Date: 04/16/2009

Final
BILL SUMMARY for HB09-1242

SENATE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Adopt Amendment L.006 (Attachment E). The motion
Refer House Bill 09-1242, as amended, to the Commi		Pass Without Objection
PASS



11:18 AM -- House Bill 09-1242

Senator King, prime sponsor, presented House Bill 09-1242, which allows Colorado higher education institutions to create a venture development investment fund, into which gifts, grants, and donations from individuals, businesses, and other entities would be deposited. Senator King explained that the tax credits were eliminated from the bill in the House of Representatives. He provided the committee with background about tax credits in Oregon for venture development. Senator King stated that higher education institutions in Colorado support the bill and that he would like to explore adding a tax credit in the future.

Senator King distributed a copy of Amendment L.006 (Attachment E).

09SenateFin0416AttachE.pdf

The following person testified:

11:23 AM -- Mr. Emmanuel Hilaire, representing National Jewish Health, testified in support of the bill. He explained that National Jewish is a premiere research hospital in the nation, and that over the past ten years, the research has led to over 300 new inventions of new technologies. These new inventions, he explained, are often at the early stage of development and require additional financial support to make them more attractive to venture capitalists and biotech companies. He stated that the donations proposed in the bill would encourage additional research and development in Colorado. Mr. Hilaire responded to questions from the committee about the ownership of patents when new technologies are developed.


11:30 AM

Senator Sandoval closed public testimony.
BILL:HB09-1242
TIME: 11:30:57 AM
MOVED:King K.
MOTION:Adopt Amendment L.006 (Attachment E). The motion passed without objection.
SECONDED:
VOTE
Brophy
Heath
Isgar
King K.
Scheffel
Hudak
Sandoval
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB09-1242
TIME: 11:31:25 AM
MOVED:King K.
MOTION:Refer House Bill 09-1242, as amended, to the Committee of the Whole. The motion passed 7-0.
SECONDED:
VOTE
Brophy
Yes
Heath
Yes
Isgar
Yes
King K.
Yes
Scheffel
Yes
Hudak
Yes
Sandoval
Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS



11:30 AM

The committee recessed.