HB 24-1026

HB 24-1026 is a Colorado bill that requires local governments to ask voters again for permission to keep extra tax revenue they collected before November 9, 2020. This means if a city or county wants to continue using money beyond what was originally allowed by voter approval, they must hold another vote by November 2029 to get new consent from the residents. The bill has been signed into law, so local governments will need to start planning for these future votes according to its requirements.

Official Summary

Since section 20 of article X of the state constitution (TABOR) was approved by the registered electors of this state in 1992, local governments have successfully sought voter approval of revenue changes allowing the local governments to permanently retain revenue in excess of their TABOR fiscal year spending and property tax revenue limits. Current law does not limit the effective period of such voter-approved revenue changes, commonly referred to as waiver elections. The bill requires that, no later than the local elections to be held in November 2029, a local government that retains revenue in excess of either its fiscal year spending limit or property tax revenue limit pursuant to a waiver election held prior to November 9, 2020, must resubmit the ballot issue from the historic waiver election to the registered electors of the local government for re-approval.(Note: This summary applies to this bill as introduced.)