Bill Summary for Bill Number SB10-133

Date: 04/27/2010

Final
BILL SUMMARY for SB10-133

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View-->	Action Taken:
Moved amendment L.008 (Attachment B). The motion Moved to refer Senate Bill 10-133, as amended, to	Pass Without Objection PASS

12:55 PM -- Senate Bill 10-133

Representative Rice, prime sponsor, presented Senate Bill 10-133 concerning the creation of an income tax credit to incentivize Colorado businesses to rehire laid-off workers. The bill was previously heard by the committee on April 21, 2010. The bill creates a state income tax credit available to Colorado businesses that rehire workers who were laid off during 2009. The tax credit is only available for tax year 2011 and only for businesses that rehire their laid-off workers sooner than they would have without the tax credit and keep the worker employed for at least a year after being rehired. The credit is equal to a percentage of the employer's costs for paying its portion of Federal Insurance Contributions Act (FICA) taxes during the initial 12-month period of employment for each worker rehired. An employer's share is 7.65 percent of each worker's salary. For workers rehired between the date the bill becomes law and May 31, 2010, the credit for each rehired worker is equal to 66 percent of the employer's FICA taxes. For workers rehired between June 1, 2010, and September 30, 2010, the credit is equal to 33 percent of the employer's FICA taxes.

Representative Rice talked about the previous committee hearing and testimony and explained that amendment L.008 (Attachment B) is a strike below that is a compromise between all the parties. He explained that the strike below does the following:

the employee must have been laid off before March 21;
the employee can be rehired by any employer;
caps the number of rehires that qualify at five per employer; and
the employer must hold the employee for 120 days.

01:07 PM

Representatives Balmer and Priola commented on the bill.


BILL:	SB10-133
TIME:	01:08:49 PM
MOVED:	Rice
MOTION:	Moved amendment L.008 (Attachment B). The motion passed without objection.
SECONDED:	Casso
		VOTE
	Balmer
	Bradford
	Casso
	Kerr A.
	Liston
	Middleton
	Priola
	Soper
	Stephens
	Gagliardi
	Rice

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


BILL:	SB10-133
TIME:	01:09:32 PM
MOVED:	Rice
MOTION:	Moved to refer Senate Bill 10-133, as amended, to the Committee on Finance. The motion passed 10-1.
SECONDED:	Casso
		VOTE
	Balmer	Yes
	Bradford	Yes
	Casso	Yes
	Kerr A.	Yes
	Liston	Yes
	Middleton	Yes
	Priola	Yes
	Soper	Yes
	Stephens	Yes
	Gagliardi	No
	Rice	Yes

Final YES: 10 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS

01:10 PM

The committee adjourned.