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Finance Committee reports three bills out of committee with due‑pass recommendations
Summary
During executive session the Finance Committee moved substitute Senate Bill 53‑14 (capital gains tax administration), SB 54‑57 (B&O broadcasting tax reclassification), and substitute SB 53‑16 (revised Uniform Unclaimed Property Act) out of committee with due‑pass recommendations; vote tallies were recorded for each bill.
The Finance Committee advanced three bills in executive session, reporting each out of committee with a due‑pass recommendation.
Vice Chair Street moved that substitute Senate Bill 53‑14 be reported out with a due‑pass recommendation; the motion was seconded and the committee recorded a voice tally of 14 ayes and 1 nay. Committee staff member Tracy Taylor described the measure as a companion to House Bill 16‑14 and said it “clarifies the provisions of the capital gains tax and makes technical corrections and changes to enhance the administration of the tax,” including clarifications about required federal forms and adjustments for deductions.
Vice Chair Street then moved to report Senate Bill 54‑57 out of committee with a due‑pass recommendation; the motion carried by voice vote with 15 ayes and 0 nays. Committee staff said the bill moves business‑and‑occupation tax provisions for radio and television broadcasting into a new section of the B&O code, noted it has no state revenue implications, and identified an estimated one‑time Department of Revenue implementation cost of $20,000 in fiscal 2026.
Vice Chair Street moved that substitute Senate Bill 53‑16 be reported out with a due‑pass recommendation; the committee recorded 14 ayes and 1 nay (Representative Jacobson recorded “without recommendation”). Tracy Taylor said SB 53‑16 is a direct companion to House Bill 11‑27 and “makes various changes to the revised Uniform Unclaimed Property Act,” modifying definitions, abandonment periods and administrative procedures, removing a duplicative DOR reporting requirement and clarifying treatment of prearrangement funeral service contract trusts. The staff presentation noted the bill has a positive general‑fund impact of $10,700,000 over a four‑year outlook and that the bill adds consumer safeguards referenced by committee members.
Committee members spoke in favor of and explained support for the bills. Representative Orcutt said he is “not a big fan of the capital gains tax, but, since we do have it, we should make it so it can be administered,” and urged a yes vote on SB 53‑14. Representative Santos described SB 54‑57 as a statutory placement of longstanding administrative language. Representative Wallen supported SB 53‑16 and highlighted that it adds protections for consumers against locator fees.
All three bills were reported out of committee with due‑pass recommendations and no recorded amendments during the executive session.
