HB 17-1016

House Bill 17-1016, which has been signed into law, allows cities and towns in Colorado to exclude mineral resource extraction from their urban renewal tax plans. This means that when a city is working on revitalizing an area through urban renewal projects, any taxes generated by the mining or extraction of minerals within that area won’t be part of the special tax increment financing plan. Instead, these taxes will go directly to public bodies as usual, without being split into base and incremental revenues for the urban renewal project. This affects municipalities involved in urban renewal projects where mineral resources are extracted. Since the bill has been signed, it is now law and cities can start implementing its provisions.

Official Summary

The bill permits the governing body of a municipality, as applicable, to provide in an urban renewal plan that the valuation attributable to the extraction of mineral resources located within the urban renewal area is not subject to the division of taxes between base and incremental revenues that accompanies the tax increment financing of urban renewal projects. In such circumstances, the taxes levied on the valuation will be distributed to the public bodies as if the urban renewal plan was not in effect. The bill defines the terms 'mineral resources' and 'valuation attributable to the extraction of mineral resources.' (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Related Legislation

Votes