Date: 04/19/2006

Final
BILL SUMMARY for SB06-211

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 06-211 to the Committee of the WPASS



02:00 PM -- Senate Bill 06-211 - Concerning the Determination of Dual Resident Trust Taxation

Representative Witwer, prime sponsor, explained the provisions of the bill and the practice of double taxation on trusts. Representative Witwer explained that the bill creates a method of determining the income taxes owed on trusts that are moved to Colorado from other states on or after January 1, 2006. It does so by calculating and applying a credit against Colorado state income taxes owed. The credit calculation would be as follows:

Taxable Income times Colorado Income Tax Rate times Other State Income Tax Rate divided by Sum of Colorado Income Tax Rate and Other State Income Tax Rate

Representative Witwer closed by saying that the incentive in the bill is to lower the disincentive of moving a trust from another state to Colorado.

The following persons testified:

02:04 PM -- Mr. Earl Wright, AMG National Trust, testified in support of the bill and addressed the issue of double taxation on trusts moved from another state to Colorado. Mr. Wright closed by commenting on the benefits of the legislation in terms of fair tax policy.

02:11 PM -- Ms. Kelly Berg, AMG National Trust, testified in support of the legislation.

02:12 PM -- Ms. Sheryl Bollinger, AMG National Trust, responded to committee questions.
BILL:SB06-211
TIME: 02:12:40 PM
MOVED:McCluskey
MOTION:Refer Senate Bill 06-211 to the Committee of the Whole. The motion passed on a 10-0-3 vote.
SECONDED:Benefield
VOTE
Benefield
Yes
Cloer
Excused
Crane
Yes
Frangas
Excused
Garcia
Yes
Harvey
Yes
Jahn
Yes
Kerr
Excused
Marshall
Yes
Massey
Yes
McCluskey
Yes
Judd
Yes
Vigil
Yes
Final YES: 10 NO: 0 EXC: 3 ABS: 0 FINAL ACTION: PASS



02:16 PM

Recess.