Bill Summary for Bill Number HB05-1317

Final
BILL SUMMARY for HB05-1317

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Moved amendment L.002. After a brief committee di
Refer HB 05-1317 to the Committee of the Whole. T

TIE
PASS

01:32 PM -- House Bill 05-1317 - Concerning a Temporary State Income Tax Rate Reduction

Representative Romanoff, prime sponsor, explained the provisions of the bill. He explained House Bill 05-1317 provides for a temporary reduction in the state income tax rate from the current rate of 4.63 percent to 4.50 percent. The rate reduction would be a new TABOR refund mechanism and would only take effect if the total amount of state revenues required to be refunded in any particular year exceeds the estimated amount by which state revenues would be decreased as a result of the reduction in the income tax rate. Representative Romanoff closed saying the bill establishes procedures for the Executive Director of the Department of Revenue to annually determine whether the rate reduction should take effect.

The committee discussed the TABOR refund mechanisms allowed under current law and the certification process that would trigger the state income tax rate reduction in House Bill 05-1317. Representative Vigil asked Ms. Nicole Hoffman, bill drafter to explain the certification process.

The following person testified:

01:44 PM -- Ms. Nicole Hoffman, Office of Legislative Legal Services, responded to committee questions regarding the certification of TABOR surplus moneys by the Department of Revenue and the Executive Committee of the Legislative Council for purposes of the rate reduction in House Bill 05-1317.

After a brief committee discussion, Representative Crane distributed and moved amendment L.002 (Attachment A). After the motion to move the amendment was made, the chairman ruled that the multiple-page amendment needed to be distributed to committee members in advance to satisfy the 24-hour committee rule for amendments longer than one page. The bill was placed on the table for final action and passed on a 11-1-1 vote.


BILL:	HB05-1317
TIME:	01:48:25 PM
MOVED:	Crane
MOTION:	Moved amendment L.002. After a brief committee discussion, the chairman ruled that the multiple-page amendment needed to be distributed to committee members in advance to satisfy the 24-hour committee rule for amendments longer than one page.
SECONDED:
		VOTE
	Benefield
	Cloer	Excused
	Crane
	Frangas
	Garcia
	Jahn
	Marshall
	Massey
	May M.
	McCluskey
	Witwer
	Judd
	Vigil
Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: TIE


BILL:	HB05-1317
TIME:	01:50:22 PM
MOVED:	Marshall
MOTION:	Refer HB 05-1317 to the Committee of the Whole. The motion passed on a 11-1-1 vote.
SECONDED:	Garcia
		VOTE
	Benefield	Yes
	Cloer	No
	Crane	Yes
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Yes
	Massey	Yes
	May M.	Excused
	McCluskey	Yes
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Final YES: 11 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS

01:51 PM

Adjourn.