Current rules of the energy and carbon management commission (commission) require oil and gas operators to submit certain reports (covered report) to the commission in the event of a spill or release of a hazardous chemical (incident). The bill enacts the "Community Right to Know Act" to create additional notification requirements in the event of an incident (notification requirements). On and after July 1, 2024, oil and gas operators must, within 24 hours after the discovery of an incident, submit a covered report to the commission and the following state agencies (notification agency): For an incident involving air emissions or water contamination, the department of public health and environment; For an incident involving public conveyances, the department of transportation; and For an incident that results from a clear act of sabotage, vandalism, or a terrorist activity, the division of homeland security and emergency management in the department of public safety. The oil and gas operator must also, within 24 hours after the operator's submission of the covered report to a notification agency, deliver the covered report to certain persons that are located near the well site where the incident was caused (affected persons). Within 24 hours after the receipt of a covered report from an oil and gas operator, a notification agency must: Confirm with the oil and gas operator that the oil and gas operator has provided the covered report to any affected persons; Provide the covered report to any affected persons that have not yet received a covered report from the oil and gas operator; Provide the covered report to the county public health department and the county emergency notification party of the county or counties where the incident occurred; and On and after July 1, 2025, provide the covered report to the person designated by the executive director of the department of local affairs (DOLA) to receive covered reports from the notification agencies (designated person). On and after July 1, 2025, no later than 24 hours after the receipt of a covered report for a certain heightened level of an incident (warning-level covered report) from a notification agency, if the county public health department has an existing opt-in notification system, the county public health department must notify medical professionals in the county that have opted in to the county public health department's notification system about the incident. On and after July 1, 2025, no later than 24 hours after the receipt of a warning-level covered report from a notification agency, the county emergency notification party must: If the county has an existing opt-in public emergency notification system, notify all individuals residing in the county that have opted in; and If the county does not have an existing opt-in public emergency notification system but has an existing public emergency notification system, notify all individuals residing in the county. On and after July 1, 2024, DOLA must maintain and routinely update a list of contact information for the county public health department and the county emergency notification party for each county in the state on DOLA's website. The bill also creates the hazardous chemical notification committee (committee) in DOLA. On or before July 1, 2025, the committee is required to develop content for a hazardous chemical notification website (website) that includes certain informational and educational content about hazardous chemicals, including short-term and long-term adverse health impacts, and an entry for each covered report received by the designated person on and after July 1, 2025. Beginning in the 2026 calendar year, and in each calendar year thereafter, the committee must meet on a quarterly basis to make updates to the content of the website. On or before July 1, 2026, and on or before each July 1 thereafter, DOLA must submit a written report (hazardous chemical notification report requirement) to the health and human services committee of the house of representatives and the health and human services committee of the senate, which report must include a summary of the notifications made by oil and gas operators, the notification agencies, county public health departments, and county emergency notification parties in the previous year. On or before July 1, 2025, and each calendar year thereafter, county public health departments and county emergency notification parties are required to provide a training to medical professionals and the public on the short-term and long-term adverse health impacts of exposure to hazardous chemicals and the notification requirements (training requirement). The bill provides for a repeal of the committee, the hazardous chemical notification report requirement, and the training requirement, effective September 1, 2034, after review in accordance with the general assembly's sunset review process. The bill also: Creates a $1,000 per day penalty for an oil and gas operator that does not comply with the notification requirements (violation); and Provides that if an oil and gas operator commits a violation 3 or more times, the oil and gas operator may not claim a waiver of liability for damages related to the third or subsequent violation.(Note: This summary applies to this bill as introduced.)
