Bill Summary for Bill Number HB06-1398

Date: 05/02/2006

Final
BILL SUMMARY for HB06-1398

SENATE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Motion to adopt L.003 (Attachment A). The motion Motion to refer HB 06-1398, as amended, to the Com	Pass Without Objection PASS

02:01 PM -- House Bill 06-1398

Senator Sandoval, chair, called the meeting to order. Senator Owen, prime sponsor, explained the provisions of HB 06-1398 which simplifies the existing statute that governs the distribution of sales and use taxes and changes the way the SB 97-1 diversion is accomplished. He explained how revenue forecast inaccuracies can cause SB 97-1 diversions to turn on or off too soon which can result in either too much or too little revenue for the diversion.

The following person testified on the bill:

02:04 PM -- Mr. Herman Stockinger, Colorado Department of Transportation (CDOT), took no position on the bill. He stated that there needs to be a way to prevent the SB 97-1 diversion from occurring when it should not be because of insufficient revenue. However, the bill needs an amendment that would allow for 90 percent of the final transfer of money on September 20 and the remaining 10 percent at the close of books for the fiscal year.

Senator Owen explained that the purpose of amendment L.003 (Attachment A) was to deal with the potential conflict in statutes should both HB 06-1018 and HB 06-1398 become law. He also indicated that he will have an amendment prepared for the floor addressing Mr. Stockinger's issue.


BILL:	HB06-1398
TIME:	02:10:31 PM
MOVED:	Teck
MOTION:	Motion to adopt L.003 (Attachment A). The motion passed without objection.
SECONDED:
		VOTE
	Brophy
	Shaffer
	Taylor
	Teck
	Tupa
	Veiga
	Sandoval
Not Final YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB06-1398
TIME:	02:10:42 PM
MOVED:	Teck
MOTION:	Motion to refer HB 06-1398, as amended, to the Committee of the Whole with favorable recommendation. The motion passed on a 7 - 0 vote.
SECONDED:
		VOTE
	Brophy	Yes
	Shaffer	Yes
	Taylor	Yes
	Teck	Yes
	Tupa	Yes
	Veiga	Yes
	Sandoval	Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS