The act sets the minimum pay for a member of the state military forces engaged in any service ordered by the governor as the rate paid to an enlisted person holding the rank of E-4 with over 6 years of service. (Note: This summary applies to this bill as enacted.)
In response to the growing popularity of series limited liability companies (series LLCs) in the United States, in 2017 the Uniform Law Commission promulgated the "Uniform Protected Series Act" (UPSA or Act). The bill enacts the UPSA, effective January 1, 2021. Subpart 1 contains general provisions. The UPSA uses the term "protected series" to highlight the internal liability shields that are a defining characteristic of the Act, and to avoid confusion with the term "series", which is often used to refer to classes of interests in business entities that do not affect liabilities to third parties. If the requirements of the UPSA are satisfied, then assets of one protected series (referred to as "associated assets") are not available to satisfy claims of creditors of the LLC or of other protected series of the series LLC. Subpart 2 explains how to establish a protected series. Subpart 3 includes the record-keeping requirements that must be satisfied for an asset to qualify as an "associated asset" under the Act. Subpart 3 also provides rules for associating members with a protected series and addresses series transferable interests, management, and nonassociated members' rights to information. Subpart 4 covers limitations on liability and enforcement of claims. The Act provides 2 types of liability shields: Vertical and horizontal. The traditional vertical shield protects equity holders and managers from status-based liability for an organization's obligations. The horizontal shield protects a protected series of a series LLC and its associated assets from liability for the debts, obligations, and other liabilities of the company or of another protected series of the company. A creditor may enforce a judgment against another protected series of a series LLC by pursuing assets owned by the company or by another protected series of the company if the UPSA's requirements are not satisfied for these other assets (or "nonassociated assets"). Subpart 5 addresses grounds for dissolution and provisions for winding up. Subpart 6 includes restrictions on mergers and other entity transactions involving series LLCs and protected series. Subpart 7 addresses foreign protected series. Subpart 8 addresses transitional issues. (Note: This summary applies to this bill as introduced.)
For income tax years commencing on and after January 1, 2020, the bill: Reduces both the individual and the corporate state income tax rate from 4.63% to 4.49%; and Reduces the state alternative minimum tax by 0.14%.(Note: This summary applies to this bill as introduced.)
Sales and use tax - wholesale sales - agricultural commodities - fertilizer and spray adjuvants. Wholesale sales are not subject to sales and use taxes. The act includes sales of fertilizer and spray adjuvants used in the production of agricultural commodities in the definition of "wholesale sales" for sales and use tax purposes.(Note: This summary applies to this bill as enacted.) Read More
State sales tax exemption for farm equipment - extension - applicability to local sales taxes. Current law exempts cow identification systems and transponders used by a farm dairy to identify and track dairy cows from the state sales and use tax but does not otherwise exempt any equipment or systems used by a farm operation to identify or track food animals. By amending the statutory definition of "farm equipment", the act extends the existing state sales and use tax exemption to include, regardless of purchase price, any visual, electronic identification, or matched pair ear tags and electronic identification readers used to scan ear tags that are used by a farm operation to identify or track food animals, including animals used for food or in the production of food. Under the act the extension of the exemption only applies to a county or municipal sales tax if the county or municipality amends its sales tax ordinance to include the extension of the exemption.(Note: This summary applies to this bill as enacted.) Read More
Regulation of public livestock markets - continuation under sunset law - licensure. The automatic termination date of the regulation of public livestock markets is extended until 2034 pursuant to sunset law. Section 3 repeals a requirement that an applicant for a license prove financial stability, business integrity, and fiduciary responsibility and to provide a statement of assets and liability. Section 4 repeals a requirement that a licensed livestock market meet several size and premises standards. Section 4 replaces this with a requirement that a premises have adequate facilities necessary to operate a public livestock market. Sections 5 and 6 repeal provisions that imply that the state board of stock inspection commissioners regulate the sanitation of public livestock markets. Section 7 clarifies that the veterinarian who inspects livestock at a public livestock market is not employed by the department of agriculture and that livestock is inspected, not examined, for clinical signs of injury or disease. Section 7 also requires the veterinarian to be accredited. (Note: This summary applies to this bill as enacted.) Read More
Seed potato act - continuation under sunset law. The act continues the regulation of seed potato growers and implements the recommendations of the department of regulatory agencies' 2018 sunset review and report on the "Colorado Seed Potaato Act" by: Extending regulation of seed potato growers until 2028 (sections 1 and 7 of the act); Repealing an obsolete provision authorizing uncertified seed potatoes to be used before January 1, 2012 (section 2); Repealing the option to have an independent auditor perform the review of records required by the act (sections 3 and 4); Requiring the committee of area no. 2 to pay the fees that implement seed potato regulation (section 5); and Repealing the provision that limits the amount of a fine to $2,500 (section 6).(Note: This summary applies to this bill as enacted.) Read More
