Date: 04/09/2014

Final
BILL SUMMARY for HB14-1349

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 14-1349 to the Committee of the WPASS



02:39 PM -- HB14-1349

 Representative Court, Chair, called the House Finance Committee to order.

Representative DelGrosso, Minority Leader, and Representative Hullinghorst, Majority Leader, came to the table and presented House Bill 14-1349. They explained that under current law, with limited exceptions, to obtain an exemption from local property tax a property owner must be a non-profit entity and the property must be used for religious, charitable, or educational purposes. For property tax years beginning on or after January 1, 2014, this bill broadens the eligibility for an exemption to include property owned by a limited partnership, or limited liability corporation (LLC), the parties that are eligible for certain federal tax credits. The partnership or LLC must have been formed for the purpose of obtaining these tax credits, and must have obtained the credits. Further, the general partner or managing member of the partnership or LLC must be an entity that qualifies for an existing property tax exemption for charitable, religious, or educational purposes. Finally, the property must continue to be used for charitable, religious, or educational purposes.

The Majority and Minority Leader also explained that the bill repeals an existing statutory provision requiring entities that were formed to obtain certain federal tax credits, and claim a property tax exemption, to make a payment in lieu of property taxes (PILT) to affected school districts.

02:45 PM -- John Powers, representing the Alliance for Sustainable Colorado, spoke in favor of the bill. He explained that his organization owns a historic building, and that the bill would allow his organization to bring more money into Colorado.

02:47 PM -- Ken Seeley, representing himself, spoke in favor of the bill. He stated that the bill would expand benefits for non-profit organizations.

02:48 PM -- JoAnn Groff, representing the Division of Property Taxation within the Department of Local Affairs, came to the table for questions. She responded to questions on how the PILT requirement repealed by the bill works and the impact that the bill would have.

BILL:HB14-1349
TIME: 02:54:47 PM
MOVED:Court
MOTION:Refer House Bill 14-1349 to the Committee of the Whole. The motion passed on a vote of 10-0, with 3 members excused.
SECONDED:Saine
VOTE
Becker
Yes
DelGrosso
Yes
Foote
Excused
Joshi
Yes
Kagan
Yes
Melton
Yes
Pabon
Excused
Priola
Excused
Saine
Yes
Swalm
Yes
Wilson
Yes
Labuda
Yes
Court
Yes
YES: 10 NO: 0 EXC: 3 ABS: 0 FINAL ACTION: PASS