Date: 02/11/2009

Final
BILL SUMMARY for HB09-1212

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Moved to postpone House Bill 09-1212 indefinitely.
Refer House Bill 09-1212 to the Committee on Appro		PASS
FAIL



10:12 AM -- House Bill 09-1212 - Concerning an Income Tax Credit for New Home Buyers

Representative Liston, prime sponsor, explained the provisions of the bill and began by discussing the depressed housing market. He continued by saying that the bill provides a state income tax credit for purchases of new single-family detached homes that are constructed and completed in 2010. The credit is available to Colorado residents or trusts for tax year 2010 only. The credit is not available for corporations.

The committee briefly discussed the federal stimulus package and the comparable housing credit. Representative Liston responded by noting that the tax credit in the bill is equal to 3 percent of the purchase price, up to $10,000. Any credit that exceeds the amount of the taxpayer's income tax liability will be refunded to the taxpayer but cannot be carried forward and applied to future tax years. Representative Liston closed by saying that the bill was endorsed by the Joint Select Committee on Job Creation and Economic Growth.

The following persons testified:

10:18 AM -- Mr. Rob NanFort, Colorado Association of Home Builders, testified in support of the bill and distributed a handout on housing statistics (Attachment A).

09HouseFin0211AttachA.pdf

10:23 AM -- Mr. Marc Towne, Colorado Home Builders, testified in support of the bill and opined on the impact in the fiscal note. Mr. Towne distributed a presentation handout and spoke about new home construction in 2009 (Attachment B). Mr. Towne discussed a fiscal impact study on the credit in the bill by the industry. A tax credit will create a bottom for the housing market and help turn Colorado's housing market around. Mr. Towne discussed the impact of the federal stimulus package on the nation's housing market and noted that the housing industry is seeing many changes. For example, buyers are now more attracted to smaller homes that are built-green. He closed by saying that this bill will put Colorado's housing market back on the road to recovery. He urged the committee to support the bill.

09HouseFin0211AttachB.pdf

10:39 AM -- Mr. Chris Howes, Colorado Retail Council, testified in support of the bill and noted that the retail industry has a significant interest in the recovery of the housing industry because buyers need to buy things to put into new homes. This bill will stimulate the economy.

10:42 AM -- Ms. Rachel Nance, Colorado Association of Realtors, testified in support of the bill. This bill will help Colorado's housing industry recover. She closed by urging the committee to endorse the bill.


10:44 AM
BILL:HB09-1212
TIME: 10:44:49 AM
MOVED:Gerou
MOTION:Refer House Bill 09-1212 to the Committee on Appropriations. The motion failed on a 5-6 vote.
SECONDED:Lambert
VOTE
Apuan
No
Benefield
No
Gerou
Yes
Kefalas
No
Kerr A.
No
Lambert
Yes
Roberts
Yes
Summers
Yes
Swalm
Yes
Frangas
No
Judd
No
Not Final YES: 5 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:HB09-1212
TIME: 10:50:34 AM
MOVED:Frangas
MOTION:Moved to postpone House Bill 09-1212 indefinitely. The motion passed on a 6-5 vote.
SECONDED:Benefield
VOTE
Apuan
Yes
Benefield
Yes
Gerou
No
Kefalas
Yes
Kerr A.
Yes
Lambert
No
Roberts
No
Summers
No
Swalm
No
Frangas
Yes
Judd
Yes
Final YES: 6 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS



10:51 AM

Recess.