s_fin_2017a_2017-04-13t11:21:04z0 Hearing Summary

Date: 04/13/2017

Location: SCR 357

11:21 AM -- SB17-287



The committee was called to order. Senator Priola, prime sponsor, presented Senate Bill 17-287, which creates an income tax credit for contributions made to an endowment of a Colorado charitable organization. Eligible endowment funds do not include donor advised funds or funds for private foundations, which are typically funded by a single primary donor instead of the general public. The credit is equal to 25 percent of the contribution up to a maximum of $25,000 per taxpayer per year. The credit is non-refundable, but can be carried forward for five years, and is available in tax years 2017, 2018, and 2019.



11:25 AM -- Renny Fagan, representing the Colorado Nonprofit Association, testified in support of the bill.



11:30 AM -- Dr. Aleah Horstman, representing Arapahoe House, testified in support of the bill.



11:33 AM -- Dirk Bird, representing Jewish Colorado, testified in support of the bill. Dr. Horstman responded to a committee question.



11:36 AM -- Marla Williams, representing Community First Foundation, testified in support of the bill.



11:39 AM -- Megan Ledin, representing the Grand Foundation, testified in support of the bill.



11:41 AM -- Joanne Kelley, representing the Colorado Association of Funders, testified in support of the bill.





11:44 AM



Ms. Williams and Ms. Ledin responded to a committee question.





11:47 AM



John Vecchiarelli, representing the Department of Revenue, came to the table to respond to a committee question. Mr. Fagan returned to the table to respond to a committee question.





11:53 AM



Senator Priola wrapped up his presentation of SB 17-287 and explained amendment L.001 (Attachment A). Committee members also received a memo prepared by Legislative Council Staff regarding the fiscal impact of amendment L.001 (Attachment B).



17SenateFin0413AttachA.pdf 17SenateFin0413AttachB.pdf