Date: 05/01/2013

Final
BILL SUMMARY for SB13-001

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 13-001 to the Committee on ApproPASS



04:59 PM -- Senate Bill 13-001 - Concerning the Earned Income Tax Credit and Child Tax Credit

Representative Kagan, prime sponsor, explained the provisions of the bill. He noted that Senate Bill 13-001 makes the refundable Colorado earned income tax credit, currently a TABOR refund mechanism, permanent beginning the first tax year immediately after it is next used to refund a TABOR surplus. In addition, the bill creates a refundable Colorado child tax credit, effective upon passage by Congress of the Marketplace Fairness Act of 2013 (or similar legislation) and passage by the General Assembly of legislation similar to House Bill 13-1295, which simplifies the collection of sales taxes from out-of-state retailers to meet the requirements of the Marketplace Fairness Act. Representative Kagan noted that the federal Marketplace Fairness Act is a bill that requires out-of-state retailers to collect and remit sales taxes to states that have met minimum simplification requirements for sales tax administration.

The committee engaged in a discussion on the bill's fiscal impact and took the following action:
BILL:SB13-001
TIME: 05:18:26 PM
MOVED:Kagan
MOTION:Refer Senate Bill 13-001 to the Committee on Appropriations. The motion passed on a vote of 7-5.
SECONDED:Pabon
VOTE
DelGrosso
No
Foote
Yes
Joshi
No
Kagan
Yes
May
Yes
Melton
Yes
Pabon
Yes
Priola
No
Saine
No
Swalm
No
Wilson
Excused
Labuda
Yes
Court
Yes
Final YES: 7 NO: 5 EXC: 1 ABS: 0 FINAL ACTION: PASS



05:23 PM

The committee adjourned.