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.)
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From money given to the state pursuant to the federal "Coronavirus Aid, Relief, and Economic Security Act", commonly referred to as the "CARES Act", the bill allocates $10 million from the care subfund in the general fund to the energy outreach Colorado low-income energy assistance fund administered by the Colorado energy office for use by energy outreach Colorado on or before December 30, 2020, to provide direct utility bill payment assistance to households facing economic hardship due to the COVID-19 pandemic. (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 creates the food pantry assistance grant program (grant program) to aid Colorado food pantries and food banks in the purchase of foods to meet the needs of their clientele, which has expanded significantly as a result of the COVID-19 public health emergency. A secondary purpose of the grant program is to create new market opportunities for Colorado's agricultural producers. Food purchased by a grant recipient using grant money from the grant program must be designated as a Colorado agricultural product. The department of human services (department) is directed to administer and monitor the grant program. The act repeals the grant program, effective June 30, 2022. The act authorizes an allocation of money from the "Coronavirus Aid, Relief, and Economic Security Act" (CARES Act) subfund in the general fund to the department for the grant program to meet expenses not approved as of March 27, 2020, and are necessary to respond to the COVID-19 public health emergency. The appropriations must be expended on or before December 30, 2020. For the 2019-20 state fiscal year, $500,000 is appropriated to the department of human services from the care subfund in the general fund. The department of human services may use this appropriation for the food pantry assistance grant program. Any money appropriated not expended prior to July 1, 2020, is further appropriated to the department of human services for the period from July 1, 2020, through December 30, 2020, for the same purpose. (Note: This summary applies to this bill as enacted.)
The act provides eviction assistance, rental assistance, residential mortgage assistance, and guidance on other housing assistance to households facing financial hardship due to the COVID-19 pandemic. In determining how to distribute rental assistance, the division of housing in the department of local affairs (division) is required to prioritize: Homeless families with dependents or other children enrolled in preschool, elementary, or secondary schools; Medicaid clients in nursing homes who are able to live in their communities with in-home services; Family unification and related services; Homeless or disabled veterans; Low-income households with an income at or below one hundred percent of the area median income; Survivors of domestic violence; People experiencing homelessness who are at a higher risk of contracting COVID-19 according to the federal centers for disease control; and Entities that provide direct services to youth experiencing or at risk of experiencing homelessness. In determining how to distribute residential mortgage assistance, the division is required to prioritize households with an income at or below 100% of the area median income. From money given to the state in the federal "Coronavirus Aid, Relief, and Economic Security Act": $350,000 is appropriated to the judicial department for use by the eviction legal defense grant program; and $19,650,000 is transferred from the care subfund in the general fund to the housing development grant fund administered by the division.(Note: This summary applies to this bill as enacted.)
The bill extends indefinitely the voluntary income tax return check-off for contributions to the Colorado domestic abuse program fund (fund). The bill also authorizes the department of human services to seek gifts, grants, and donations for the fund and to expend such money for domestic abuse programs. (Note: This summary applies to this bill as introduced.)
Under existing law, the office of transportation safety within the office of the executive director of the department of transportation (department) receives funding from the law enforcement assistance fund (LEAF fund) to provide funding to local governments that have established a qualified drunk driving prevention and law enforcement program. The department receives funding from the first time drunk driving offender account in the highway users tax fund for high-visibility drunk driving enforcement. The bill requires the general assembly to annually appropriate $2 million to the department for allocation to local government programs that implement high-visibility drunk driving enforcement. The bill repeals department funding for high-visibility drunk driving enforcement from the first time drunk driving offender account and repeals office of transportation safety funding from the LEAF fund. (Note: This summary applies to this bill as introduced.)
Currently, under the federal educator expense deduction, an eligible educator can claim a deduction, not to exceed $250, for the purchase of school supplies and certain professional development courses. The bill creates a state income tax credit for an eligible educator for the purchase of school supplies that qualify for the deduction that exceeds $250 but are less than $750. The amount of the credit that exceeds the educator's income taxes is refunded to the educator.(Note: This summary applies to this bill as introduced.)
The bill creates the smart school bus safety pilot program (pilot program) in the department of public safety (department) to increase the safety of students and the security of school buses. The department is required to enter into an agreement with an organization to administer the pilot program (program administrator). The program administrator must notify school districts of the program; develop and maintain a website, online service, online application, or mobile application, or a combination thereof, to provide secure parental notification, at no cost to parents, relating to school bus and student status; recruit school bus drivers; inform and educate the public about school bus transportation safety; and develop funding sources for school transportation safety. The department awards 3-year grants to school districts for the provision of hardware and software that will allow the bus to communicate directly with first responders by voice communication and by using a silent duress alarm; the maintenance of that equipment; training; and providing secure parental notification, at no cost to parents, relating to school bus and student status. The program administrator must provide support for grant recipients. (Note: This summary applies to this bill as introduced.)
Joint Budget Committee. Pursuant to the declaration of a state fiscal emergency (emergency declaration), for the 2020-21 fiscal year only, the bill expands the purposes for which tobacco tax revenues in the tobacco education programs fund and the prevention, early detection, and treatment fund may be used to include any health-related purpose and to serve populations enrolled in the children's basic health plan and the Colorado medical assistance program at the programs' respective levels of enrollment as of January 1, 2005. Also pursuant to the emergency declaration, for the 2020-21 fiscal year only, the bill authorizes grantees under certain programs funded through tobacco tax revenue to use the grant money to investigate and control the spread of COVID-19. The bill repeals an obsolete provision of law. The bill makes and reduces certain appropriations. (Note: This summary applies to this bill as introduced.)