House Committee on Finance (02/07/2013)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON FINANCE

Date:	02/07/2013	ATTENDANCE

Time:	10:54 AM to 11:44 AM	DelGrosso	X
		Foote	*
Place:	LSB A	Joshi	X
		Kagan	X
This Meeting was called to order by		May	X
	Representative Court	Melton	X
		Pabon	*
This Report was prepared by		Priola	X
	Ron Kirk	Saine	X
		Swalm	X
		Wilson	X
		Hamner	X
		Court	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
HB13-1102 HB13-1071		Amended, Referred to the Committee of the Whole Referred to Appropriations

10:54 AM -- House Bill 13-1102 - Concerning Gift Cards and the Unclaimed Property Fund

Representative Gerou, prime sponsor, explained the provisions of the bill and distributed Amendment L.003 (Attachment A). She continued by saying that with the amendment, it exempts unclaimed gift cards from businesses with $200,000 or less in gift card revenue from the Unclaimed Property Act. She noted that the policy change will make it easier for small businesses to comply with the requirements of the act as they pertain to gift cards. Representative Gerou continued by saying the bill defines "gift cards" as a prefunded tangible or electronic record evidencing a business' agreement to provide good, services, and other things of value. Gift cards include various types of cards with electronic or magnetic storage used to deduct credit from the card. Several other types of cards are excluded from the definition of "gift card" in the bill, including cards issued by governmental agencies, paper-only gift certificates, prepaid telecommunications cards, loyalty and award cards, cards used to pay wages, cards used to issue refunds, and cards issued or sold at below face value to an employer or charitable organization.

13HseFin0207AttachA.pdf

The committee discussed the current practices under state law. Representative Gerou responded saying that under current law, there are two main exemptions to the Unclaimed Property Act that may affect businesses. First, holders of unclaimed property may retain $25 dollars or 2 percent of the unclaimed property, whichever is greater, before remitting the property to the state treasurer. Second, businesses with less than $500,000 in revenue per year are not required to remit property to the unclaimed property fund unless the business (1) has more than $3,500 in unclaimed property over the previous 5-year period, or (2) has unclaimed property of any individual person that is worth $250 or more. The gift card exemption created in this bill is in addition to these existing exemptions. After a brief committee discussion, the committee heard testimony.

The following person testified:

11:05 AM -- Mr. Pete Meersman, representing the Colorado Restaurant Association, testified in support of the bill. Mr. Meersman noted that keeping track of gift cards for five years as required by the law, is a cost to businesses and redeeming cards with a balance presents an accounting challenging for small businesses. He closed by urging the committee to vote for the legislation.


BILL:	HB13-1102
TIME:	11:06:59 AM
MOVED:	DelGrosso
MOTION:	Moved Amendment L.003 (Attachment A). The motion passed without objection.
SECONDED:	Pabon
		VOTE
	DelGrosso
	Foote
	Joshi
	Kagan
	May
	Melton
	Pabon
	Priola
	Saine
	Swalm
	Wilson
	Hamner
	Court

YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB13-1102
TIME:	11:08:09 AM
MOVED:	DelGrosso
MOTION:	Refer House Bill 13-1102, as amended, to the Committee of the Whole. The motion passed on a vote of 13-0.
SECONDED:	Priola
		VOTE
	DelGrosso	Yes
	Foote	Yes
	Joshi	Yes
	Kagan	Yes
	May	Yes
	Melton	Yes
	Pabon	Yes
	Priola	Yes
	Saine	Yes
	Swalm	Yes
	Wilson	Yes
	Hamner	Yes
	Court	Yes

Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

11:10 AM -- House Bill 13-1071 - Concerning Collector's Motor Vehicles

Representative Holbert, prime sponsor, explained that House Bill 13-1071 allows a vehicle with a model year that is at least 32 years old to become a collector's vehicle. He continued by explaining that a vehicle that becomes a collector's vehicle under this bill will have to pass an emissions test within 12 months of registration, if the vehicle is within the Enhanced Emissions program area. Under current law, vehicles with model year 1975 or older are eligible to become collector's vehicles. He closed by saying that this bill expands the eligible model years to 1976 through 1981, and increases one additional year forward with each passing year.

The following persons testified:

11:26 AM -- Ms. Maren Rubino, Colorado Department of Revenue, responded to committee questions.
11:32 AM -- Mr. Leo Boyle, representing the Car Collectors of Colorado, said that the association has not taken a position on the bill and responded to questions from the committee.


BILL:	HB13-1071 ,
TIME:	11:42:09 AM
MOVED:	DelGrosso
MOTION:	Refer House Bill 13-1071 to the Committee on Appropriations. The motion passed on a vote of 13-0.
SECONDED:	Priola
		VOTE
	DelGrosso	Yes
	Foote	Yes
	Joshi	Yes
	Kagan	Yes
	May	Yes
	Melton	Yes
	Pabon	Yes
	Priola	Yes
	Saine	Yes
	Swalm	Yes
	Wilson	Yes
	Hamner	Yes
	Court	Yes

Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

11:44 AM

The committee adjourned.