Date: 04/02/2015
Final
BILL SUMMARY for HB15-1260
HOUSE COMMITTEE ON FINANCE
| Votes: View--> | Action Taken: |
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10:06 AM -- HB15-1260
Representative Lee, sponsor, introduced House Bill 15-1260. The bill eliminates the wildfire mitigation income tax deduction and creates a wildfire mitigation state income tax credit. The tax credit will be available for tax years 2016 through 2018. Representative Lee discussed past wildfires in Colorado and explained that this bill will better help mitigate wildfire damage in Colorado. He noted that a tax credit is a more valuable incentive than a deduction.
10:12 AM -- Mr. Louis Pino, Legislative Council Staff, came to the table to discuss the fiscal note.
10:22 AM
Committee discussion ensued regarding tax credits versus deductions along with private incentives to mitigate fire damage.
10:23 AM -- Ms. Janene Johnson, representing the Colorado Association of Realtors, testified in support of the bill. She stated that a tax credit is a stronger incentive for citizens to conduct wildfire mitigation.
10:26 AM -- Mr. Ted Leighty, representing the Colorado Association of Realtors, testified in support of the bill. He noted that this bill helps mitigate damage, sustains homes for the future, and provide incentives to taxpayers to assess risks to their property. He discussed how the Colorado Association of Realtors is promoting fire mitigation. He stated there are not incentives from private insurance companies to mitigate fire damage. He noted that the state of Colorado spent $15 million on the Waldo Canyon Fire.
10:35 AM
Committee discussion ensued regarding wildfire mitigation.
10:37 AM -- Ms. Esther van Mourik, Legislative Legal Services, came to the table to answer questions. She stated that the tax deduction has been available to taxpayers since 2008 and was amended in 2013.
10:39 AM -- Mr. Louis Pino returned to the table to answer a question regarding the number of taxpayers who have taken advantage of the tax deduction.
10:43 AM -- Mr. Ted Leighty returned to the table to answer a question regarding the number of homes at risk for wildfires in Colorado.
10:44 AM
The committee took a brief recess.
10:52 AM
The committee returned to order. The bill was laid over to a future date for action only.
10:53 AM
The committee adjourned.