Under existing law, the general assembly may annually appropriate up to $450,000 from the severance tax operational fund to the conservation district grant fund. The act increases the maximum amount to $700,000. The act makes the following one-time transfers: $18,259,805 from the severance tax operational fund to the general fund on June 30, 2025; $26,086,559 from the severance tax perpetual base fund to the general fund on July 1, 2024; and $25 million from the local government severance tax fund to the general fund on July 1, 2024. The act appropriates $250,000 from the severance tax operational fund to the department of agriculture. APPROVED by Governor May 22, 2024 EFFECTIVE May 22, 2024(Note: This summary applies to this bill as enacted.)
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The bill creates the economic development organization (EDO) action grant program (program) within the Colorado office of economic development (office) to provide grants to Colorado-based EDOs to support and increase EDO capacity to implement community-specific economic development programming, as identified in each EDO's program application. The office is required to administer the program in consultation with the Colorado economic development commission and a statewide economic development organization. The economic development organization grant program cash fund (fund) is created in the state treasury, and the office is required to award program grants from the fund. The state treasurer is required to transfer $2 million from the general fund to the fund on July 1, 2024.(Note: This summary applies to this bill as introduced.)
Property tax revenue limit. Beginning with the 2025 property tax year, section 1 of the act establishes a limit on qualified property tax revenue, as defined by the act, for local governments (limit). This limit does not apply to local governments that are home rule municipalities, school districts, have not received voter approval to exceed the statutory 5.5% property tax revenue limitation, or have not received voter approval to collect, retain, and spend the majority of their property tax revenue without regard to the limitations in section 20 of article X of the state constitution. The limit is equal to the local governmental entity's base year qualified property tax revenue increased by 5.5% for each year since the base year including the relevant property tax year. A local government may seek voter approval to waive the limit. A local governmental entity's base year qualified property tax revenue is: For a local governmental entity that had qualified property tax revenue for the 2023 property tax year, the local governmental entity's qualified property tax revenue for the 2023 property tax year, plus any money the local governmental entity received from the state to compensate the local governmental entity for reduced property tax revenue in the 2023 property tax year; For a local governmental entity that did not have qualified property tax revenue for the 2023 property tax year, the local governmental entity's qualified property tax revenue for the first year that the local governmental entity has property tax revenue; or If applicable, the local governmental entity's qualified property tax revenue for the most recent property tax year for which the local governmental entity's voters approved temporarily waiving the limit. If a local government's qualified property tax revenue would otherwise exceed the limit, the local government shall either establish a temporary property tax credit equal to the number of mills necessary to prevent the local government's qualified property tax revenue from exceeding the limit or temporarily reduce its mill levy. Nonresidential real property valuation reductions. Under current law, for nonresidential property, the valuation for assessment (valuation) is 29% of the actual value of the property. However, certain categories of nonresidential property had temporarily reduced valuations for property tax 2023. Section 2 extends these temporarily reduced valuations to property tax year 2024. Section 2 also permanently reduces the valuations for commercial and agricultural property as follows: For property tax year 2025, the valuation is 27% of the actual value of the property; and For property tax years commencing on or after January 1, 2026, the valuation is 25% of the actual value of the property. Residential real property valuation reductions. For the 2024 property tax year, section 4 makes 2 reductions to residential real property valuation by continuing the 2023 property tax year reductions to residential real property valuation: For multi-family residential real property, section 4 reduces the valuation from 6.8% of the actual value of the property to 6.7% of the amount equal to the actual value of the property minus the lesser of $55,000 or the amount that causes the valuation for assessment of the property to be $1,000 (alternate amount); and For all other residential real property, section 4 reduces the valuation from an estimated 7.06% of the actual value of the property to 6.7% of the amount equal to the actual value of the property minus the lesser of $55,000 or the alternate amount. For the 2025 property tax year, section 4 modifies residential real property valuation so that the valuation for all residential real property is: For the purpose of a levy imposed by a school district, 7.15% of the actual value of the property; and For the purpose of a levy imposed by a local governmental entity that is not a school district, 6.4% of the actual value of the property. For the 2026 property tax year and all future property tax years, section 4 also reduces the valuation for all residential real property from 7.15% of the actual value of the property. For all residential real property, the valuation is: For the purpose of a levy imposed by a school district, the lesser of 7.15% of the actual value of the property or a percentage of the actual value of the property determined by the property tax administrator pursuant to section 7; and For the purpose of a levy imposed by a local governmental entity that is not a school district, 6.95% of the amount equal to the actual value of the property minus the lesser of 10% of the actual value of the property or $70,000 as adjusted for inflation in the first year of each subsequent reassessment cycle. Qualified-senior primary residence residential real property. Senate Bill 24-111 created a new residential real property subclass: qualified-senior primary residence residential real property. In addition to the other reductions for resdiential real property made in section 4, section 4 makes the following valuation reductions for qualified-senior primary residence residential real property: For property tax year 2025, for the purpose of a levy imposed by a local governmental entity that is not a school district, 6.4% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of the actual value of the property or $70,000 or the alternate amount; For property tax year 2026, for the purpose of a levy imposed by a local governmental entity, 6.95% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of the actual value of the property or $70,000 or the alternate amount; and For property tax year 2025, for the purpose of a levy imposed by a school district, 7.15% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value or the alternate amount. Adjustable residential real property valuation. Section 7 requires legislative council staff to notify the state board of equalization of the first year after 2026 in which the local share of total program is equal to or greater than 60% of the total program determined pursuant to the "Public School Finance Act". For every property tax year after that year, the valuation for assessment for all residential real property, for the purpose of a levy imposed by a school district, is equal to the lesser of: 7.15% of the actual value of the property; or The percentage of the actual value of the property necessary for statewide school district property tax revenue divided by weighted total program to equal 0.6. Reimbursement of local governments. The state reimbursed local governmental entities for property tax revenue lost as a result of the reductions in valuation enacted in Senate Bill 22-238 and Senate Bill 23B-001. Section 9 establishes a reimbursement mechanism for certain local governmental entities other than school districts to account for property tax revenue lost as a result of the reductions in valuation in the act for the 2024 property tax year. The reimbursement mechanism requires the state to reimburse local governments in an amount equal to the decrease, if any, in assessed value between the 2022 and 2024 property tax years multiplied by the local governments' mill levy rate from the 2022 property tax year. Section 9 creates a fund out of which the state makes the reimbursements and requires the state treasurer to transfer to the fund $10,311,233 from the sustainable rebuilding program fund. Property tax deferral program. The existing property tax deferral program allows any person to defer the payment of the portion of real property taxes on the person's homestead that exceeds the tax-growth cap, which is an amount equal to the average of the person's real property taxes paid for the preceding 2 property tax years for the same homestead, increased by 4%. Beginning with the 2025 property tax year, section 10 removes the 4% tax-growth cap. Accordingly, beginning with the 2025 property tax year, a person may defer the payment of the portion of real property taxes on the person's homestead that exceeds the average of the person's real property taxes paid for the preceding 2 property tax years for the same homestead. Appropriation for state share of districts' total program funding. Beyond the appropriations in the act necessary for the administration of this act as outlined in sections 12 and 13, section 11 appropriates $378,861,731 to the department of education from the state education fund to cover the increases in the state share of districts' total program funding resulting from the assessed value reductions set forth in the act. APPROVED by Governor May 14, 2024 EFFECTIVE upon the date of the official declaration by the governor NOTE: This act does not take effect if either or both of the following occur at the next general election: An initiative that reduces valuations for assessment is approved by the people; An initiative that requires voter approval for retaining property tax revenue that exceeds a limit is approved by the people. If this act takes effect then this act takes effect upon the date of the official declaration of the vote for the general election held on November 5, 2024; except that section 3 of this act takes effect only if Senate Bill 24-111 does not become law, sections 4 and 8 of this act take effect only if Senate Bill 24-111 becomes law, section 6 of this act takes effect only if House Bill 24-1448 does not become law, and section 7 of this act takes effect only if House Bill 24-1448 becomes law. Senate Bill 24-111 was signed by the governor May 14, 2024. House Bill 24-1448 was signed by the governor May 23, 2024.(Note: This summary applies to this bill as enacted.)
Sections 1 and 2 of the bill create a high-emitter vehicle program for owners of motor vehicles that are not in compliance with emission standards and that have been issued a certification of emissions waiver (qualified vehicle). If the owner of a qualified vehicle resides in a nonattainment area for ozone and has unsuccessfully attempted to have the motor vehicle repaired to cure the noncompliance, the owner is eligible for a voucher of $850. The vouchers may be redeemed at qualified repair facilities that will bring the vehicle into compliance. The high-emitter vehicle program is funded by using up to 20% of the money in the AIR account in the highway users tax fund. The high-emitter vehicle program is administered by the nonattainment area air pollution mitigation enterprise, in coordination with the department of revenue, contractors that provide inspection services, and the clean screen authority. The high-emitter vehicle program repeals when Colorado meets federal ozone national ambient air quality standards (attainment). Section 3 requires the air quality control commission (commission) to create, in coordination with the lead agency for air quality planing for the Denver metropolitan area, a garden rebate program to increase the use of small electric motors used for outdoor power equipment. The program must: Provide a point-of-purchase rebate of the lesser of $150 or one-third of the price for each piece of outdoor power equipment purchased by the end user in a nonattainment area for ozone; Establish a registration system for qualified retailers; and Require the division to publicize the garden rebate program. The division of administration in the department of public health and environment (division) administers the garden rebate program, and the commission sets standards for qualified retailers to register for the program. If the garden rebate program exceeds its appropriation, the division may pause the program. The garden rebate program repeals January 1, 2030. Section 4 repeals the current tax credit for buying lawn and garden equipment with an electric motor. In current law, the clean fleet enterprise (enterprise) incentivizes and supports the use of electric motor vehicles for certain fleet uses, including transportation network companies. Sections 5 and 6 : Expand the program to include light-duty trucks; Authorize the clean fleet enterprise to provide grants of up to 80% of a local government's cost of acquiring motor vehicles that emit low levels of nitrogen oxides for the local government to use in its motor vehicle fleet; and Require the enterprise to prioritize making grants to local governments. The grant program authorization and prioritization repeal December 31, 2029. Section 7 requires the division to regularly perform, in the nonattainment area for ozone, photochemical modeling studies and data analysis designed to determine ambient air ozone levels and the effectiveness of policies for lowering ambient air ozone levels. The division is required to publish the results to the division's website and report the results to the commission and at its "SMART Act" hearing. Section 7 is repealed when Colorado achieves attainment.(Note: This summary applies to this bill as introduced.)
Current law creates the fourth-year innovation pilot program (pilot program) in the department of higher education (department) to disburse state funding to postsecondary education and training programs on behalf of low-income students who graduate early from a participating high school. The act limits pilot program participation to local education providers, groups of providers, and schools participating in the 2023-24 school year, but it does not cap the number of students who may receive postsecondary education scholarships through the pilot program. Current law requires the department to annually report to the department of education, the governor's office of state planning and budgeting, the joint budget committee, and the education committees of the general assembly certain information about the pilot program. The act adds a final evaluation component of the pilot program's data from each student cohort, the pilot program's outcomes and cost-effectiveness, and recommendations about any next steps beyond the pilot phase. APPROVED by Governor May 3, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
The act requires the state treasurer, on behalf of the state, to execute, no later than December 31, 2024, financed purchase of an asset or certificate of participation agreements (financing agreements) to finance capital costs related to the construction of facilities for 4 state institutions of higher education. The financing agreements are to be issued in an aggregate principal amount of up to $246,936,092 plus reasonable and necessary administrative, monitoring, and closing costs and interest, including capitalized interest. The anticipated annual state-funded payments for the principal and interest components due under the financing agreements must not exceed $17,500,000 with principal amortization not occurring before July 1, 2027. The proceeds from the financing agreements will be used for the following 4 capital projects: Construction of facilities for the university of northern Colorado's college of osteopathic medicine; Construction of a health institute tower for metropolitan state university of Denver; Construction of a veterinary health education complex for Colorado state university; and Renovation of Trinidad state college's valley campus main building to move nursing and allied health programs into the building, address deferred maintenance issues, and create an assembly space that will serve both the college and the community and a one-stop student services center to support career and technical education and allied health students. The act also requires a general fund transfer of $41,250,000 to the university of northern Colorado for deposit into an escrow account to be held in escrow in accordance with the requirements of the accrediting body of the college of osteopathic medicine. If the money in escrow, including interest, is released to the university of northern Colorado upon graduation of the first cohort from the college of osteopathic medicine, then the university shall provide notice of the release of escrow to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. Additionally, for the state fiscal year in which the escrow money is released, the amount that is to be paid to the university pursuant to its fee-for-service contract for that state fiscal year is reduced by the lesser of an amount equal to the amount of the escrow money or an amount equal to the amount of a portion of the escrow money that reduces the amount to be paid pursuant to the fee-for-service contract to zero. If the amount of the escrow money exceeds the amount due under such fee-for-service contract, then the amount the university of northern Colorado would otherwise receive from the college opportunity fund is reduced by an amount equal to the excess. If, after both reductions, there remains excess escrow money, then in the next state fiscal year the amount that is to be paid to the university of northern Colorado pursuant to its fee-for-service contract for that state fiscal year is reduced by an amount equal to the amount of the remaining escrow money. The university of northern Colorado must use the escrow money, or a portion of it, as applicable, for each applicable reduction as an offset for the reduction. If the escrow money is released for failure of the college of osteopathic medicine to complete accreditation, then the university of northern Colorado shall provide a report of this to the joint budget committee of the general assembly, to the state treasurer, and to the office of state planning and budgeting. For the period that the escrow money is held in escrow, the amount of unrestricted general fund year-end balances that must be retained as a reserve is reduced by $41,250,000. The appropriation to implement the act anticipates that the department of higher education will receive $246,936,092 in cash funds from the proceeds of the financing agreements and is anticipated to use the amount as follows: $127,542,028 for construction of the college of osteopathic medicine at the university of northern Colorado; $50,000,000 for construction of the health institute tower at metropolitan state university of Denver; $50,000,000 for construction of the veterinary health education complex at Colorado state university; and $19,394,064 for renovation of the valley campus main building at Trinidad state college. APPROVED by Governor May 1, 2024 EFFECTIVE May 1, 2024(Note: This summary applies to this bill as enacted.)
The act clarifies that the relative guardianship assistance program for children and youth and the adoption assistance program (programs) are entitlement programs. The state controller is authorized to allow overexpenditures for the programs. The act requires the department of human services (department) to report to the joint budget committee annually regarding actual and projected caseloads and expenditures for the programs. For the 2023-24 state fiscal year, the act appropriates $4,914,849 from the general fund and local funds to the department for use by the division of child welfare (division) for the programs. It is anticipated that the department will also receive $12,101,247 in federal funds. For the 2024-25 state fiscal year, the act appropriates $5,662,305 from the general fund and local funds to the department for use by the division for the programs. It is anticipated that the department will also receive $12,914,803 in federal funds. APPROVED by Governor April 29, 2024 EFFECTIVE April 29, 2024(Note: This summary applies to this bill as enacted.)
The act establishes the amounts by which the state board of health in the department of public health and environment (department) may increase the fees payable to the health facilities general licensure cash fund, the assisted living residence cash fund, and the home care agency cash fund. The fees are increased up to 8% in state fiscal year 2025-26; 6% in state fiscal years 2026-27, 2027-28, and 2028-29; and, in each fiscal year thereafter, an amount based on the percentage change reflected in the prior year's consumer price index. The act requires the state auditor to audit the efficiency of the department's use of the facility fees. APPROVED by Governor April 29, 2024 EFFECTIVE July 1, 2024(Note: This summary applies to this bill as enacted.)
The act requires the department of education (department) to apply to the United States department of agriculture for a statewide community eligibility provision if the department determines participation in a statewide community eligibility provision will maximize federal funding. The act requires the department to annually establish options for, and communicate the options to, school food authorities to maximize federal funding. A school food authority that chooses an option other than those established by the department will not receive healthy school meals for all program (program) funding and must use other eligible funding sources to cover the costs of serving free meals to all students at the schools of the school food authority. The act delays the implementation of the local food purchasing grant, the wage increase or stipend program for school meals food preparation and service employees (wage increase or stipend program), and the local school food purchasing technical assistance and education grant program until the 2025-26 budget year. The act requires the department to create a policy for school food authorities to maximize the collection of household income application forms for the national school lunch program to increase federal funding for the program. School food authorities that choose to participate in the program shall apply the policy to maximize the collection of household income application forms. The act creates the healthy school meals for all program cash fund (cash fund). On July 1, 2024, the state treasurer shall transfer the balance of the healthy school meals for all program general fund exempt account to the cash fund. The act creates the healthy school meals for all program technical advisory group (advisory group). As soon as practicable, the department shall convene the advisory group. The advisory group shall collaborate with school districts, the office of state planning and budgeting, and a representative from the department of agriculture to: Identify ways to maximize federal reimbursements; Reduce costs of the program; Review cost-savings options, including minimizing food waste; Strengthen the long-term resiliency of the healthy school meals for all cash fund; Create model revenue scenarios; Provide options and recommendations to balance program revenues and expenditures; and Draft a report with legislative and administrative recommendations and submit it to the education committees of the house of representatives and the senate, or any successor committees; the joint budget committee; the state board of education; and the governor. On January 1, 2024, the local school food purchasing program (purchasing program) and the local school food purchasing technical assistance and education grant program (grant program) repealed. The act recreates the purchasing program and the grant program, and extends the programs through the 2024-25 budget year. The act eliminates the authorization for department expenditures in excess of the appropriated amount to participating school food authorities for the wage increase or stipend program. The act amends appropriations related to the program, the purchasing program, and the grant program in the general appropriations act for the 2024-25 state fiscal year. Senate Bill 23-221, enacted in 2023, appropriated money from the general fund for the program. The act amends this appropriation so that the money for the program is appropriated from the state education fund created in section 17(4) of article IX of the state constitution. APPROVED by Governor April 29, 2024 EFFECTIVE April 29, 2024(Note: This summary applies to this bill as enacted.)