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F71FC62860EC3F0E87258883005C4E87 Hearing Summary




PUBLIC
BILL SUMMARY For PRESENTATION OF TAX EXPENDITURE REPORTS FROM OFFICE OF THE STATE AUDITOR

INTERIM COMMITTEE  LEGISLATIVE OVERSIGHT COMMITTEE CONCERNING TAX POLICY & TASK FORCE
Date Jul 18, 2022      
Location SCR 357



Presentation of Tax Expenditure Reports from Office of the State Auditor - Committee Discussion Only


10:48:16 AM  
Mr. Trey Standley,
Office of the State Auditor (OSA), introduced himself and gave a brief
overview of the OSA's presentation.
10:49:43 AM  
The OSA started their
presentation (Attachment C) and gave an overview of the OSA process.
10:54:29 AM  
Mr. Standley answered
questions from the committee on the OSA five year evaluation process and
current statutes.
10:55:25 AM  

Mr. Stadley gave an overview of the tax expenditures by the OSA with policy considerations.

11:01:43 AM  
Mr. Stadley answered questions from the committee about the tax expenditures reviewed by the OSA.
11:07:31 AM  
Mr. Stadley gave an overview of the enterprise zone tax expenditures.
11:13:28 AM  
Mr. Stadley answered
questions on zone designation and credits from the committee.
11:21:28 AM  
Mr. Stadley gave
an overview of businesses and enterprise zone credits and answered questions
from the committee.
12:35:13 PM  

The committee briefly recessed for lunch.

12:39:42 PM  
The committee came
back to order.  Ms. Meghan Westmoreland, Office of the State Auditor,
gave a brief overview of childcare contribution credit and recommendations
to the General Assembly.
12:41:19 PM  

Ms. Westmoreland answered questions from the committee.

12:47:34 PM  
Ms. Westmoreland gave a brief overview of corporate condemnation capital gains income tax deduction.
12:56:08 PM  
Ms. Westmoreland answered questions from the committee.
01:00:30 PM  
Mr. Dakota Peterson,
Office of the State Auditor, gave a brief overview of Colorado Alternative
Minimum Tax Credit.
01:01:19 PM  
Mr. Peterson answered questions from the committee.
01:04:48 PM  
Mr. Peterson gave
a brief overview of Downloaded Software Exemption.
01:17:15 PM  

Mr. Peterson and Mr. Standley answered questions from the committee.

01:24:46 PM  
Mr. Peterson gave a brief overview of the aircraft used in interstate commerce exemption.
01:41:45 PM  
Mr. Peterson and Mr. Standley answered questions from the committee.
01:42:09 PM  
Ms. Kim Tinnell and
Ms. Jacquelyn Combellick, Office of the State Auditor, presented on severance
taxes including oil and gas severance tax and ad valorem credit and stripper
wells.
01:53:28 PM  
Ms. Tinnell answered questions about stripper wells.
01:53:47 PM  
Ms. Tinnell gave
a brief overview of the evaluation of the impact assistance credits.
01:56:44 PM  
The committee took
a brief recess.
02:00:45 PM  
The committee came
back to order.
02:09:43 PM  
Ms. Jacquelyn Combellick,
Office of the State Auditor, gave a brief overview of oil shale expenditures.
02:10:38 PM  

Ms. Combellick answered questions from the committee.

02:12:58 PM  
Ms. Combellick gave a brief overview of metallic minerals threshold exemption.
02:14:37 PM  
Ms. Combellick answered questions from the committee.
02:15:46 PM  

Ms. Combellick gave a brief overview of the metallic minerals ad valorem credit.

02:24:10 PM  
Ms. Combellick answered questions from the committee.
02:27:18 PM  
Ms. Combellick gave a brief overview of molybdenum ore tonnage exemption.
02:33:20 PM  
The committee determined
that the Office of the State Auditor will finish their presentation on
insurance premium tax exemptions at the committee's meeting on August 12.






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