Legislature(1993 - 1994)
04/27/1993 04:20 PM Senate RLS
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
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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