The hearing last Tuesday on HB 1796, First Time Home-Buyers Savings Account Act in the Senate Insurance and Banking Committee went well. Adam did a great job of explaining those areas that Rep. Becky Ruth didn’t cover (very few actually, she’s one of the best-prepared bill sponsors I’ve seen—teacher and Realtor are a great combination). The bankers, credit unions, and mortgage bankers all testified in support, and there was no opposition. Sen. Paul Wieman plans to have an executive session on the bill soon after the General Assembly returns from break.
The Senate perfected SB 590, limitations on Historic Tax Credits on Tuesday, March 13th. Some of the changes to the bill include increasing the cap from $70 million to $90 million; adding $30 million for projects in designated census tracts that have a poverty rate of 30% or greater; requiring that the rehabilitation begins within nine months rather the current two years. Still in the bill is the provision that gives authority to DED to consider additional factors before the credits may be awarded.
There are continuing discussions with both Sen. Hegeman and other stakeholders.
No report next week, the General Assembly is on break.