For property tax years commencing on or after January 1, 2025, the act creates a new subclass of residential real property called qualified-senior primary residence real property, which includes residential real property that as of the assessment date is used as the primary residence of an owner-occupier, as defined in the act, if: The owner-occupier applies to the county assessor for the classification in the manner required by the act; The owner-occupier previously qualified for the property tax exemption for qualifying seniors (exemption) for a different property for a property tax year commencing on or after January 1, 2020, and does not qualify for the exemption for the current property tax year; and The circumstances that qualify the property for the classification have not changed since the filing of the application. The act also: Classifies property that might otherwise be classified as multi-family residential real property that contains a unit that qualifies as qualified-senior primary residence real property as multi-family qualified-senior primary residence real property and treats such property as qualified-senior primary residence real property; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, sets the valuation for assessment for qualified-senior primary residence real property at 7.15% of the amount equal to the actual value of the property minus the lesser of 50% of the first $200,000 of that actual value or the amount that causes the valuation for assessment of the property to be $1,000; Establishes the processes by which an owner-occupier of residential real property may apply to have the owner-occupier's primary residence classified as qualified-senior primary residence real property and by which such an application is approved or denied; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, requires the state to reimburse local governmental entities that levy property taxes for total property tax revenue lost due solely to the reduced valuation for assessment of qualified-senior primary residence real property as compared to the valuation for assessment of other residential real property and specifies the process by which the proper amount of reimbursement is calculated and reimbursement is made; and For state fiscal years in which excess state revenues are required to be refunded pursuant to the Taxpayer's Bill of Rights, establishes the reimbursement to local governmental entities as a means of refunding such excess state revenues. APPROVED by Governor May 14, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
If the state exceeds its constitutional fiscal year spending limit, it is required by the Taxpayer's Bill of Rights (TABOR) to refund the excess state revenues (TABOR refunds). The act concerns the 4 TABOR refund mechanisms: a reimbursement to counties for lost property tax revenue, an income tax rate reduction, a sales and use tax rate reduction, and a sales tax refund. The first mechanism through which excess state revenues are refunded is a reimbursement paid to counties for allocation to local governments to offset the reduction in property taxes resulting from property tax exemptions for qualifying seniors, veterans with disabilities, and spouses of veterans who died in the line of duty or as a result of a service-related injury or disease (homestead exemptions). Additionally, for property tax years commencing on or after January 1, 2024, the reimbursement to local governments to offset the reduction in property taxes resulting from the newly reduced valuation for assessment of qualified-senior primary residences created in Senate Bill 24-111, concerning a reduction in the valuation for assessment of qualified-senior primary residence real property, joins the homestead exemptions reimbursement as the first TABOR refund mechanism. The temporary income tax rate reduction is active for income tax years 2024 through 2034. To refund excess state revenues from fiscal year 2023-24, the income tax rate for income tax year 2024 is temporarily reduced from 4.40% to 4.25%. After that year, if the amount of excess state revenues exceeds the projected total amount of TABOR refunds issued as reimbursement to counties for the homestead exemptions and the qualified-senior primary residence valuation reductions, then the state individual income tax rate is temporarily reduced by the following percentages according to the total amount of excess state revenues remaining after the homestead exemptions reimbursement and the qualified-senior primary residence reimbursement are paid (remaining excess state revenues): If the remaining excess state revenues are above $300 million but less than or equal to $500 million, the income tax rate is temporarily reduced by 0.04%; If the remaining excess state revenues are above $500 million but less than or equal to $600 million, the income tax rate is temporarily reduced by 0.07%; If the remaining excess state revenues are above $600 million but less than or equal to $700 million, the income tax rate is temporarily reduced by 0.09%; If the remaining excess state revenues are above $700 million but less than or equal to $800 million, the income tax rate is temporarily reduced by 0.11%; If the remaining excess state revenues are above $800 million but less than or equal to $1 billion, the income tax rate is temporarily reduced by 0.12%; If the remaining excess state revenues are above $1 billion but less than or equal to $1.5 billion, the income tax rate is temporarily reduced by 0.13%; and If the remaining excess state revenues are above $1.5 billion, the income tax rate is temporarily reduced by 0.15%. The sales and use tax rate reduction refund mechanism is active for fiscal years 2024-25 to 2033-34. Under this mechanism, if the amount of remaining excess state revenues is greater than $1.5 billion, as annually adjusted by a percentage equal to the percentage of allowable increase in state fiscal year spending, and exceeds the projected total amount of TABOR refunds issued as reimbursement to counties for the homestead exemptions and the qualified-senior primary residence valuation reductions, plus refunds issued through the temporary income tax rate reduction, then the state sales and use tax rates are temporarily reduced by 0.13%. Under the sales tax refund mechanism, all qualified individuals receive an identical refund amount unless the amount of excess state revenues to be refunded would make that identical refund exceed a certain threshold, in which case the excess state revenues are instead refunded through a 6-tier refund mechanism based on the qualified individual's adjusted gross income. The identical refund amount above which the 6-tier mechanism is triggered is tied to annual federal internal revenue service calculations of sales tax paid in the state by family size and income level; except that, if, by September 1 of any year, the executive director of the department of revenue has not received advice from the internal revenue service that such an identical refund is regarded as a refund of sales tax and not as an accession to wealth, the identical refund threshold remains the existing rate of $15. An individual may claim the sales tax refund by filing an income tax return or a specified assistance grant application by October 15 of the calendar year following the taxable year for which the refund is being claimed. Whether the TABOR refund mechanisms are triggered and, if so, how many of the mechanisms are triggered depends on the amount of excess state revenues remaining after reimbursement to counties for the homestead exemptions and the qualified-senior primary residence valuation reductions as follows: If remaining excess state revenues are less than or equal to $300 million, TABOR refunds are distributed only through the tiered or flat sales tax refund mechanism; If remaining excess state revenues are greater than $300 million but less than or equal to $1.5 billion, TABOR refunds are distributed first through the income tax rate reduction and then through the tiered or flat sales tax refund mechanism; and If remaining excess state revenues are greater than $1.5 billion, TABOR refunds are distributed first through the income tax rate reduction, next through the sales and use tax rate reduction, and finally through the tiered or flat sales tax refund mechanism. If there are not sufficient excess state revenues to pay the full amount of an income tax rate reduction refund mechanism or the sales and use tax rate reduction refund mechanism, then the affected refund mechanism is not triggered. The act also repeals statutory sections related to TABOR refund mechanisms that are no longer applicable, including the 4-tier sales tax refund mechanism to refund excess revenues from fiscal year 1997-98. For the 2024-25 state fiscal year, $59,443 is appropriated from the general fund to the department of revenue for personal services and tax administration IT system support. APPROVED by Governor May 14, 2024 PORTIONS EFFECTIVE May 14, 2024 PORTIONS EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
For the 2024 income tax year through the 2026 income tax year, the bill creates a nonrefundable income tax credit (credit), which cannot be carried forward, for a taxpayer who: Rents the taxpayer's primary residence in the state; and Has a federal adjusted gross income (AGI) that is less than or equal to $75,000 if filing a single return, or less than or equal to $150,000 $125,000 if filing a joint return (qualifying taxpayer). The amount of the credit is: $2,000 for 2 qualifying taxpayers filing a joint return with a federal AGI that is $50,000 $75,000 or less. For every $500 of AGI above $50,000, the amount of the credit is reduced by $10 $20. $1,000 for a qualifying taxpayer filing a single return with a federal AGI that is $25,000 or less. For every $500 of AGI above $25,000, the amount of the credit is reduced by $10 $20 . Notwithstanding the income-based reductions in the allowable credit amount, a qualifying taxpayer who also qualifies for a rent or heat assistance grant during calendar year 2024, 2025, or 2026, as applicable, is eligible to receive the full credit amount. In addition, the bill specifies that, to the extent permitted by federal law, the credit is not income or resources for the purpose of determining eligibility for the payment of public assistance benefits and medical assistance benefits authorized under state law or for a payment made under any other publicly funded programs or for eligibility determinations made under any affordable housing program provided by local, state, federal, or quasi-governmental entities. The bill specifies that a qualifying taxpayer who is eligible to claim any other income tax credit that is allowed to a taxpayer who rents the taxpayer's primary residence and has a federal AGI that is less than or equal to $75,000 if filing a single return, or less than or equal to $150,000 $125,000 if filing a joint return, may claim the income tax credit allowed in the bill or the other income tax credit allowed for income-qualified renters, but not both. The bill makes appropriations to the department of revenue and the department of personnel for the implementation of the bill. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Pension Review Commission. The bill creates a refundable income tax credit that is available for income tax years commencing on or after January 1, 2024, but prior to January 1, 2026, for a qualifying public employees' retirement association retiree, which means a full-time Colorado resident individual who: Is a retiree of the public employees' retirement association; Is 65 years of age or older at the end of the 2024 or 2025 income tax year; and Has an annual a federal adjusted gross income of no more than $38,000 as a single filer or $76,000 as a joint filer. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
The act requires the department of revenue (department) to share the contact information of a resident individual who claimed the earned income tax credit or the child tax credit, or both, on or before July 1 of each year with the department of early childhood, the department of health care policy and financing, the department of human services, the department of local affairs, the department of public health and environment, the department of corrections, the department of labor and employment, the behavioral health administration, and the department of higher education if requested. The information disclosed remains confidential, and the recipient departments may only use it for the purpose of benefit outreach , including sharing information about how to enroll, the information necessary to enroll, and, when possible, assisting with the application process. The act also requires the department to create a pilot program to assist up to100,000 resident households in filing or amending a tax return and claiming the federal and state earned income tax credit or child tax credit (credits) for up to 2 prior tax years. As resources allow, the department must select and collaborate with a third-party entity to identify resident households who may be eligible for the credits, instruct these resident households about the availability of the pilot program, develop a mechanism to share wage data, and develop a mechanism for resident households to digitally consent to having wage data shared with the third-party entity. As resources allow, the third-party entity will create a prefiled form for each resident individual who may be eligible for the pilot program. The pilot program must begin no later than August 15, 2025. The third-party entity shall secure the information shared pursuant to the pilot program. The third-party entity must report to the members of the senate and house finance committees no later than December 15, 2025, which report shall include the number of prefiled federal income tax returns completed, the number of each tax credit claimed as a result of the pilot program, an estimate of the amount of money claimed through the pilot program, the number of returns supported through information shared pursuant to the pilot program, and recommendations for improving and continuing the pilot program. A state, local, or tribal government (government) may use any data in its possession to automatically enroll, or send notice of potential eligibility to enroll to, any individual or household regarding any benefit program. A government may request an individual or household attest to receiving support from a benefit program or otherwise provide proof of the individual's or household's enrollment in any benefit program with the same or more restrictive enrollment requirements as evidence to enroll an individual or household in any other benefit program. The act appropriates $167,585 from the general fund to the department for fiscal year 2024-25 to implement the act. APPROVED by Governor May 14, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
The bill creates a new refundable tax credit to be claimed in tax years commencing on or after January 1, 2026, and before January 1, 2036. The credit may be claimed for certain costs related to the conversion of a commercial structure to a residential structure. In order to claim the credit, a person must submit an application, a conversion plan, and an estimate of the qualified conversion expenditures under the conversion plan (documents) to the governor's office of economic development (office). Within 90 days of receiving documents, the office shall review the documents, determine whether to reserve a tax credit for the applicant, and provide written notice to an applicant for whom the office determines to reserve a tax credit. The office may not reserve a tax credit in excess of $3 million for any one project and may not reserve more than $5 million of tax credits during any calendar year. If the office reserves less than $5 million in a calendar year, the office may reserve a total of $5 million plus the amount less than $5 million that the office did not reserve in the previous calendar year. An applicant for whom the office reserves a tax credit shall commence a conversion plan and incur 20% or more of the estimated qualified conversion expenditures (expenditures) within 18 months of receiving notice from the office that it is reserving a tax credit for the applicant. Such an applicant shall place in service the conversion set forth in a conversion plan on or before December 31, 2035. After an applicant has placed a conversion in service, the applicant shall notify the office and provide the office with documentation of the applicant's certification of the expenditures and a certified public accountant's review of the expenditures. Within 90 days of receiving this documentation, the office shall review this documentation and issue a tax credit certificate to the applicant in an amount equal to 25% of the expenditures. If, as of the last day of any taxable year within 15 taxable years from when the applicant placed a conversion in service, the structure that is the subject of the conversion plan is not a qualified residential structure, the qualified applicant shall add the full amount of the credit to its return as a recaptured credit for that taxable year. The bill requires the office, in consultation with the department of revenue, to submit an annual report to the general assembly on the impact of the tax credit and to promulgate any policies and procedures necessary to implement the tax credit. (Note: This summary applies to this bill as introduced.)
The act modifies 2 existing state income tax credits for child care expenses.One of the credits can be claimed by an individual who claims the federal credit allowed for child and dependent care expenses (federal credit). The other credit can be claimed under the same parameters as the first credit but by an individual who does not meet the minimum income threshold to be able to claim the federal credit. The act merges the 2 state income tax credits into one credit to be claimed for income tax years commencing on and after January 1, 2026, increases the amount of the credit from 50% of the federal credit to 70% of the federal credit, and allows the credit to be claimed by a resident individual whose federal adjusted gross income is less than or equal to $60,000, annually adjusted for inflation, without regard to income limitations imposed for claiming the federal credit. The act also clarifies that the credit is for expenses related to child care and dependent care, as such expenses are qualified under the federal credit. The act increases the amount of the state earned income tax credit (EITC or credit) that can be claimed by an individual as a percentage of the individual's federal earned income tax credit (federal credit) amount as follows: For the income tax year commencing on January 1, 2024, from the current level of 38% to 50%; For the income tax year commencing on January 1, 2025, from the current level of 25% to 35%; and For income tax years commencing on or after January 1, 2026, from the current level of 20% to 25%. Additionally, after income tax year 2024, the act allows for the amount of the credit to increase to a maximum of 50% based on an estimated adjustment factor which is calculated as the forecasted compound annual growth of state revenue that is otherwise nonexempt revenue in any fiscal year in relation to state fiscal year 2024-25. For income tax year 2025, the amount of credit may be claimed at 50% of the federal credit if the estimated adjustment factor is equal to or greater than 2%. For income tax year 2026 and all subsequent income tax years, the amount of credit is increased as follows: If the estimated adjustment factor is equal to or greater than 3% but less than 3.18%, the credit can be claimed at 30% of the federal credit; If the estimated adjustment factor is equal to or greater than 3.18% but less than 3.37%, the credit can be claimed at 35% of the federal credit; If the estimated adjustment factor is equal to or greater than 3.37% but less than 3.56%, the credit can be claimed at 40% of the federal credit; If the estimated adjustment factor is equal to or greater than 3.56% but less than 3.75%, the credit can be claimed at 45% of the federal credit; and If the estimated adjustment factor is equal to or greater than 3.75%, the credit can be claimed at 50% of the federal credit. The act also makes the state's corporate income tax more uniform compared to other states by replacing the current combined reporting standard with the multistate tax commission's standard. In addition, these sections modify the computation of receipts factor to make it more congruent with the unitary business principle. APPROVED by Governor May 14, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
The bill creates a tax incentive program to be administered by the department of agriculture and the department of revenue to encourage local food and beverage retailers to purchase agricultural commodities from local producers practicing regenerative agriculture. For income tax years commencing on or after January 1, 2024, but before January 1, 2029, January 1, 2026, but before January 1, 2031, qualifying retailers that purchase produce and animal products from qualifying local producers are allowed an income tax credit in an amount equal to 25% of the total amount paid for all such purchases by the qualifying retailer in the income tax year in accordance with the requirements and limitations set forth in section 2 of the bill. Section 3 makes a conforming amendment to allow the exchange between the department of agriculture and the department of revenue of otherwise confidential tax information pertinent to an income tax credit claim allowed pursuant to section 2. To claim the credit, a qualifying retailer must annually apply for and receive a tax credit certificate from the department of agriculture, which tax credit certificate must then be filed with the department of revenue. The department of agriculture shall not issue tax credit certificates that exceed an aggregate amount of $2,500,000 in a calendar year. Moreover, notwithstanding any other provision of the bill, if the June 2025 revenue forecast and each June revenue forecast thereafter through the June 2029 forecast, as prepared by either legislative council staff or the office of state planning and budgeting, projects that state revenues will not increase by at least 4% for the next fiscal year, then the amount of the credit any qualifying retailer may claim pursuant to the bill in said next fiscal year is reduced by 50%; except that, if the amount of a reduced tax credit is equal to or less than $500, then the department of agriculture shall not issue a tax credit certificate at all. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Section 1 of the bill clarifies that a request for general permit registration does not constitute having a valid construction permit (permit). Section 1 also requires the division of administration in the department of public health and environment (division) or the air quality control commission (commission), in evaluating a permit application for an emitting source (source) that includes an oil and gas system (oil and gas system), to: Aggregate emissions from the oil and gas system; and Include emissions from exploration and preproduction activities. Section 2 requires that the division or the commission only grant permits for certain proposed sources in a nonattainment area if: The division or commission determines that the proposed source will not contribute to an exceedance of any applicable national ambient air quality standard (determination); The owner or operator of the proposed source achieves emissions reductions of each air pollutant for which the nonattainment area is in nonattainment that are equal to or greater than the anticipated emissions of the proposed source; and The proposed source is not in a disproportionately impacted community. On and after January 1, 2025, the division or commission must base any determination on the modeling of air quality impacts from emissions (air quality modeling). If a permit is granted after air quality modeling is conducted: Any assumption used in the air quality modeling must be included in the permit as a permit condition; and Any averaging time utilized for a permit condition must be no greater than the averaging time for any applicable national ambient air quality standard. Section 3 requires the energy and carbon management commission to require that an oil and gas operator obtain a permit from the division or the commission before making a final determination on an oil and gas permit application.(Note: This summary applies to this bill as introduced.)
The bill creates the time-to-eat task force (task force) in the department of education (department) to evaluate Colorado school districts' and other states' policies regarding scheduled lunch time (time-to-eat policies) and repeals the task force, effective January 1, 2025. The bill creates the safe and healthy play grant program in the department to assist schools in implementing programs that support social and emotional learning through play.(Note: This summary applies to this bill as introduced.)
For income tax years commencing on or after January 1, 2026, but before January 1, 2033, the bill creates a new refundable state income tax credit for a qualified licensed veterinarian and a registered veterinary technician (veterinary professional) working full-time in an underserved area or under-resourced area (underserved area) and for a buyer of a veterinary practice in an underserved area. The department of agriculture (department) is required to certify tax credits for eligible veterinary professionals and buyers of a veterinary practice in an underserved area in an amount not to exceed, in aggregate, $2 million in any tax year. No later than July 1, 2025, the department is required to promulgate rules for issuing a tax credit certificate to an eligible veterinary professional working full-time in an underserved area and for a buyer of a veterinary practice in an underserved area using the recommendations of an advisory board (board) that consists of 3 licensed veterinarians, 3 registered veterinary technicians, 3 agricultural animal producers, and 3 representatives from animal welfare nonprofits chosen by the commissioner of agriculture. The department must promulgate rules that include criteria for the determination of which geographic areas of the state fall within the definition of an underserved or under-resourced area. The department must also promulgate rules that determine a mechanism to determine the tax credit amount the department is able to certify to an eligible veterinary professional working full-time in an underserved area that is no less than $5,000 and no more than $30,000 and to a buyer of a veterinary practice in an underserved or under-resourced area that is no less than $10,000 and no more than $200,000. (Note: This summary applies to this bill as introduced.)
