|
|
PUBLIC HEARING AND WORK SESSION: HB 2664 A, HB 3184 A |
|
|
WORK SESSION: HB 2186 A |
|
|
TAPES 119,
A-B |
May 12,
2003 1:00 PM STATE CAPITOL BUILDING
Members Present: Senator Ryan Deckert, Chair
Senator Ted
Ferrioli, Vice Chair
Senator
Tony Corcoran
Senator
Lenn Hannon
Senator
Charlie Ringo
Senator
Bruce Starr
Witnesses Present: Randall Edwards, State Treasurer
Michael
Parker, College Savings Network
Gratton
Kerans, Oregon University System
Representative
Deborah Kafoury, District 43
Rebecca
Shine, State Advisory Committee to the Child Care Division
Lara
Smith, Dave Barrows & Associates
Staff Present: Paul
Warner, Legislative Revenue Office
Lizbeth
Martin-Mahar, Legislative Revenue Office
Tara
Lantz, Committee Assistant
TAPE
119, SIDE A
|
004 |
Chair Deckert |
Calls meeting to order at 1:09 pm. |
OPENS WORK SESSION ON HB
2186 A
|
013 |
Lizbeth Martin-Mahar |
Explains HB 2186-A8 amendments
(Exhibit 1), which clarifies the intent of the bill and resolves conflicts. |
|
|
|
|
|
030 |
Sen. Deckert |
Asks if the Department of Revenue is
good with the amendments. Affirmative nod. |
|
|
|
|
|
033 |
Sen. Hannon |
MOTION: MOVES HB 2186–A8 AMENDMENTS
DATED 5/8/03 BE ADOPTED. |
|
|
|
|
|
037 |
Sen. Deckert |
ORDER: HEARING NO OBJECTION, MOTION
PASSES: 4-0-2. SENATORS EXCUSED: STARR, FERRIOLI. |
|
|
|
|
|
039 |
Sen. Hannon |
MOTION: MOVES HB 2186 TO THE SENATE
FLOOR WITH A DO PASS AS AMENDED RECOMMENDATION. |
|
|
|
|
|
045 |
Sen. Deckert |
ORDER: ROLL CALL VOTE: MOTION
PASSES: 5-0-1. SENATORS ANSWERING AYE: CORCORAN,
HANNON, RINGO, STARR, DECKERT. SENATOR EXCUSED: FERRIOLI. Sen. Deckert will carry the bill on
the Senate Floor. |
OPENS PUBLIC HEARING ON HB
2664 A
|
050 |
Martin-Mahar |
Explains HB 2664, which allows
contributions to the college savings network to be claimed as a deduction for
4 subsequent years and changes the name of the program (Exhibit 5). Discusses
the revenue impact (Exhibit 6). |
|
|
|
|
|
083 |
Randall Edwards |
Testifies in support of HB 2664
because it provides an opportunity for Oregonians to save and invest.
Discusses the success of the Oregon College Savings Program. |
|
|
|
|
|
139 |
Michael Parker |
Explains the major elements of HB
2664. |
|
|
|
|
|
158 |
Sen. Hannon |
Asks if the state is required to
change the program here every time the federal code changes. |
|
|
|
|
|
162 |
Parker |
Responds affirmatively. |
|
|
|
|
|
165 |
Sen. Hannon |
Asks if the federal tax proposal
would affect this as well. |
|
|
|
|
|
170 |
Parker |
Responds negatively. Discussion follows. |
|
|
|
|
|
178 |
Sen. Ringo |
Asks about the assumptions made in
the fiscal impact in regard to the tax deduction. |
|
|
|
|
|
188 |
Edwards |
Responds that the idea behind the
bill is to front load the investment in order to see larger returns and that
they don’t have any idea if there will be an increase in investments. |
|
|
|
|
|
205 |
Sen. Ringo |
Asks why there is a tax reduction to
the state of Oregon. |
|
|
|
|
|
209 |
Parker |
Responds that they don’t believe it
will dramatically increase the investment because most people now put in the
amount of the deduction. Discussion follows. |
|
|
|
|
|
227 |
Martin-Mahar |
Explains how the revenue impact was
determined. |
|
|
|
|
|
240 |
Sen. Deckert |
Asks how many are contributing more
than $2,000 a year. |
|
|
|
|
|
242 |
Parker |
Responds that the average account
size is $3,700. |
|
|
|
|
|
245 |
Sen. Deckert |
Asks who would benefit from this
bill. |
|
|
|
|
|
251 |
Parker |
Responds that most families have an
