01:17 PM -- Ms. Jenifer Waller, representing Colorado Bankers Association, testified in support of the bill.





01:18 PM



Senator Scheffel made some closing remarks on the bill. Senator Neville distributed and explained amendment L.003 (Attachment C). Senator Scheffel commented on amendment L.003. Senator Martinez Humenik also commented on amendment L.003.



16SenateFin0509AttachC.pdf