The act creates the occupational credential portability program (program) in the division of professions and occupations within the department of regulatory agencies, which permits a member of a regulated profession or occupation from another jurisdiction to obtain licensure, certification, registration, or enrollment in the profession or occupation in this state by endorsement, reciprocity, or transfer. The program is available to members of business and health care professions and occupations regulated by the division and the regulatory boards in the division for which licensure, certification, registration, or enrollment by endorsement is permitted under current law; except that the following professions and occupations are specifically excluded from the program: Combative sports; Electricians; Fantasy contests; Mortuaries and crematories; Nontransplant tissue banks; Outfitters and guides; Passenger tramway operators; Plumbers; Private investigators; Direct-entry midwives; and Surgical assistants and surgical technologists. Under the program, the director of the division and most regulatory boards and commissions within the division (regulators) are required to strive to reduce certification, registration, licensure, and enrollment barriers for applicants and to adopt rules to establish the program in the least burdensome way necessary to protect the public. The act also relocates the existing occupational credential exemption for military spouses to the new occupational credential portability program and modifies the exemption by specifying that the exemption is valid for 3 years and applying the exemption to all members of business and health care professions and occupations regulated by the division and the regulatory boards in the division. (Note: This summary applies to this bill as enacted.)
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The state treasurer is authorized to enter into a contract or contracts to establish a small business recovery loan program (loan program). The purpose of the loan program is to assist the state's recovery from the COVID-19 pandemic by leveraging private investment for loans to Colorado small businesses recovering from the COVID-19 crisis. The treasurer is authorized to contract with the Colorado housing and finance authority or a private entity selected through an open and competitive process. Subject to the availability of proceeds from insurance premium tax credit purchases, the state treasurer may invest up to $30 million in first loss capital from the small business recovery fund established in the act in fiscal year 2020-21, and up to $30 million in first loss capital in fiscal year 2021-22; except that the total invested across both fiscal years may not exceed $50 million. The investments must be made in tranches of no more than $10 million each. Each tranche must be matched at a 4-to-1 ratio by money invested from other sources before it is committed or deployed. Once the money in a tranche is matched, it must be used to make loans of working capital to Colorado businesses with between 5 and 100 employees that meet eligibility criteria. The loans must be between $30,000 and $500,000, with a maturity of up to 5 years. The state treasurer may not invest a new tranche of state money until the prior tranche is at least 90% invested in small business loans. When each tranche is deployed, it is subject to an initial period of time in which a portion of the money is allocated to each county on a basis proportionate to the county's share of small businesses or small business employees relative to the state, or a similar metric, or based on a formula that accounts for how affected each county has been by the COVID-19 pandemic. During this time period, the money allocated to the county is reserved for eligible borrowers located in that county. After the initial period of time passes, the money remaining in the tranche is available on a statewide basis. The small business recovery loan program oversight board (oversight board) is created in the department of the treasury (department). The oversight board consists of the state treasurer, the director of the minority business office on behalf of the office of economic development, a member appointed by the speaker of the house of representatives, a member appointed by the president of the senate, and a member appointed by the governor. The oversight board consults with the treasurer on the selection of a loan program manager, establishes certain terms and criteria applicable to the loan program in consultation with lending industry leaders and small business representatives, and provides oversight and guidance to the loan program to ensure it complies with statutory requirements and fulfills the purpose of assisting Colorado small businesses recovering from the COVID-19 crisis. The loan program manager must report on a quarterly basis to the oversight board. The oversight board must file written reports with the joint budget committee twice each fiscal year, and must report once each fiscal year for the first 2 years to the business committees of the house and senate. The department is authorized to issue insurance premium tax credits to insurance companies that are authorized to do business in Colorado and incur premium tax liability, subject to procedures established by the department. The department may contract or consult with an independent third party to manage the bidding process. The department is required to issue a tax credit certificate to each successful purchaser. The department is authorized to issue up to $40 million in tax credit certificates in fiscal year 2020-21. The department is authorized to issue up to an additional $28 million in tax credits in fiscal year 2021-22, unless an equivalent amount of federal money is appropriated or allocated to the program. A qualified taxpayer may claim the tax credit against its premium tax liability. For a tax credit certificate issued in fiscal year 2020-21, the qualified taxpayer may claim up to 50% of the credit in calendar year 2026, and may claim the remaining amount of the credit beginning in calendar year 2027. For a tax credit certificate issued in fiscal year 2021-22, the qualified taxpayer may claim the credit beginning in calendar year 2028. The amount of the credit claimed cannot exceed the taxpayer's premium tax liability for a given year. The unused amount carries forward and may be claimed in subsequent years; except that a credit cannot be claimed for premium tax liability incurred in a taxable year that begins after December 31, 2031. The act creates the small business recovery fund in the treasury. The fund consists of tax credit sale proceeds, any revenues, disbursements, or money returned to the state from the loan program, and any other money the general assembly appropriates or transfers to the fund. The money in the fund is continuously appropriated to the department to implement the loan program and to pay for the department's direct and indirect costs in administering the loan program and in issuing the tax credits. Beginning in fiscal year 2025-26, the treasurer must credit any unexpended and unencumbered money remaining in the fund at the end of a fiscal year to the general fund. The fund is repealed on July 1, 2029, and all unexpended and unencumbered money remaining in the fund is transferred to the general fund. (Note: This summary applies to this bill as enacted.)
The bill reauthorizes the Habitat for Humanity of Colorado fund (fund) income tax check-off for an additional 5 years . The fund first appeared on the list of voluntary contributions on the Colorado income tax forms for income tax year 2015. Under current law, it will come off of the form following income tax year 2019. The bill reauthorizes the fund to remain on the form for income tax years 2019 through 2024, and extends the repeal of the relevant statutes to January 1, 2026 so long as it meets the existing statutory requirement that a voluntary contribution fund must receive at least $50,000 in contributions each tax year. The part is repealed effective January 1 of the income tax year after the revisor of statutes receives notice that the fund will no longer appear on the form for failure to meet that threshold . (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 bill creates the Colorado Air and Space Port license plate for vehicles. Designated portions of the fees imposed by the bill for the issuance of the plate or a personalized version of the plate are credited to the highway users tax fund and the licensing services cash fund, and the remainder shall be used to make grants to colleges, universities, and vocational schools that provide programs in aerospace engineering, design, and maintenance.(Note: This summary applies to this bill as introduced.)
Energy Legislation Review Interim Study Committee. The bill ensures that clean energy resources and energy storage systems used to store electricity are assessed for valuation for the purpose of property taxation in a similar manner to renewable energy facility property used to generate and deliver electricity.(Note: This summary applies to this bill as introduced.)
The bill extends the repeal date of the innovative industries workforce development program for 5 years, until July 1, 2025. The bill also appropriates $900,000 from the general fund to the division of employment and training in the department of labor and employment to be used for program reimbursements during the fiscal year beginning July 1, 2020.(Note: This summary applies to this bill as introduced.)
The bill directs the state auditor to contract with a public or private entity to conduct a performance audit of the statewide public education accountability and accreditation systems. The bill specifies the issues that the performance audit must address. By October 1, 2021, and following release by the legislative audit committee, the final report of the performance audit must be submitted to the commissioner of education, the state board of education, and the education committees of the general assembly. The bill specifies the authority of the state auditor to access records and information held by public schools, school districts, and the state charter school institute. (Note: This summary applies to this bill as introduced.)
The act modifies various plans administered by the fire and police pension association (FPPA).The act modifies the state-assisted old hire pension plans as follows: There are 26 state-assisted old hire police officers' and firefighters' pension plans with 5 or fewer retirees or beneficiaries who are still receiving benefits. Current law states that the amount of annual local government contributions to those plans is an amount that will amortize the unfunded liabilities of the plan over a period not to exceed 20 years or the average remaining life expectancy of the pension fund's members. Section 1 of the act modifies the method by which the contribution is calculated to more precisely set contribution requirements as the plans' liabilities decrease. The act allows the FPPA board of directors (board) to consider the following when determining the contribution amount: Stabilizing the amount of the annual required contributions over time; keeping the funded ratio of the pension fund from declining; and reducing or eliminating contributions as may be prudent based on actuarial experience. The act modifies the statewide defined benefit plan as follows: Increase in employee and employer contributions: Current statute specifies that all members covered under the statewide defined benefit plan administered by the FPPA contribute 8% of their salary to the FPPA on a monthly basis. In addition, every employer employing members who are covered by the statewide defined benefit plan administered by the FPPA contributes 8% of the salary paid to such members to the FPPA on a monthly basis. In 2014, the members and employers of the statewide defined benefit plan authorized a 4% increase in the member contribution rate to be implemented over 8 years with an increase of 0.5% per year for a total employee contribution rate of 12% of salary. The first 0.5% increase in the member contribution rate occurred in 2015 and the member contribution rate will continue to increase by 0.5% each year thereafter through 2022. Sections 2, 3, and 4 of the act codify the increases in the member contribution rates that are already in effect and make required conforming amendments. Sections 2, 3, and 4 of the act increase the employer contribution rate by 4%, to be implemented over 8 years with an increase of 0.5% a year for a total employer contribution rate of 12% of salary. The act requires the first 0.5% increase in the employer contribution rate to occur in 2021 and requires an additional 0.5% increase each year thereafter through 2028. Retirement eligibility: Currently, a member of the statewide defined benefit plan may retire with a full retirement benefit if the member has completed at least 25 years of service and is at least 55 years old. A member of the statewide defined benefit plan is eligible for an early retirement with a reduced benefit if the member has either completed at least 30 years of service or is at least 50 years old. Section 2 of the act allows a member of the statewide defined benefit plan to retire with an unreduced retirement benefit if the member is at least 50 years old and has a combined age and years of service that is equal to at least 80. To cover the cost of the new full retirement benefit eligibility, section 2 of the act increases the employer contribution rate, in addition to all other increases in the employer contribution rate, by 1% of base salary to be implemented over 2 years. In 2021, the act requires the employer contribution rate to increase by 0.5% of base salary and in 2022, requires the employer contribution rate to increase by an additional 0.5% of base salary. The implementation of the increase may be deferred while other increases are being implemented. Conforming amendment to current plan: Originally, the pension benefit for members of the statewide defined benefit plan was capped at 50% of a member's highest average salary, even when the member earned more than 25 years of service credit. In the 1990s, the cap was eliminated by an amendment to the plan approved by election of the members and employers. Sections 3 and 4 of the act eliminate the cap to conform to the current plan benefits. Stabilization reserve account: When the statewide defined benefit plan was initially established, the revenue generated from the 8% member contribution rate and the 8% employer contribution rate was more than necessary to pay the normal costs of the defined benefit plan. Any money in excess of what was necessary to pay the normal costs of the plan was deposited into the stabilization reserve account. The stabilization reserve account consists of separate retirement accounts and upon retirement, members who have satisfied the vesting requirements of the plan are eligible for distributions from the account. Since the stabilization reserve account was established, benefits allowed under the statewide defined benefit plan have increased to the extent that all of the revenue generated from the member and employer contributions are required to pay the normal costs of the plan and money is no longer deposited into the stabilization reserve account. Sections 3, 5, and 6 of the act change the nature of the separate retirement accounts in the stabilization reserve account to defined contribution accounts, subject to self direction by the member. In addition, the act requires the board to transfer the balances of the separate retirement accounts in the stabilization reserve account to defined contribution accounts by a specified date. Authorization to increase contribution rate: Current law authorizes the board to increase the member contribution rate for members in the statewide defined benefit plan. Section 7 of the act authorizes the board to increase the member and employer contribution rates in equal amounts above the rates established pursuant to law or eliminate an increase in the member and employer contribution rates if certain specified conditions are satisfied, including approval by members and employers at an election proposing such increase or decrease. Continuing rate of contribution: Pursuant to current law, any county that does not cover, under the federal "Social Security Act", salaried employees whose duties are directly involved with the provision of law enforcement or fire protection may elect coverage under the statewide defined benefit plan and the statewide death and disability plan. Section 9 of the act specifies that the board may determine a continuing rate of contribution for all members who are active on the effective date of coverage to fund benefits to ensure that the affiliating employers' coverage does not have an adverse financial impact on the actuarial soundness of the plan. Employers that have withdrawn from the statewide defined benefit plan but later reenter the plan are required to pay a continuing rate of contribution for all members who are active on the effective date of coverage. The continuing rate of contribution is a contribution in addition to the member and employer contribution and accounts for increased costs associated with members employed by employers who reenter the plan. The board established the continuing rate of contribution pursuant to law; however, the rate set by the board was higher than necessary to pay the costs of benefits for impacted members and current law does not authorize the board to decrease the rate. Section 12 of the act authorizes the board to decrease the continuing rate of contribution when it determines that the rate is higher than what is necessary to pay the costs of the benefits of members who are employees of employers who rejoined the plan. The act modifies the death and disability plan as follows: For members hired on or after January 1, 1997, and who are eligible for death and disability coverage provided by the FPPA, current law requires a contribution to the death and disability account not to exceed 2.4% of the members salary; except that the board is authorized to increase the contribution rate every 2 years by 0.1%. The current rate is 2.8% of salary. Sections 8, 10, and 11 of the act increase the maximum contribution rate in 2021 to 3% of salary and authorize the board to increase the contribution every year by up to 0.2% of the member's salary. (Note: This summary applies to this bill as enacted.)
Federal law limits the amount of tax-exempt private activity bonds that may issued within each state and allows each state to provide by law a formula for allocating the limited amount of bonding authority among eligible bond issuers. The act eliminates the bond allocation committee that currently reviews and makes recommendations to the executive director of the department of local affairs (DOLA) regarding statewide priorities for the allocation of the limited amount of bonding authority and requires the state housing board to conduct the review and make the recommendations. The act also eliminates a cap on the amount of the direct allocation fee paid to DOLA by bond issuers that use the direct allocation of bonding authority to issue private activity bonds or that make a mortgage credit certificate election and eliminates the executive director's authority to promulgate rules to implement the statutes that govern private activity bond allocation. (Note: This summary applies to this bill as enacted.)
Anti Strategic lawsuit against public participation - motions to dismiss - appeal. The act establishes an expedited process for a court to follow in a civil action in which a defendant files a motion to dismiss based upon the fact that the defendant was exercising the defendant's constitutional right to petition the government or of free speech. The act also authorizes an interlocutory appeal of the granting or certain denials of the motion to dismiss.(Note: This summary applies to this bill as enacted.) Read More