SB 17-260

Senate Bill 17-260, which has been signed into law, requires that on June 30, 2018, $11.425 million each from two state funds related to severance taxes (the perpetual base fund and the operational fund) and $22.85 million from a local government severance tax fund be transferred to the general fund of Colorado. This transfer will help increase the state’s overall budget resources but reduces the amount available in these specific severance tax-related funds, which support various energy industry programs and local governments. Since it has been signed, this bill is now law and the required transfers are set to occur on the specified date unless further action changes it.

Official Summary

Joint Budget Committee. On June 30, 2018, the state treasurer is required to transfer the following amounts to the general fund: $11.425 million from the severance tax perpetual base fund; $11.425 million from the severance tax operational fund; and $22.85 million from the local government severance tax fund.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Votes