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h_fin_2016a_2016-04-13t13:32:26z2 Hearing Summary

Date: 04/13/2016



Final

BILL SUMMARY for HB16-1003



HOUSE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Adopt amendment L.003 (Attachment C). The motion p

Refer House Bill 16-1003, as amended, to the Commi
Pass Without Objection

PASS







03:55 PM -- HB16-1003



Representatives Pettersen and Young, co-prime sponsors, introduced House Bill 16-1003. The bill alters the income tax deduction for contributions to qualifying college savings accounts, and the deduction for interest earnings on or withdrawals from these savings accounts to the extent that they are used for qualifying higher education expenses and are not already excluded from federal taxable income. Beginning in tax year 2017, qualifying taxpayers may deduct a percentage of these qualifying contributions, interest earnings, and withdrawals from taxable income based on their adjusted gross income. The sponsors distributed amendment L.003 (Attachment C) and a fiscal memorandum (Attachment D).



16HouseFin0413AttachC.pdf16HouseFin0413AttachC.pdf 16HouseFin0413AttachD.pdf16HouseFin0413AttachD.pdf



04:00 PM -- Ms. Ali Mickelson, representing the Colorado Fiscal Institute, testified in support of the bill. She answered committee questions.

BILL: HB16-1003
TIME: 04:05:50 PM
MOVED: Court
MOTION: Adopt amendment L.003 (Attachment C). The motion passed without objection.
SECONDED: Pabon
VOTE
Becker K.
Conti
Garnett
Kagan
Pabon
Roupe
Sias
Van Winkle
Wilson
Foote
Court
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection




BILL: HB16-1003
TIME: 04:10:13 PM
MOVED: Court
MOTION: Refer House Bill 16-1003, as amended, to the Committee on Appropriations. The motion passed on a vote of 6-4.
SECONDED: Garnett
VOTE
Becker K.
Yes
Conti
No
Garnett
Yes
Kagan
Yes
Pabon
Yes
Roupe
Excused
Sias
No
Van Winkle
No
Wilson
No
Foote
Yes
Court
Yes
Final YES: 6 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS














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