HB 24-1413

House Bill 24-1413, which has been approved and signed into law, increases the amount of money that can be transferred from a severance tax fund to support conservation efforts in Colorado. It also makes significant one-time transfers totaling over $69 million from various severance tax funds to the state's general fund by specific dates in 2024 and 2025. Additionally, it allocates $250,000 to the Department of Agriculture from a severance tax operational fund. This bill affects how these funds are distributed and impacts both conservation projects and state finances. Since it has been signed into law, the changes outlined in the bill will take effect immediately.

Official Summary

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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