Final
BILL SUMMARY for
HB05-1048
HOUSE
COMMITTEE ON
FINANCE
Votes:
Action Taken:
Refer HB 05-1048, to the Committee of the Whole.
PASS
01:33 PM -- Call to Order
Representative Vigil, chairman, called the meeting to order and discussed the procedural rules for the House Finance Committee members. Each member of the committee introduced themselves and indicated the district they represent.
Mr. Ron Kirk, Legislative Council Staff, introduced himself and discussed the committee notebook that was prepared by staff and distributed during the first week of the legislative session. Mr. Kirk discussed some of the notebook materials as they pertain to the bills that the committee will soon be hearing. He also gave a brief overview of the revised Tax Handbook.
Mr. Harry Zeid, Legislative Council Staff, Fiscal Analyst, introduced himself to the committee and discussed the fiscal note process. Mr. Zeid distributed a handout (Attachment A) on fiscal note assignments and phone numbers for the fiscal analysts that work for Legislative Council Staff.
01:55 PM -- House Bill 05-1048 - Concerning Special Districts and Property Tax Reduction Agreements
Representative May, prime sponsor, explained that HB 05-1048 would authorize special districts to enter into business incentive agreements with new business facilities. He clarified that in order for a special district to enter into an agreement, the taxpayer must either simultaneously or already have an agreement with a county or municipality.
The committee discussed the types of incentive agreements that special districts could enter into under the legislation. Representative Witwer expressed concern that the legislation would require the state to backfill any revenues that school districts would lose under the legislation. Representative May clarified that the legislation would not impact school districts and therefore, not require the state to backfill any moneys to school districts.
The committee briefly discussed whether the legislation could impact residential property taxes. Representative Vigil clarified that since the bill offers a credit toward business personal property taxes, the legislation affects the property tax payment process and not the assessment process and would not have an adverse affect on residential property taxes.
The committee inquired about the administration of the business personal property tax. Representative May clarified that the tax is primarily a local tax that is collected by local governments. Representative Vigil requested that Mr. Josh Harwood, Legislative Council Staff, respond to committee questions regarding the administration of the business personal property tax.
The following person testified:
02:13 PM
-- Mr. Josh Harwood, Legislative Council Staff, clarified provisions in the legislation and discussed the administration of the local business personal property tax. Mr. Harwood clarified that the state would not be responsible for backfilling any revenues to school districts under the legislation.
BILL:
HB05-1048
TIME:
02:15:39 PM
MOVED:
Garcia
MOTION:
Refer HB 05-1048, to the Committee of the Whole. The motion passed on an 13-0-0 vote.
SECONDED:
Marshall
VOTE
Benefield
Yes
Cloer
Yes
Crane
Yes
Frangas
Yes
Garcia
Yes
Jahn
Yes
Marshall
Yes
Massey
Yes
May M.
Yes
McCluskey
Yes
Witwer
Yes
Judd
Yes
Vigil
Yes
Final
YES:
13
NO:
0
EXC:
0
ABS:
0
FINAL ACTION:
PASS