The House Finance Committee advanced three bills targeting economic competitiveness and affordable housing — extending the Job Growth Incentive Tax Credit 9-2, passing a landmark transit and housing investment zone financing mechanism 7-4 after adopting eleven amendments and withdrawing a twelfth, and referring a property tax exemption expansion for nonprofit affordable housing developers 8-3 — with the sharpest fights centering on TABOR compliance, transit ROI, and whether selective tax relief is better policy than across-the-board rate cuts.
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Representative DeGraff argued the state should 'across the board eliminate that tax and encourage these businesses to grow as opposed to stepping on the neck of the economy in general and then selectively relieving the pressure,' while Representative Taggart responded by citing affordability constraints and the salary threshold requirement, and Sean Gould stated the program 'is not the tool for all other businesses' and that OEDIT 'does have a bunch of tools' for smaller businesses.
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“Colorado is becoming an increasingly more expensive market to transact and invest in, and we're facing a competitive environment that we used to win at. We compete against states like Texas, Nevada, Arizona, Ohio, states that are aggressively competing, but they have hundreds of millions of dollars in dedicated sales tax, liquor tax proceeds, oil money and other funds to win projects like Tesla, TSMC and Intel.”
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Sign in to subscribeThe committee will come to order. Ms. Kohler, please call the roll. Representative Brooks. Excused. Camacho. Here. Degraff. Excused. Garcia Gonzalez. I am here. Hartsuk. Here. Marshall. Here. Stewart. Zokay. Excused. Tatone. Here. Mr. Chair. Here. And Representative Brooks came in right after his name was called. Okay. First bill up, 1014. Representative Taggart. And Mr. Speaker Pro Tem who'd like to kick us off. Representative taggart. Thank you, Mr. Chair. I'm going to apologize in advance because literally I have three bills in three committees all over this capital complex that I've got to run from one to another. So I know it's in my condo right now. My bikes are. So I'm going to try to present this, go upstairs at a certain point, then come back down again if that's okay. Apology accepted. Thank you very much. So House Bill 2610 14. And I sincerely appreciate doing another bill with you folks with Representative Basenecker and to walk you through this a little bit. This program has been in place since, since 2008 and has been a critical economic development tool. It's referred to as the Job Growth Incentive Tax Credit, also known as jgitc. And I…
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