Date: 03/18/2009

Final
BILL SUMMARY for HB09-1311

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 09-1311 to the Committee of the WFAIL



01:34 PM -- House Bill 09-1311 - Concerning the Single-Factor Apportionment Process

Representative Benefield, prime sponsor, explained the provisions of the bill.

The following person testified:

01:37 PM -- Mr. James Kennedy, Oppenheimer & Company, testified in support of the bill. Mr. Kennedy began by saying that under current law, a mutual fund service corporation that provides management, distribution, and administrative services for a regulated investment company must apportion income to Colorado based on the percentage of shareholders in the regulated investment company that are domiciled in Colorado.

Mr. Kennedy closed by saying that House Bill 09-1311 specifies that the percentage of shareholders in a regulated investment company that are domiciled in Colorado will be used to source mutual fund sales to Colorado, rather than apportion income. The bill also specifies that this sourcing requirement applies to all mutual fund service corporations, not just to those that derive more than 50 percent of gross income from mutual fund advisory services. After a brief committee discussion, the bill was placed on the table for action.


01:41 PM
BILL:HB09-1311
TIME: 01:41:10 PM
MOVED:Benefield
MOTION:Refer House Bill 09-1311 to the Committee of the Whole. The motion passed on a 9-0 vote.
SECONDED:Kerr A.
VOTE
Apuan
Yes
Benefield
Yes
Gerou
Yes
Kefalas
Excused
Kerr A.
Yes
Lambert
Yes
Roberts
Yes
Summers
Yes
Swalm
Yes
Frangas
Yes
Judd
Excused
Final YES: 9 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS