Bill Summary for Bill Number HB05-1049

Final
BILL SUMMARY for HB05-1049

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

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08:20 PM -- House Bill 05-1049 - Concerning An Income Tax Credit For Property Taxes Paid To A School District

Representative McCluskey, prime sponsor, explained House Bill 05-1049 provides an income tax credit for qualifying Colorado businesses equal to 50% of the business personal property taxes paid to the local school district. The credit would apply to the taxes paid for general operations on equipment first used on or after January 1, 2005. Representative McCluskey commented that the legislation was ititially an interim committee bill that would create primary, good-paying jobs in Colorado. Representative McCluskey clarified that House Bill 05-1049 does not impact local governments or school districts.

The committee discussed the bill's fiscal note and discussed the transferability of the income tax credit. Representative McCluskey clarified that the credit under the bill is not transferable. Representative Vigil questioned whether the credit was a one-time credit or one that could be taken each year.

The following persons testified:

08:29 PM -- Mr. Danny Tomlinson, Economic Developers Council, testified in support of the legislation.

08:42 PM -- Ms. Vicki Agler, National Federation of Independent Businesses, testified in support of the measure.

The bill was pulled off the table to allow the fiscal note to be revised.

08:47 PM

Adjourn.