Date: 02/08/2012

Final
BILL SUMMARY for HB12-1042

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 12-1042 to the Committee on ApproPASS



03:17 PM -- House Bill 12-1042 - Income Tax Credit for Agricultural Land

Representative Pace, prime sponsor, explained that for income tax years commencing on or after January 1, 2013, House Bill 12-1042 establishes an income tax credit for a person who inherits agricultural land located in the state equal to the portion of Colorado estate taxes attributable to the transfer of the land.

The committee discussed the federal estate tax and the $5.0 million exemption. A discussion on the fiscal note ensued and staff responded to questions regarding the fiscal impact of the bill.

The following persons testified:

03:41 PM -- Mr. Terry Scanlon, representing the Colorado Fiscal Policy Institute, testified in opposition of the bill. Mr. Scanlon discussed the refundable income tax credit in the legislation.

03:57 PM -- Mr. Troy Bredenkamp, representing the Colorado Farm Bureau, testified in support of the legislation.

04:02 PM -- Ms. Jan Scheimer, representing herself, testified in support of the legislation.
BILL:HB12-1042
TIME: 04:09:51 PM
MOVED:Beezley
MOTION:Refer House Bill 12-1042 to the Committee on Appropriations. The motion passed on a vote of 10-3.
SECONDED:Acree
VOTE
Acree
Yes
Beezley
Yes
Conti
Yes
Hullinghorst
No
Joshi
Yes
Kagan
Yes
Kefalas
Yes
Labuda
No
McCann
No
Pabon
Yes
Swalm
Yes
Swerdfeger
Yes
DelGrosso
Yes
Final YES: 10 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: PASS