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h_bus_2017a_2017-02-07t13:32:20z0 Hearing Summary

Date: 02/07/2017

Location: LSB A

Final

BILL SUMMARY for HB17-1090



HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR


Votes: View--> Action Taken:
Refer House Bill 17-1090 to the Committee on Finan PASS





01:33 PM - HB 17-1090



Representative Kraft-Tharp and Representative Wilson, co-sponsors, introduced House Bill 17-1090. The bill extends the Advanced Industry Investment Income Tax Credit Program through tax years 2018 to 2022. The bill authorizes the Office of Economic Development and International Trade in the Governor's Office (OEDIT) to issue $1.5 million worth of state income tax credits each year to qualified investors.



Under current law, in addition to other requirements, a business must have less than $5 million in annual revenue and be actively operating and generating revenue for less than five years to qualify for an investment. HB17-1090 allows a business to meet only one of these criteria.



On November 1, 2022, the bill requires OEDIT to submit a report summarizing all the tax credits issued since January 1, 2018.



The bill sponsors responded to questions from the committee.



01:40 PM --
April Giles, Colorado BioScience Association, testified in support of the bill.



01:44 PM --
Jeff Kraft, OEDIT, spoke about the tax credit program and testified in support of the bill. Mr. Kraft responded to questions from the committee.



02:02 PM --
Sarah Ruddell, Carbon Cycle Energy, testified in support of the bill.



02:06 PM --
Elyse Blazevich, Securisyn Medical, testified in support of the bill.



02:09 PM --
Dave Shine, dBMEDx, testified in support of the bill.



02:11 PM --
Patrick Boyle, Colorado Competitive Council, testified in support of the bill.



02:12 PM



Ms. Ruddell, Ms. Blazevich, Mr. Shine responded to questions from the committee.



02:15 PM



Mr. Kraft from OEDIT returned to the table to respond to additional questions from the committee.



02:24 PM



BILL: HB17-1090
TIME: 02:24:41 PM
MOVED: Kraft-Tharp
MOTION: Refer House Bill 17-1090 to the Committee on Finance. The motion passed on a vote of 9-4.
SECONDED: Rosenthal
VOTE
Arndt
Yes
Coleman
Yes
Garnett
Yes
Gray
Yes
Navarro
No
Nordberg
No
Rosenthal
Yes
Sias
Yes
Thurlow
Yes
Van Winkle
No
Williams D.
No
Winter
Yes
Kraft-Tharp
Yes
Final YES: 9 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS














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