Date: 05/01/2015

Final
BILL SUMMARY for HB15-1346

SENATE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS

Votes: View--> Action Taken:
Postpone House Bill 15-1346 indefinitely using a r
Refer House Bill 15-1346 to the Committee on Finan		PASS
FAIL



06:44 PM -- HB15-1346

Senators Jones and Todd, co-prime sponsors, presented House Bill 15-1346 to the committee. Conditional on voter approval, HB15-1346 requires corporations filing a Colorado combined income tax return to add income from affiliated corporations incorporated in tax haven jurisdictions. The bill lists jurisdictions that are considered tax havens and requires the Department of Revenue to biennially report to the finance committees in the General Assembly with an update of countries that may be considered tax havens. In addition, the bill allows corporations indirectly owned by a parent corporation to be included as part of an affiliated group of corporations. The bill refers a measure to the voters authorizing the state to retain and spend revenue received by the taxation of a corporation's income that is held in offshore tax havens. If the voters approve this measure, beginning in FY 2016-17 and thereafter, the bill will require the state controller to transfer $150 million from the General Fund to the State Education Fund (SEF).

Senator Jones explained that the bill refers a measure to the voters and meets certain TABOR requirements. He stated that the bill promotes tax fairness. Senator Todd discussed the bill's benefits to Colorado's school districts.

06:50 PM -- Brian Tanner, representing the Colorado Education Association, testified in support of the bill. He discussed the benefits of directing additional moneys to the State Education Fund.


06:52 PM

Senator Jones wrapped up his presentation of the bill. He discussed the importance of the bill and noted its supporters.

Committee members commented on the bill.
BILL:HB15-1346
TIME: 06:56:29 PM
MOVED:Ulibarri
MOTION:Refer House Bill 15-1346 to the Committee on Finance. The motion failed on a vote of 2-3.
SECONDED:
VOTE
Hill
No
Jones
Yes
Ulibarri
Yes
Sonnenberg
No
Scott
No
YES: 2 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:HB15-1346
TIME: 06:56:52 PM
MOVED:Sonnenberg
MOTION:Postpone House Bill 15-1346 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. The motion passed on a vote of 3-2.
SECONDED:
VOTE
Hill
Yes
Jones
No
Ulibarri
No
Sonnenberg
Yes
Scott
Yes
Final YES: 3 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS