House Committee on Judiciary (05/07/2013)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON JUDICIARY

Date:	05/07/2013	ATTENDANCE

Time:	10:41 AM to 10:57 AM	Buckner	X
		Court	X
Place:	HCR 0112	Gardner	X
		Lawrence	X
This Meeting was called to order by		McLachlan	X
	Representative Kagan	Murray	X
		Pettersen	X
This Report was prepared by		Salazar	*
	Jessika Shipley	Wright	X
		Lee	X
		Kagan	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
SB13-286		Amended, Referred to the Committee of the Whole

10:41 AM -- Senate Bill 13-286

Representatives Levy and Sonnenberg, co-sponsors, presented Senate Bill 13-286. Under current law, the Enterprise Zone Investment Tax Credit is an income tax credit equal to 3 percent of qualified investments located in an enterprise zone. Taxpayers may claim up to half their annual tax liability plus $5,000 in any one year and the credit may be carried forward for 12 tax years.

The bill extends the carry-forward period of the Enterprise Zone Investment Tax Credit by eight years for renewable energy companies, thereby allowing companies to carry the credit forward for a total of 20 years. The bill defines a renewable energy company as an entity in the solar thermal electric, photovoltaic, landfill gas, wind, biomass, hydroelectric, geothermal electric, recycled energy, anaerobic digestion, or renewable fuel business.

Portions of the bill are contingent on passage of House Bill 13-1142. Under the latter bill, taxpayers are limited to claiming half their annual tax liability plus $5,000 up to $750,000 in any one year, and can carry forward their credits for an additional two years for a total of 14 years. If HB 13-1142 becomes law, this bill allows renewable energy companies to carry forward the Enterprise Zone Investment Tax Credit for an additional two years, for a total of 22 years.

10:49 AM -- Audra Hartmann, representing NextEra Energy Resources, testified in support of the bill. Ms. Hartmann discussed energy industry investments in states and local areas with favorable tax incentives.

10:51 AM -- Nicholas Colglazier, representing the Colorado Farm Bureau, testified in support of the bill.


BILL:	SB13-286
TIME:	10:53:12 AM
MOVED:	Court
MOTION:	Adopt amendment L.004 (Attachment A). The motion passed without objection. 13HseJud0507AttachA.pdf
SECONDED:	Kagan
		VOTE
	Buckner
	Court
	Gardner
	Lawrence
	McLachlan
	Murray
	Pettersen
	Salazar
	Wright
	Lee
	Kagan

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


BILL:	SB13-286
TIME:	10:55:15 AM
MOVED:	Court
MOTION:	Refer Senate Bill 13-286, as amended, to the Committee of the Whole. The motion passed on a vote of 11-0.
SECONDED:	Salazar
		VOTE
	Buckner	Yes
	Court	Yes
	Gardner	Yes
	Lawrence	Yes
	McLachlan	Yes
	Murray	Yes
	Pettersen	Yes
	Salazar	Yes
	Wright	Yes
	Lee	Yes
	Kagan	Yes

Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

10:57 AM

The committee adjourned.