income of at least $60,000 and have children that are about 7.5 years old. |
|
|
|
|
|
253 |
Sen. Ringo |
Points out that people could invest
after the first year. |
|
|
|
|
|
258 |
Martin-Mahar |
Explains that after each year, it is
assumed that a certain amount will roll forward to the next. Discussion follows. |
|
|
|
|
|
277 |
Edwards |
States that it is hard to predict if
people will invest more, but that he doubts they will see the estimated
revenue impact. |
|
|
|
|
|
292 |
Parker |
States that only half of the
investors took the deduction they were allowed. Discussion follows. |
|
|
|
|
|
334 |
Sen. Ringo |
States that he is skeptical of the
impact, but supports the idea. |
|
|
|
|
|
338 |
Sen. Deckert |
Asks what the rationale for giving
additional reductions to families that are making over $60,000. |
|
|
|
|
|
349 |
Parker |
Responds that they are trying to
target middle and low income residents and to get people to invest earlier to
have larger returns. |
|
|
|
|
|
376 |
Gratton Kerans |
Testifies in support of HB 2664
because it is a great tool for low income residents to gain access to higher
education. |
CLOSES PUBLIC HEARING ON HB
2664 A
OPENS WORK SESSION ON HB
2664 A
TAPE 120, SIDE A
|
005 |
Sen. Ringo |
MOTION: MOVES HB 2664 TO THE SENATE
FLOOR WITH A DO PASS RECOMMENDATION. |
|
|
|
|
|
010 |
Sen. Deckert |
ORDER: ROLL CALL VOTE: MOTION
PASSES: 5-0-1. SENATORS ANSWERING AYE: CORCORAN,
HANNON, RINGO, FERRIOLI, DECKERT. SENATOR EXCUSED: STARR. Sen. Ringo will carry the bill on
the Senate Floor. |
CLOSES WORK SESSION ON HB
2664 A
OPENS PUBLIC HEARING ON HB
3184 A
|
014 |
Martin-Mahar |
Explains HB 3184 which adds a
definition for high quality child care and tax credit marketer (Exhibit 9).
Discusses the –A5 amendment, which makes changes to the administration of
refunds for the working family tax credit (Exhibit 8). |
|
|
|
|
|
053 |
Rep. Kafoury |
Testifies in support of HB 3184
because it makes technical changes to the child care tax credit that passed
last session but wasn’t able to be implemented due to technical problems. |
|
|
|
|
|
068 |
Rebecca Shine |
Testifies in support of HB 3184
because it provides an incentive to the private sector to increase their
investments in child care and benefits to children of low and moderate
incomes. Refer to written testimony (Exhibit 11). |
|
|
|
|
|
084 |
Lara Smith |
Offers support for HB 3184. Discussion follows. |
|
|
|
|
|
097 |
Sen. Ringo |
Expresses support for HB 3184. |
|
|
|
|
|
103 |
Sen. Deckert |
Asks for an example of how the
program would work. |
|
|
|
|
|
106 |
Shine |
Explains the process of the program.
|
|
|
|
|
|
121 |
Sen. Deckert |
Asks if this is modeled from another
state. |
|
|
|
|
|
123 |
Shine |
Responds that it is modeled after
the housing tax credit program. |
CLOSES PUBLIC HEARING ON HB
3184 A
OPENS WORK SESSION ON HB
3184 A
|
132 |
Sen. Hannon |
MOTION: MOVES HB 3184–A5 AMENDMENTS
DATED 5/12/03 BE ADOPTED. |
|
|
|
|
|
135 |
Sen. Deckert |
ORDER: HEARING NO OBJECTION, MOTION
PASSES: 5-0-1. SENATORS EXCUSED: STARR. |
|
|
|
|
|
139 |
Sen. Hannon |
MOTION: MOVES HB 3184 TO THE SENATE
FLOOR WITH A DO PASS AS AMENDED RECOMMENDATION. |
|
|
|
|
|
145 |
Sen. Deckert |
ORDER: ROLL CALL VOTE: MOTION PASSES:
5-0-1. SENATORS ANSWERING AYE: CORCORAN,
HANNON, RINGO, FERRIOLI, DECKERT. SENATORS EXCUSED: STARR. Sen. Corcoran will carry the bill on
the Senate Floor. |
CLOSES WORK SESSION ON HB
3184 A
|
147 |
Sen. Deckert |
Adjourns meeting at 1:45 pm. |
Tape Log Submitted by,
Tara Lantz, Committee
Assistant
Exhibit Summary: