The House Finance Committee narrowly advanced a controversial tax credit bridge-purchaser mechanism (HB 26-1346) on a 6-5 vote to keep the state's FY25-26 budget in balance, then killed a split-rate property tax bill (HB 26-1119) 3-8 and postponed it indefinitely after more than a dozen assessors, treasurers, realtors, and local government officials testified in opposition.
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Rep. DeGraaf argued there is 'no limit to the amount of tax credits that we can gin up, not use, then sell, and then have a higher liability off in the future,' calling it 'a loan, which is debt, which is something we're not allowed to have.' Treasury Policy Director Leah Marvin Riley responded that the bill 'is essentially pulling future tax revenue from the next few years in this current fiscal year' and that the department does not have an Office of Debt Management, while Skylar Schuck stated the state is forecasted to be above the TABOR cap in FY27-29, making the revenue loss acceptable.
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“26, 1346 to the committee of the whole with a favorable recommendation. Second as a proper motion and a second. Are there any closing comments from the committee, Rep. Camacho? No. Rep. Degraph. I'm not sure why I thought of that. I would gladly pay you Tuesday for a hamburger today. This is we're taking on this. Imagine, , I feel I have a bunch of tax credits in my hand right now, and I'm willing”
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Sign in to subscribeThe committee will come to order. Please call the roll. Representatives Brooks Camacho. Excused. Graph. Excused. Garcia Gonzalez. I'm here. Marshall. Here. Stuart Weinberg. I'm here. Zokai. Excused. To tone. Here. Mr. Chair. Here. We have a quorum, everyone. Nice to see you. Thanks for being so patient and waiting. We have two bills up today. We're going to hear 1346 followed by 1119. As I announced from the well, given the late start and the number of witnesses we have, testimony will be limited to two minutes per person with seven minutes of questioning per panel. I would ask Representative Stewart to come up and take the gavel while myself and Madam vice chair present 1346. Fantastic. Hello, Sponsors, tell us about House Bill 1346. Who wants to start? Representative Chatone Chair So, yeah, so 1346, if you all recall, during the special session, we had a couple bills that would get us some money ahead of time because we needed to make up some funds in our budget and we were going to sell these tax credits to make up some money ahead of time before and then give some relief for taxes. We had a hard time…
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