Bill Summary for Bill Number HB10-1060

Date: 04/21/2010

Final
BILL SUMMARY for HB10-1060

SENATE COMMITTEE ON AGRICULTURE AND NATURAL RESOURCES

Votes: View-->	Action Taken:
Moved Amendment L. 010 (Attachment A). The motion Moved to refer House Bill 10-1060, as amended, to	Pass Without Objection PASS

09:55 AM

Senator Hodge called the meeting to order.

09:55 AM -- House Bill 10-1060

Senator Steadman, prime sponsor, described the provisions of House Bill 10-1060 concerning the creation of the penalty for failing to comply with the severance tax withholding requirement. He also distributed Amendment L. 010 (Attachment A). The reengrossed bill creates a penalty for failing to make the required amount of severance tax withholding payments from income earned on oil and gas production. The penalty is up to 25 percent of the payment owed or $25, whichever is greater, plus interest owed on the delinquent payment. The bill also establishes a penalty for failing to file the annual report required by the Department of Revenue reflecting the amounts withheld and remitted to the department. This penalty is up to 15 percent of the amount of withholding that should have been reflected in the report, or $500, whichever is lesser. The bill also lowers the existing penalty for failure to pay severance tax due or to file an annual severance tax return from 30 percent of the tax due or $30, whichever is greater, to up to 25 percent or $25,whichever is greater.

The following person testified on the bill:

09:57 AM -- Phil Horwitz, Colorado Department of Revenue, spoke in support of the bill and Amendment L. 010 (Attachment A). He also responded to questions from the committee about the bill.

10:00 AM

Senator Steadman closed his remarks on the bill and requested that the committee approve Amendment L. 010 (Attachment A).


BILL:	HB10-1060
TIME:	10:01:23 AM
MOVED:	Whitehead
MOTION:	Moved Amendment L. 010 (Attachment A). The motion passed without objection.
SECONDED:
		VOTE
	Brophy
	Gibbs	Excused
	Harvey
	Kester
	Schwartz
	Whitehead
	Hodge

Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB10-1060
TIME:	10:01:51 AM
MOVED:	Whitehead
MOTION:	Moved to refer House Bill 10-1060, as amended, to the Committee of the Whole. The motion passed on a roll call vote of 6 to 0.
SECONDED:
		VOTE
	Brophy	Yes
	Gibbs	Excused
	Harvey	Yes
	Kester	Yes
	Schwartz	Yes
	Whitehead	Yes
	Hodge	Yes

Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS

10:02 AM

The meeting adjourned.