Date: 04/29/2015
Final
BILL SUMMARY for SB15-206
HOUSE COMMITTEE ON FINANCE
| Votes: View--> | Action Taken: |
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06:29 PM -- SB15-206
Representative Garnett, co-prime sponsor, introduced Senate Bill 15-206. The bill makes two changes to the gross conservation easement income tax credit beginning in tax year 2015 through tax year 2017. First, the credit awarded for the first $100,000 of a donated conservation easement is increased to 75 percent of the easement's fair market value, up from 50 percent in current law. Second, the maximum credit that may be awarded to a donor for a single donation is increased to $1,000,000 from the $375,000 cap in current law. The bill does not affect the annual cap on the total amount of credit that may be awarded to taxpayers participating in the gross conservation easement income tax credit program, set at $45 million beginning in tax year 2014. Representative Garnett answered several questions regarding the fiscal note.
06:35 PM -- Mr. John Vecchiarelli , representing the Colorado Department of Revenue, came to the table to answer committee questions.
06:36 PM -- Mr. Greg Sobetski, Legislative Council Staff, came to the table to answer questions regarding the fiscal note. He discussed the aggregate cap and the specifics of the bill.
06:40 PM
Committee discussion regarding the fiscal note ensued. Mr. Sobetski discussed the "TABOR Impact" section in the fiscal note.
06:45 PM
Committee discussion continued on the fiscal implications of the bill.
06:55 PM -- Mr. Benjamin Waters, representing the Colorado Coalition of Land Trusts, came to the table to answer questions. He discussed the 2012 performance audit recommendations and the specifics of the bill.
07:00 PM
Committee discussion ensued regarding the fiscal implications of the bill, conservation easements, and the specifics of the bill.
07:20 PM
The bill was laid over till April 30, 2015 upon adjournment.