Date: 03/11/2015

Final
BILL SUMMARY for HB15-1227

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment H). The motion p
Adopt amendment L.003 (Attachment I). The motion p
Refer House Bill 15-1227, as amended, to the Commi		Pass Without Objection
Pass Without Objection
PASS



04:28 PM -- HB15-1227

Representative Becker, K, sponsor, introduced House Bill 15-1227. The bill creates a state income tax credit for employers that help qualified employees repay their student loans. The employee must have earned a bachelor or an associate's degree in science, technology, engineering, or mathematics (STEM) or a vocational certificate related to industry, manufacturing, or information technology at a Colorado higher education institution after 2020. The bill requires that the employee be retained for one year and be paid less than $60,000 per year in order for an employer to qualify for the credit. Representative Becker, K. noted that the intent of the bill is to help Colorado graduates stay in Colorado. She noted that the bill helps Colorado businesses and Colorado higher education institutions attract and retain valuable talent. She spoke about differences between the federal ordinary business expense tax credit and the tax credit addressed by the bill. Committee discussion ensued regarding higher education funding in Colorado, student loan debt, and specific aspects of the bill.

04:55 PM -- Ms. Fiona Arnold, representing the Colorado Office of Economic Development and International Trade (OEDIT), testified in support of the bill. She discussed STEM workforce issues in Colorado. She noted that the bill also helps employers seeking students in trade and vocational fields.

05:07 PM -- Mr. Ken Jensen, representing OEDIT, came to the table to answer questions. He discussed the process for determining the allocation of funds if the cap is reached.

05:08 PM -- Ms. Lisa Severy, representing the University of Colorado, testified in support of the bill. She discussed how the bill helps keep STEM graduates in Colorado. She noted STEM graduates typically have more student loan debt due to differential tuition and lab fees.

05:17 PM -- Mr. Kevin McCasky, representing the Jefferson County Economic Development Corporation and Jefferson County Business Lobby, testified in support of the bill. He noted the benefits of the bill to businesses, employers, and employees in Jefferson County.

05:19 PM -- Mr. Noel Ginsberg, representing the Colorado Advanced Manufacturing Alliance and Intertech Medical, testified in support of the bill. He discussed the workforce development aspects of the bill. He views the bill as being a demand-driven bill that promotes technical education.

05:30 PM -- Mr. Jeff Weist, representing the Colorado Competitive Council and the Denver Metro Chamber of Commerce, testified in support of bill. He noted the workforce development benefits of the bill.

05:35 PM -- Mr. Ken Jensen returned the table to answer questions regarding the certification of businesses in the proposed program and a proposed lottery. He also discussed the bill's limits and the waiver process.
BILL:HB15-1227
TIME: 05:41:43 PM
MOVED:Becker K.
MOTION:Adopt amendment L.001 (Attachment H). The motion passed without objection.
15HouseFin0311AttachH.pdf15HouseFin0311AttachH.pdf
SECONDED:Foote
VOTE
Becker K.
Conti
Garnett
Kagan
Pabon
Priola
Roupe
Van Winkle
Wilson
Foote
Court
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB15-1227
TIME: 05:42:13 PM
MOVED:Kagan
MOTION:Adopt amendment L.003 (Attachment I). The motion passed without objection.
15HouseFin0311AttachI.pdf15HouseFin0311AttachI.pdf
SECONDED:Pabon
VOTE
Becker K.
Conti
Garnett
Kagan
Pabon
Priola
Roupe
Van Winkle
Wilson
Foote
Court
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


05:45 PM -- Committee discussion ensued
BILL:HB15-1227
TIME: 06:00:18 PM
MOVED:Becker K.
MOTION:Refer House Bill 15-1227, as amended, to the Committee on Appropriations. The motion passed on a vote of 9-2.
SECONDED:Roupe
VOTE
Becker K.
Yes
Conti
Yes
Garnett
Yes
Kagan
Yes
Pabon
Yes
Priola
Yes
Roupe
Yes
Van Winkle
No
Wilson
No
Foote
Yes
Court
Yes
Final YES: 9 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS



06:03 PM

The committee adjourned.