Date: 04/01/2015

Final
BILL SUMMARY for HB15-1314

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment G). The motion p
Refer House Bill 15-1314, as amended, to the Commi		Pass Without Objection
PASS



03:29 PM -- HB15-1314

Representative Moreno, sponsor, introduced House Bill 15-1314. The bill creates an income tax credit for contributions made to an endowment of a Colorado charitable organization. Eligible endowment funds do not include donor advised funds or fund for a private foundation. The credit is equal to 25 percent of the contribution and the maximum credit allowed is $25,000 per taxpayer per year. The credit is non-refundable, but can be carried forward for five years, and is available starting in tax year 2015. Representative Moreno noted that several other states currently have a similar tax credit.

03:31 PM -- Former Representative Renny Fagan, representing the Colorado Nonprofit Association, testified in support of the bill. He distributed a handout (Attachment E). He explained how the bill would help Colorado nonprofit organizations.

15HouseFin0401AttachE.pdf15HouseFin0401AttachE.pdf

03:39 PM -- Mr. David Miller, representing the Denver Foundation, testified in support of the bill. He distributed a handout (Attachment F). He discussed nonprofit endowments and the Denver Foundation's endowment in particular. In response to committee questions, he stated that he does not believe providing taxpayers incentives to invest in endowments will hurt other areas of funding for small nonprofits.

15HouseFin0401AttachF.pdf15HouseFin0401AttachF.pdf

03:46 PM -- Mr. John Powers, representing the Alliance for Sustainable Colorado, testified in support of the bill. He noted that nonprofit endowments act as reserve funds to help keep employment stable and also help in one-of-a-kind situations, such as the recent Colorado floods.

03:54 PM -- Mr. Fagan returned to the table to answer questions about the intent of the bill. He stated that the bill encourages any and all donations to Colorado nonprofits.

03:56 PM -- Mr. Christopher Silberman, representing the Phamaly Theatre Company, testified in support of the bill. He discussed the company's current endowment.

03:58 PM -- Ms. Barbara Shaw, representing the Mental Health Center of Denver, testified in support of the bill. She discussed how the bill helps nonprofits raise funds long-term. She discussed how nonprofits take care of the needs of the community without state funds.

04:00 PM -- Ms. Arpie Chucovich, representing the Denver Art Museum, testified in support of the bill. She discussed how the bill will help Colorado's cultural nonprofit organizations.

04:04 PM -- Ms. Bridget Coughlin, representing the Denver Museum of Nature and Science, testified in support of the bill. She discussed how endowments help provide programs and events for the benefit of the community.

04:07 PM -- Mr. Dirk Bird, representing Jewish Colorado, testified in support of the bill. He discussed the culture of permanent asset development for nonprofits in Colorado.

04:11 PM -- Ms. Lydia McCoy, representing the Ray of Hope of Cancer Foundation, testified in support of the bill. She discussed the benefits of the bill to small nonprofits.

04:14 PM -- Mr. Fagan came back to the table to answer committee questions.
BILL:HB15-1314
TIME: 04:19:01 PM
MOVED:Court
MOTION:Adopt amendment L.001 (Attachment G). The motion passed without objection.
15HouseFin0401AttachG.pdf15HouseFin0401AttachG.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:HB15-1314
TIME: 04:26:51 PM
MOVED:Pabon
MOTION:Refer House Bill 15-1314, as amended, to the Committee on Appropriations. The motion passed on a vote of 9-2.
SECONDED:Becker K.
VOTE
Becker K.
Yes
Conti
Yes
Garnett
Yes
Kagan
Yes
Pabon
Yes
Priola
No
Roupe
Yes
Van Winkle
Yes
Wilson
Yes
Foote
Yes
Court
No
Final YES: 9 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS