This information is prepared as an informational service only and should not be relied upon as an official record of action taken by the Colorado General Assembly.
Prayer by the Reverend Patty Lucas,
Mile High Church, Lakewood.
The Speaker called the House to order at 9:00
a.m.
The roll was called with the following result:
Present--64.
Absent and excused--Representative Saliman--1.
The Speaker declared a quorum present.
_______________
On motion of Representative Lee, the reading of the journal of March 2, 1999, was dispensed with and approved as corrected by the Chief Clerk.
REPORTS OF COMMITTEE OF REFERENCE
APPROPRIATIONS
After consideration on the merits, the Committee
recommends the following:
HB99-1029 be postponed
indefinitely.
HB99-1125 be amended
as follows, and as so amended, be referred to the Committee of
the Whole with favorable recommendation:
Amend the Finance Committee Report, dated February
4, 1999, page 1, strike lines 1 and 2 and substitute the following:
"Amend printed bill, page 1, after line 1, insert
the following:
"SECTION 1. Part 3 of
article 22 of title 39, Colorado Revised Statutes, is amended
BY THE ADDITION OF A NEW SECTION to read:
3922303.3. Temporary adjustment
in the computation of the amount of foreign source income to be
apportioned to Colorado for state corporate income tax purposes.
(1) FOR ANY INCOME TAX YEAR COMMENCING ON OR AFTER
JANUARY 1, 2000, IF, BASED UPON THE FINANCIAL REPORT PREPARED
IN ACCORDANCE WITH SECTION 2477106.5, C.R.S., THE
CONTROLLER CERTIFIES THE AMOUNT OF STATE REVENUES FOR THE STATE
FISCAL YEAR ENDING IN THAT INCOME TAX YEAR EXCEED THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF
ARTICLE X OF THE STATE CONSTITUTION AND THE VOTERS STATEWIDE HAVE
EITHER NOT AUTHORIZED THE STATE TO RETAIN AND SPEND ALL OF THE
EXCESS REVENUES OR HAVE AUTHORIZED THE STATE TO RETAIN AND SPEND
ONLY A PORTION OF THE EXCESS STATE REVENUES FOR THAT FISCAL YEAR,
THE AMOUNT OF FOREIGN SOURCE INCOME TO BE EXCLUDED FROM STATE
INCOME TAX FOR THAT INCOME TAX YEAR PURSUANT TO SECTION 3922303
SHALL BE DETERMINED IN ACCORDANCE WITH SECTION 3922303
(10) (b) (III).
(2) FOR INCOME TAX YEARS COMMENCING PRIOR
TO JANUARY 1, 2000, THE AMOUNT OF FOREIGN SOURCE INCOME TO BE
EXCLUDED FROM STATE INCOME TAX FOR THAT INCOME TAX YEAR PURSUANT
TO SECTION 3922303 SHALL BE DETERMINED IN ACCORDANCE
WITH SECTION 3922303 (10) (b) (II).
(3) FOR INCOME TAX YEARS COMMENCING ON
OR AFTER JANUARY 1, 2000, IF, BASED UPON THE FINANCIAL REPORT
PREPARED IN ACCORDANCE WITH SECTION 2477106.5, C.R.S.,
THE CONTROLLER FAILS TO CERTIFY THAT THE AMOUNT OF STATE REVENUES
FOR THE STATE FISCAL YEAR ENDING IN THAT INCOME TAX YEAR EXCEEDS
THE LIMITATION ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION
20 (7) (a) OF ARTICLE X OF THE STATE CONSTITUTION OR THE VOTERS
STATEWIDE HAVE AUTHORIZED THE STATE TO RETAIN AND SPEND ALL OF
THE EXCESS REVENUES FOR THAT FISCAL YEAR, THE AMOUNT OF FOREIGN
SOURCE INCOME TO BE EXCLUDED FROM STATE INCOME TAX FOR THAT INCOME
TAX YEAR PURSUANT TO SECTION 3922303 SHALL BE DETERMINED
IN ACCORDANCE WITH SECTION 3922303 (10) (b) (II).
(4) THE EFFECTIVE FEDERAL TAX RATE AS
DEFINED IN SECTION 3922303 (10) (b) (III) TO BE USED
IN THE COMPUTATION OF THE AMOUNT OF FOREIGN SOURCE INCOME TO BE
APPORTIONED TO COLORADO FOR STATE INCOME TAX PURPOSES PURSUANT
TO SECTION 3922303 (10) (b) (III), SHALL BE PUBLISHED
IN RULES PROMULGATED BY THE DIRECTOR OF THE DEPARTMENT OF REVENUE
IN ACCORDANCE WITH ARTICLE 4 OF TITLE 24, C.R.S., AND SHALL BE
INCLUDED IN INCOME TAX FORMS FOR THAT TAXABLE YEAR.
(5) IF ONE OR MORE BALLOT QUESTIONS THAT
SEEK AUTHORIZATION FOR THE STATE TO RETAIN AND SPEND ALL OR ANY
PORTION OF THE AMOUNT OF EXCESS STATE REVENUES FOR THE IMMEDIATELY
PRECEDING STATE FISCAL YEAR ARE SUBMITTED TO THE VOTERS AT A STATEWIDE
ELECTION TO BE HELD IN NOVEMBER OF ANY CALENDAR YEAR COMMENCING
ON OR AFTER JANUARY 1, 2000, THE EXECUTIVE DIRECTOR OF THE DEPARTMENT
OF REVENUE SHALL NOT PUBLISH RULES AS REQUIRED BY SUBSECTION (4)
OF THIS SECTION UNTIL SUCH RULES ARE ABLE TO REFLECT THE IMPACT
OF THE RESULTS OF SUCH ELECTION ON THE EFFECTIVE FEDERAL TAX RATE
AS DEFINED IN SECTION 3922303 (10) (b) (III) TO BE
USED PURSUANT TO SAID SECTION.".
Renumber succeeding sections accordingly.
Page 2, strike lines 9 and 10 and substitute the
following:
"(II) SUBJECT TO SECTION 3922303.3
(2) AND (3), the amount to be excluded shall be determined by
multiplying the";
strike lines 19 and 20 and substitute the following:
"(III) SUBJECT TO SECTION 3922303.3
(1), THE AMOUNT TO BE EXCLUDED SHALL BE DETERMINED BY".
Page 3, after line 9, insert the following:
"SECTION 3. 2477106.5,
Colorado Revised Statutes, is amended to read:
2477106.5. Annual financial
report certification of state excess revenues.
(1) (a) For each fiscal year, the controller shall
prepare a financial report for the state for purposes of ascertaining
compliance with the provisions of this article. Any financial
report prepared pursuant to this section shall include, but shall
not be limited to, state fiscal year spending, reserves, revenues,
and debt. Such financial report shall be audited by the state
auditor.
(b) BASED UPON THE FINANCIAL REPORT PREPARED
IN ACCORDANCE WITH PARAGRAPH (a) OF THIS SUBSECTION (1) FOR ANY
GIVEN FISCAL YEAR, THE CONTROLLER SHALL CERTIFY TO THE GOVERNOR,
THE GENERAL ASSEMBLY, AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT
OF REVENUE NO LATER THAN SEPTEMBER 1 FOLLOWING THE END OF A FISCAL
YEAR THE AMOUNT OF STATE REVENUES IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF
ARTICLE X OF THE STATE CONSTITUTION, IF ANY, FOR SUCH FISCAL YEAR.
(2) ANY FINANCIAL REPORT PREPARED AND
CERTIFICATION OF STATE EXCESS REVENUES MADE PURSUANT TO SUBSECTION
(1) OF THIS SECTION SHALL BE AUDITED BY THE STATE AUDITOR. NO
LATER THAN SEPTEMBER 15 FOLLOWING THE CERTIFICATION MADE BY THE
STATE CONTROLLER FOR ANY GIVEN FISCAL YEAR, THE STATE AUDITOR
SHALL REPORT AND TRANSMIT TO THE GOVERNOR, THE GENERAL ASSEMBLY,
AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE THE RESULTS
OF ANY AUDIT CONDUCTED IN ACCORDANCE WITH THIS SUBSECTION (2).
(2) (3) Notwithstanding
any generally accepted accounting principles to the contrary,
financial reports prepared pursuant to subsection (1) of this
section shall not include any unrealized gains or losses on investments
held by the state.".";
line 4 of the Finance Committee Report, strike "2."
and substitute "4.".
HB99-1246 be amended
as follows, and as so amended, be referred to the Committee of
the Whole with favorable recommendation:
Amend the Finance Committee Report, dated February
3, 1999, page 1, before line 1, insert the following:
"Amend printed bill, page 1, line 5, strike
"ANY" and substitute "FOR ANY INCOME TAX YEAR COMMENCING
ON OR AFTER JANUARY 1, 2000, IF, BASED UPON THE FINANCIAL REPORT
PREPARED IN ACCORDANCE WITH SECTION 2477106.5, C.R.S.,
THE CONTROLLER CERTIFIES THE AMOUNT OF STATE REVENUES FOR THE
STATE FISCAL YEAR ENDING IN THAT INCOME TAX YEAR EXCEED THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF
ARTICLE X OF THE STATE CONSTITUTION AND THE VOTERS STATEWIDE HAVE
EITHER NOT AUTHORIZED THE STATE TO RETAIN AND SPEND ALL OF THE
EXCESS STATE REVENUES OR HAVE AUTHORIZED THE STATE TO RETAIN AND
SPEND ONLY A PORTION OF THE EXCESS STATE REVENUES FOR THAT FISCAL
YEAR, ANY";";
line 1 of the Finance Committee Report, strike "Amend
printed bill, page 1,";
line 4, strike "(a)";
line 12, strike "(a)";
line 15, strike "(I)" and substitute "(a)";
line 17, strike "(II)" and substitute "(b)";
line 18, strike "RETURN." and substitute
"RETURN.".";
strike line 19.
Page 2, strike lines 1 through 8.
after line 10, insert the following:
"after line 9, insert the following:
"(5) ANY CREDIT ALLOWED PURSUANT
TO THE PROVISIONS OF THIS SECTION SHALL BE PUBLISHED IN RULES
PROMULGATED BY THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE
IN ACCORDANCE WITH ARTICLE 4 OF TITLE 24, C.R.S., AND SHALL BE
INCLUDED IN INCOME TAX FORMS FOR THAT TAXABLE YEAR.
(6) IF ONE OR MORE BALLOT QUESTIONS THAT
SEEK AUTHORIZATION FOR THE STATE TO RETAIN AND SPEND ALL OR ANY
PORTION OF THE AMOUNT OF EXCESS STATE REVENUES FOR THE IMMEDIATELY
PRECEDING FISCAL YEAR ARE SUBMITTED TO THE VOTERS AT A STATEWIDE
ELECTION TO BE HELD IN NOVEMBER OF ANY CALENDAR YEAR COMMENCING
ON OR AFTER JANUARY 1, 2000, THE EXECUTIVE DIRECTOR OF THE DEPARTMENT
OF REVENUE SHALL NOT PUBLISH RULES CONTAINING ANY STATE INCOME
TAX CREDIT ALLOWED PURSUANT TO THIS SECTION UNTIL SUCH RULES ARE
ABLE TO REFLECT THE IMPACT OF THE RESULTS OF SUCH ELECTION ON
THE STATE INCOME TAX CREDIT ALLOWED PURSUANT TO THIS SECTION.
SECTION 2. 2477106.5,
Colorado Revised Statutes, is amended to read:
2477106.5. Annual financial
report. (1) (a) For each
fiscal year, the controller shall prepare a financial report for
the state for purposes of ascertaining compliance with the provisions
of this article. Any financial report prepared pursuant to this
section shall include, but shall not be limited to, state fiscal
year spending, reserves, revenues, and debt. Such financial report
shall be audited by the state auditor.
(b) BASED UPON THE FINANCIAL REPORT PREPARED
IN ACCORDANCE WITH PARAGRAPH (a) OF THIS SUBSECTION (1) FOR ANY
GIVEN FISCAL YEAR, THE CONTROLLER SHALL CERTIFY TO THE GOVERNOR,
THE GENERAL ASSEMBLY, AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT
OF REVENUE NO LATER THAN SEPTEMBER 1 FOLLOWING THE END OF A FISCAL
YEAR THE AMOUNT OF STATE REVENUES IN EXCESS OF THE LIMITATION
ON STATE FISCAL YEAR SPENDING IMPOSED BY SECTION 20 (7) (a) OF
THE ARTICLE X OF THE STATE CONSTITUTION, IF ANY, FOR SUCH FISCAL
YEAR.
(2) ANY FINANCIAL REPORT PREPARED AND CERTIFICATION OF STATE EXCESS REVENUES MADE PURSUANT TO SUBSECTION (1) OF THIS SECTION SHALL BE AUDITED BY THE STATE AUDITOR. NO LATER THAN SEPTEMBER 15 FOLLOWING THE CERTIFICATION MADE BY THE STATE CONTROLLER FOR ANY GIVEN FISCAL YEAR, THE STATE AUDITOR SHALL REPORT AND TRANSMIT TO THE GOVERNOR, THE GENERAL ASSEMBLY AND THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE THE RESULTS OF ANY AUDIT CONDUCTED IN ACCORDANCE WITH THIS SUBSECTION (2).
(2) (3) Notwithstanding
any generally accepted accounting principles to the contrary,
financial reports prepared pursuant to subsection (1) of this
section shall not include any unrealized gains or losses on investments
held by the state.".
Renumber succeeding section accordingly.";
line 11, before "strike", insert "Page 2,".
______________
PRINTING REPORT
The Chief Clerk reports the following bills have been correctly printed: HB99-1326, 1327, 1328, 1329.
_______________
MESSAGE FROM THE SENATE
Mr. Speaker:
The Senate has passed on Third Reading and returns
herewith HB99-1065, 1130, and 1162.
The Senate has passed on Third Reading and transmitted to the Revisor of Statutes: SB99-011, 030, and 201;
HB99-1047, amended as printed in Senate Journal, February 26, page 372, and on Third Reading as printed in Senate Journal, March 2;
HB99-1091, amended as printed in Senate Journal, February 26, page 373;
HB99-1122, amended on Third Reading as printed in Senate Journal, March 2.
_______________
MESSAGE FROM THE REVISOR
We herewith transmit without comment, SB99-011, 030, and 201; and, without comment, as amended, HB99-1047, 1091, and 1122.
______________
INTRODUCTION OF BILLS
First Reading
The following bills were read by title and referred
to the committees indicated:
HB99-1328 by Representative George--Concerning the establishment of the local government growth assistance program to provide financial assistance to growth-impacted local governmental entities, and making an appropriation in connection therewith.
Committee on Finance
Committee on Appropriations
HB99-1329 by Representative Dean; also Senator Lacy--Concerning regulation of bail bonding agents, and, in connection therewith, requiring bail bonding agents for surety companies to post a bond and requiring cash bonding agents to be licensed.
Committee on Judiciary
_______________
LAY OVER OF CALENDAR ITEMS
On motion of Representative Dean, the following items
on the Calendar were laid over until March 4, retaining place
on Calendar:
Consideration of General Orders--HB99-1316, 1318, SB99-111, 041, HB99-1003, 1015, 1016, 1141, 1207, SB99-044, 066, 135.
Consideration of Resolution--HJR99-1007.
Consideration of Senate Amendments--HB99-1017, 1061, 1073, 1100, 1123, 1156.
_______________
On motion of Representative Dean, the House adjourned
until 9:00 a.m., March 4, 1999.
Approved:
RUSSELL GEORGE,
Speaker
Attest:
JUDITH RODRIGUE,
Chief Clerk