The members of the Senate-Fiscal Oversight committee have unanimously approved HB 1796 (First Time Homebuyers Savings Account) for further action by the Senate. Senate rules require any bill with a fiscal note (estimate of the cost of the program) of over $100,000 to be considered not only by the committee that hears it but also by the Fiscal Oversight committee. HB 1796 had a fiscal note of several million dollars hence the additional hearing. In preparation, Adam Davis and I met with every member of the committee to attempt to answer any questions, explain the alternate fiscal note that Adam constructed, and ask for their support. Adam carried most of the conversation because the Eastern Redbud is blooming and I’m violently allergic to them.
While only a few committee members committed, Sen. Rizzo, Sen. Nasheed, and Sen. Riddle none entirely dismissed the bill.
The members of the committee who voted for the bill were; Sen. Cunningham, Sen. Hegeman, Sen. Riddle, Sen. Rizzo, Sen. Sater and Sen. Wasson. Sen. Nasheed had been called away and was not able to vote.
The House-Special Committee on Government Oversight heard SB 590, (modifies historic tax credits) on Wednesday, April 18. A majority of the members of the committee do not appear to be fans of tax credits in any form, and that set the tone of the hearing.
No one testified in support of the bill, Jim Farrell who has been working on historic tax credits for nearly as long as I have orchestrated a great group of developers and other interested parties who presented the positive impact of the program. My testimony was limited to several technical issues that unless changed no matter what the cap would cripple the program.
There is another bill dealing with the Historic Tax Credit program, House Committee Bill 18. The bill should be available next week.