Legislature(1993 - 1994)

04/27/1993 04:20 PM RLS

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
..TO MEET AT CALL OF THE CHAIR
SB 99
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HCR 20
<BILL POSTPONED>
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 CHAIRMAN JACKO opened the public hearing on  CSHB 81(FIN) am                  
 (PHASE OUT LONGEVITY BONUS).  He directed attention to a draft                
 SCS CSHB 81(RLS).                                                             
                                                                               
 Number 012                                                                    
                                                                               
 SENATOR RIEGER moved that SCS CSHB 81(RLS) be adopted for                     
 discussion purposes.  SENATOR LITTLE objected, stating that                   
 she believes doing away with the longevity bonus program at                   
 this time is an impractical move and she doesn't see any                      
 advantages to the legislation.                                                
                                                                               
 Number 035                                                                    
                                                                               
 COMMISSIONER USERA, Department of Administration, said there                  
 is an advantage to the private annuity proposal because it                    
 provides an incentive for people to invest their dividend,                    
 inasmuch as the department believes that it could be a tax                    
 advantage treatment.  The initial ruling from the IRS is that                 
 because they would not have constructive receipt of that                      
 check, they could direct it into an IRA or into a privately                   
 selected annuity account and, therefore, not have to pay tax                  
 on it.                                                                        
                                                                               
 Number 080                                                                    
                                                                               
 SENATOR HALFORD directed attention to page 2, line 26, and the                
 figure of $225.  It was agreed by the committee that the                      
 amount was a drafting error and should be changed to $250.                    
                                                                               
 Senator Halford moved that on page 2, line 26, delete "$225"                  
 and insert "$250."  Hearing no objection, the motion carried.                 
                                                                               
 It was also noted that the draft SCS still contained the House                
 language of a two-year phase out at $150 for the first year                   
 and $100 for the second year rather than the Governor's                       
 language of a three-year phase out at $200, $150, $100.                       
                                                                               
 Senator Halford moved that Section 2 of SCS CSHB 81(RLS) be                   
 replaced with Section 1 contained in CSSB 58(FIN).    Hearing                 
 no objection, the motion carried.                                             
                                                                               
 Commissioner Usera pointed out that some renumbering would be                 
 required in  other sections of the bill because an extra year                 
 has been added.  It was agreed that those were technical                      
 changes that could be made by the drafter.                                    
                                                                               
 Number 155                                                                    
                                                                               
 SENATOR RIEGER moved that SCS CSHB 81(RLS), as amended, be                    
 adopted.  SENATOR LITTLE objected.  The roll was taken with                   
 the following result:  Senators Halford, Rieger and Jacko                     
 voted "Yea," and Senator Little voted "Nay."  The Chair stated                
 the motion carried.                                                           
                                                                               
 Number 188                                                                    
                                                                               
 SENATOR RIEGER moved that SCS CSHB 81(RLS) be passed out of                   
 committee with individual recommendations.  SENATOR LITTLE                    
 objected.  The roll was taken with the following result:                      
 Senators Halford, Riger and Jacko voted "Yea," and Senator                    
 Little voted "Nay."  The Chair stated the motion carried.                     
                                                                               
 SENATOR RIEGER moved and asked unanimous consent that SCS CSHB
 81(RLS) be approved for calendaring at the Chair's discretion.                
 Hearing no objection, it was so ordered.                                      

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