Tax Exemptions and Credits
INTERIM COMMISSION TO STUDY FISCAL STABILITY
02:29 PM -- Tax Exemptions and Credits
Mr. Kirk, Legislative Council Staff, provided the commission with an overview of income tax credits and modifications. This information can be found in Tables 1 and 2 located in the document titled "State Income Tax Credit, Rebates, and Modifications and State Sales and Use Tax Exemptions," which is available at the commission's web page.
Mr. Kirk further explained other related tax tables. He also explained the effect of sales tax exemptions and showed that many tax exemption and credits are directed toward economic development.
Ms. Esther van Mourik, Office of Legislative Legal Services, discussed sales tax exemptions and several legal issues. She explained that in regard to tax policy changes, OLLS needs to further analyze the meaning of "tax policy change" and the implications of the actual definitions. Ms. van Mourik suggested more analysis needs to be done to see how TABOR and Referendum C would affect changes from exemptions and rebates and net revenue gains. Ms. van Mourik also discussed several bills passed by the General Assembly in the 2009 session.
Senator Heath shared his views about tax credits and exemptions.