HB 22-1016

House Bill 22-1016 creates a new fund called "Feeding Colorado" in the state treasury. This allows Colorado taxpayers to make voluntary donations on their state income tax returns for this fund once there is space available and it's approved by the Department of Revenue. The money collected goes towards supporting Feeding Colorado, an organization that likely helps with food assistance programs. If the fund doesn't receive at least $50,000 in contributions within two years after being added to the tax form, it will be removed from future forms unless the state legislature decides otherwise. Since the bill has been signed into law, it is now active and taxpayers can start seeing this option on their tax returns once all necessary approvals are given.

Official Summary

The act creates the Feeding Colorado fund (fund) in the state treasury. A voluntary contribution designation line for the fund will appear on the state individual income tax return form (form) for the 5 income tax years following the year that the executive director of the department of revenue (department) certifies to the revisor of statutes that there is space available on the form and that the fund is next in the queue. Once the fund is placed on the form, the department is directed to determine annually the total amount contributed to the fund and report that amount to the state treasurer and the general assembly. The state treasurer is required to credit that amount to the fund, and the general assembly appropriates from the fund to the department the costs of administering money designated for the fund. After that amount is deducted, the money remaining in the fund at the end of a fiscal year is transferred to Feeding Colorado. Following the statutory 2-year grace period for new tax check-offs, the fund is required to achieve the minimum contribution amount of $50,000 per year to remain on the form. The fund is repealed on the sixth income tax year following the year in which the director files the certification, unless it is continued by the general assembly before then. (Note: This summary applies to this bill as enacted.)

Votes