Under current law, the air quality control commission (commission) consists of 9 members. As of October 1, 2024, section 2 of the bill increases the membership of the commission to 11 members to include: One member who represents a disproportionately impacted community and the interests of communities of color and who does not derive income from an entity that the commission regulates; and One climate scientist employed by an organization that does not derive income from an entity that the commission regulates. Under current law, the commission is required to adopt rules regulating greenhouse gas (GHG) emissions from the industrial and manufacturing sector (sector). Section 3 requires the commission to adopt rules, to be implemented by January 1, 2025, that: Prohibit GHG emissions from the sector from increasing in the near term and require sector-wide emissions not to exceed 97 million metric tons of total carbon dioxide equivalent cumulatively between 2025 and 2030; Prohibit a sector source from complying with GHG emissions compliance obligations by making a payment unless the payment is made in exchange for GHG credit that is surrendered as part of a GHG credit trading program; and Establish source-specific GHG emission reduction requirements that must be met through direct reductions of GHG emissions for a sector source that adversely affects a disproportionately impacted community. Section 3 also clarifies the definition of "GHG credit", as applied to the requirement for commission rule-making, to include an allowance to emit one metric ton of carbon dioxide equivalent of GHG by a regulated source.(Note: This summary applies to this bill as introduced.)
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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.)
Based on the findings and recommendations of the committee on legal services, the act extends all state agency rules that were adopted or amended on or after November 1, 2022, and before November 1, 2023, with the exception of certain rules of the following agencies, as specifically listed in the act: The rule of the state board of education concerning rules for the development, expansion, implementation, and management of the regional service areas; The rule of the medical services board concerning inpatient payment rates for opioid antagonist; The rules of the executive director of the department of revenue concerning the wildfire mitigation measures income tax subtraction; and The rules of the executive director of the department of revenue concerning the wildfire mitigation measures income tax credit. Those specified rules will expire as scheduled in the "State Administrative Procedure Act" on May 15, 2024, on the grounds that the rules conflict with statute. APPROVED by Governor May 10, 2024 EFFECTIVE May 10, 2024(Note: This summary applies to this bill as enacted.)
The bill amends the Colorado "Uniform Consumer Credit Code" (UCCC) to change the terms and interest rates a nondepository institution may charge in a consumer credit transaction. For a consumer credit transaction in which a nondepository institution makes a supervised loan or a consumer credit sale, the bill amends the calculation of the total amount of the finance charge that the nondepository institution may contract for and receive to include the total cost of specific additional charges. The bill amends the additional charges that the nondepository institution may contract for and receive and subjects specified additional charges to rule-making by the administrator of the UCCC (administrator). The bill removes the requirement that the rules issued by the administrator be consistent with the federal "Truth in Lending Act" and the federal "Consumer Leasing Act". (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 establishes that evidence that a person has engaged in an unfair or deceptive trade practice constitutes a significant impact to the public. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Effective September 1, 2024, the act makes changes to Colorado's occupational credential portability program (program) relating to the spouses and dependents of military members and other qualified servicemembers serving in the United States uniformed services, including: In addition to military spouses already covered by the program, allowing gold star military spouses, dependents of military members, and spouses and dependents of other qualified servicemembers who are licensed, certified, registered, or enrolled in a profession or occupation (credentialed) in good standing in another state or United States territory (current state) to be credentialed in Colorado by endorsement from the current state to practice the same profession or occupation in Colorado; Allowing an applicant to be credentialed under the program if the applicant committed an act that would have been grounds for discipline in this state, but for which the applicant remains in good standing in the current state because the act is not grounds for discipline in the current state; Removing the 3-year limitation and nonrenewal provision for a military spouse's credential and allowing military spouses, gold star military spouses, military dependents, and spouses and dependents of other qualified servicemembers to obtain a renewable 6-year credential while in Colorado; Waiving the application and renewal fee for Colorado credentials issued to military spouses, gold star military spouses, military dependents, and spouses and dependents of other qualified servicemembers; and Expanding eligibility for the program to spouses and dependents of Armed Forces Reserve, Ready Reserve, National Guard members in Colorado, and spouses and dependents of other qualified servicemembers. APPROVED by Governor April 17, 2024 EFFECTIVE September 1, 2024(Note: This summary applies to this bill as enacted.)
The Colorado constitution prohibits the general assembly from enacting law that is retrospective in its operation. The concurrent resolution amends the Colorado constitution to authorize the general assembly to pass a retrospective law that permits a victim of sexual abuse that occurred while the victim was a minor to bring a civil claim for the sexual abuse. The concurrent resolution permits the general assembly to waive governmental immunity, by a law that is retrospective in its operation, for a child sexual abuse civil claim.(Note: This summary applies to this concurrent resolution as introduced.)
Legislative Oversight Committee Concerning Tax Policy. The bill establishes that, for property tax years commencing on or after January 1, 2026, a short-term rental unit, which is an improvement that is designated and used as a place of residency by a person, family, or families, but that is also leased for overnight lodging for less than 30 consecutive days in exchange for a monetary payment (short-term stay) and is not a primary residence, and the land upon which the improvement is located, may be classified as either residential real property or lodging property. If, during the previous property tax year, a short-term rental unit was leased for short-term stays for more than 90 days, then it is classified as lodging property. Otherwise, it is classified as residential real property. Actual value for a short-term rental unit that is classified as lodging property is to be determined solely by application of the market approach to appraisal. The bill also specifies, with an exception for a property that qualifies as a bed and breakfast, that a building designed for use predominantly as a place of residency by a person, a family, or families but that is actually used, or available for use, to provide short-term stays only is a hotel and motel. For purposes of applying the classification of either residential or lodging to a short-term rental unit, annually, the assessor is required to send notice to owners of short-term rental units of the number of days during the prior property tax year that the assessor has determined the property was leased for short-term stays. An owner must sign and return the notice and, if the owner disputes the number of days the property was leased for short-term stays, the owner must provide evidence demonstrating a different number of days the property was leased for short-term stays. Additionally, the property tax administrator is required to establish and administer a pilot program to develop a statewide database and uniform reporting system to track short-term rental units. (Note: This summary applies to this bill as introduced.)
The act permits, subject to conditions, concurrent legislative jurisdiction between the state of Colorado and the United States over specified United States military installation property. APPROVED by Governor April 4, 2024 EFFECTIVE April 4, 2024(Note: This summary applies to this bill as enacted.)