Date: 03/25/2015

Final
BILL SUMMARY for HB15-1219

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Adopt amendment L.003 (Attachment A). The motion p
Adopt amendment L.004 (Attachment B). The motion p
Refer House Bill 15-1219, as amended, to the Commi		Pass Without Objection
Pass Without Objection
PASS



01:35 PM -- HB15-1219

Representative Court, chair, called the meeting to order. Representative McCann, co-prime sponsor, introduced House Bill 15-1219. The bill allows a taxpayer who places a renewable energy project in an enterprise zone and receives certification to claim an Enterprise Zone Investment Tax Credit (ITC) for the project an option to receive a refund to the credit. The amount of the refund is equal to 80 cents for every one dollar of ITC credit and is capped at $750,000 per tax year. Renewable energy investments completed on or before January 1, 2015 may elect to receive a refund. Representative McCann distributed amendment L.003 (Attachment A) and amendment L.004 (Attachment B). She discussed both amendments. She noted that only completed facilities are eligible, which ensures the refunded tax funds stays in Colorado.

15HouseFin0325AttachA.pdf15HouseFin0325AttachA.pdf 15HouseFin0325AttachB.pdf15HouseFin0325AttachB.pdf

Representative Becker, J, co-prime sponsor, spoke to the bill. He answered committee questions regarding the differences between previous proposed legislation and this bill. Representative McCann discussed the cap on the proposed refundable tax credit and the fiscal note. Representative Becker, J. also discussed the benefits of the making the tax credit refundable.


01:51 PM

Committee discussion ensued regarding refundable tax credits, renewable energy projects in Colorado, and current enterprise zone law.

02:03 PM -- Mr. John DiDonato, representing NextEra Energy Resources, testified in support of the bill. He discussed the company's current wind and other in-development renewable energy projects in Colorado. He discussed the company's impacts on the Colorado communities, including job creation.

02:06 PM -- Ms. Kerry Hattevik, representing NextEra Energy Resources, testified in support of the bill. She discussed the benefits of renewable energy projects to rural communities. She noted this bill is not a new tax credit; the bill just changes the current tax credit to a refundable tax credit. Committee discussion ensued.

02:22 PM -- Ms. Sarah Propst, representing the Interwest Energy Alliance, testified in support of the bill. She discussed how changing the current tax credit to a refundable tax credit will help pass savings to Colorado energy customers.

02:25 PM -- Ms. Ali Mickelson, representing the Colorado Fiscal Institute, testified in opposition to the bill. She stated that changing the tax credit to a refundable tax credit sets a bad fiscal precedent in Colorado.

02:33 PM -- Mr. Dan Patry, representing SunEdison, testified in support of the bill. He noted that the refundable tax credit could be passed on as savings to Colorado energy customers.

02:37 PM -- Ms. Becky Long, representing Conservation Colorado, testified in support of the bill. She stated that the bill is a good investment for rural energy in Colorado.

02:38 PM -- Mr. Nicolas Colglazier, representing the Colorado Farm Bureau, testified in support of the bill. He noted this will help bring jobs to and boost the economies of rural Colorado.

02:41 PM -- Mr. Chris Treese, representing the Colorado River District, testified in support of the bill.
BILL:HB15-1219
TIME: 02:42:51 PM
MOVED:Wilson
MOTION:Adopt amendment L.003 (Attachment A). The motion passed without objection.
SECONDED:Roupe
VOTE
Becker K.
Excused
Conti
Garnett
Kagan
Pabon
Priola
Excused
Roupe
Van Winkle
Wilson
Foote
Court
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection


02:44 PM -- Mr. Louis Pino, Legislative Council Staff, came to the table to answer questions regarding the fiscal note and amendment L.004.
BILL:HB15-1219
TIME: 02:45:37 PM
MOVED:Wilson
MOTION:Adopt amendment L.004 (Attachment B). The motion passed without objection.
SECONDED:Conti
VOTE
Becker K.
Excused
Conti
Garnett
Kagan
Pabon
Priola
Excused
Roupe
Van Winkle
Wilson
Foote
Court
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection


02:49 PM

The committee took a brief recess.


02:52 PM

The committee came back to order.
BILL:HB15-1219
TIME: 02:53:47 PM
MOVED:Wilson
MOTION:Refer House Bill 15-1219, as amended, to the Committee on Appropriations. The motion passed on a vote of 10-1.
SECONDED:Pabon
VOTE
Becker K.
Yes
Conti
Yes
Garnett
Yes
Kagan
Yes
Pabon
Yes
Priola
Yes
Roupe
Yes
Van Winkle
Yes
Wilson
Yes
Foote
Yes
Court
No
Final YES: 10 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS