HB 24-1425

House Bill 24-1425, which has been approved and is now in effect, involves moving significant amounts of money from various state funds into the capital construction fund and the information technology capital account. Specifically, it transfers over $316 million to support capital projects and allocates an additional $500,000 for unspecified capital needs. The bill also includes a provision that prevents certain transfers if they are found to be non-compliant with federal or state laws or if they could affect the status of enterprises under Colorado's Taxpayer’s Bill of Rights (TABOR). This bill affects how funds are allocated for construction and technology projects in Colorado, ensuring that these projects have the necessary financial support.

Official Summary

The act requires the transfer, on July 1, 2024, of: $160,844,354 from the general fund to the capital construction fund; $70,811,334 from the general fund to the information technology capital account of the capital construction fund; $500,000 from the general fund exempt account of the general fund to the capital construction fund; $84,875,462 from the controlled maintenance trust fund to the capital construction fund; and $1,000,000 from the marijuana tax cash fund to the information technology capital account of the capital construction fund. Notwithstanding any provision of law that requires such a transfer, the act also prohibits the state treasurer from transferring money from the legal services cash fund to the capital construction fund or to any other fund if the joint budget committee of the general assembly notifies the state treasurer before the scheduled transfer date not to make the transfer after the attorney general notifies and certifies in writing to the joint budget committee that the transfer: Is not compliant with federal and state laws governing the money to be transferred; Is legally preempted by state constitutional restrictions or a federal law governing the money to be transferred; or Unlawfully transfers money in a manner that may terminate the qualification as an enterprise of any enterprise lawfully enacted under the provision of the state constitution known as the Taxpayer's Bill of Rights (TABOR). APPROVED by Governor April 29, 2024 EFFECTIVE April 29, 2024(Note: This summary applies to this bill as enacted.)

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