Colorado 2022 Regular Session

Colorado House Bill HB1328 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-third General Assembly
	3	+	STATE OF COLORADO
	4	+	REVISED
	5	+	This Version Includes All Amendments Adopted
	6	+	on Second Reading in the Second House
	7	+	LLS NO. 22-0942.01 Megan Waples x4348
1	8		HOUSE BILL 22-1328
2		-	BY REPRESENTATIVE(S) Titone and McLachlan, Amabile, Bernett,
3		-	Esgar, Froelich, Herod, Hooton, Jodeh, Kipp, Lindsay, McCormick,
4		-	Valdez D.;
5		-	also SENATOR(S) Donovan, Bridges, Buckner, Fields, Ginal, Gonzales,
6		-	Hinrichsen, Jaquez Lewis, Lee, Pettersen, Story, Winter, Zenzinger,
7		-	Fenberg.
	9	+	House Committees Senate Committees
	10	+	Business Affairs & Labor Finance
	11	+	Finance Appropriations
	12	+	Appropriations
	13	+	A BILL FOR AN ACT
8	14		C
9		-	ONCERNING MODIFICATIONS TO THE "COLORADO LOANS FOR INCREASING
10		-	MAIN STREET BUSINESS ECONOMIC RECOVERY ACT".
11		-	Be it enacted by the General Assembly of the State of Colorado:
12		-	SECTION 1. In Colorado Revised Statutes, 24-36-203, amend
13		-	(4)(b) and (4)(c) as follows:
14		-	24-36-203. Definitions. As used in this part 2, unless the context
15		-	otherwise requires:
16		-	(4) "Eligible borrower" means a business that, as determined by the
17		-	oversight board:
	15	+	ONCERNING MODIFI CATIONS TO THE "COLORADO LOANS FOR101
	16	+	I
	17	+	NCREASING MAIN STREET BUSINESS ECONOMIC RECOVERY102
	18	+	A
	19	+	CT".103
	20	+	Bill Summary
	21	+	(Note: This summary applies to this bill as introduced and does
	22	+	not reflect any amendments that may be subsequently adopted. If this bill
	23	+	passes third reading in the house of introduction, a bill summary that
	24	+	applies to the reengrossed version of this bill will be available at
	25	+	http://leg.colorado.gov
	26	+	.)
	27	+	The bill adjusts various requirements applicable to the "Colorado
	28	+	Loans for Increasing Main Street Business Economic Recovery Act"
	29	+	(program) that provides small business recovery loans to Colorado
	30	+	businesses, funded in part through the sale of premium tax credits. The
	31	+	bill:
	32	+	SENATE
	33	+	2nd Reading Unamended
	34	+	May 10, 2022
	35	+	HOUSE
	36	+	3rd Reading Unamended
	37	+	May 5, 2022
	38	+	HOUSE
	39	+	2nd Reading Unamended
	40	+	May 4, 2022
	41	+	HOUSE SPONSORSHIP
	42	+	Titone and McLachlan, Amabile, Bernett, Esgar, Froelich, Herod, Hooton, Jodeh, Kipp,
	43	+	Lindsay, McCormick, Valdez D.
	44	+	SENATE SPONSORSHIP
	45	+	Donovan,
	46	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	47	+	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
	48	+	Dashes through the words indicate deletions from existing statute. ! Extends the period through which the program can issue
	49	+	capital for the loan program through fiscal year 2023-24;
	50	+	! Increases the amount of capital that can be issued in the last
	51	+	3 fiscal years without increasing the total amount that can
	52	+	be issued for the life of the program;
	53	+	! Lowers the minimum amount of a loan to a small business
	54	+	from $30,000 to $10,000;
	55	+	! Lengthens the maximum initial maturity of a loan to a
	56	+	small business from 5 years to 10 years;
	57	+	! Changes the requirements for an eligible borrower to
	58	+	require one year of positive cash flow instead of 2, and at
	59	+	least one employee instead of at least 5 employees;
	60	+	! Clarifies the benchmarks that apply to the program for
	61	+	making loans to businesses owned by socially and
	62	+	economically disadvantaged individuals;
	63	+	! Extends the time for the program to issue tax credits
	64	+	through state fiscal year 2022-23;
	65	+	! Allows tax credits issued in fiscal years 2021-22 and
	66	+	2022-23 to be claimed on a schedule beginning in a taxable
	67	+	year that begins on or after January 1, 2023; and
	68	+	! Removes a requirement that if additional state or federal
	69	+	money is appropriated or allocated to the program, the
	70	+	value of the tax credits authorized by the program must be
	71	+	reduced by the same amount.
	72	+	Be it enacted by the General Assembly of the State of Colorado:1
	73	+	SECTION 1. In Colorado Revised Statutes, 24-36-203, amend2
	74	+	(4)(b) and (4)(c) as follows:3
	75	+	24-36-203. Definitions. As used in this part 2, unless the context4
	76	+	otherwise requires:5
	77	+	(4) "Eligible borrower" means a business that, as determined by6
	78	+	the oversight board:7
18	79		(b) Has at least five
19		-	ONE but fewer than one hundred employees;
20		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
21		-	officers and the Governor. To determine whether the Governor has signed the bill
22		-	or taken other action on it, please consult the legislative status sheet, the legislative
23		-	history, or the Session Laws.
24		-	________
25		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
26		-	through words or numbers indicate deletions from existing law and such material is not part of
27		-	the act. (c) Can demonstrate that it had at least two consecutive years ONE
28		-	YEAR
29		-	of positive cash flow prior to February 29, 2020
30		-	AS DETERMINED BY
31		-	THE OVERSIGHT BOARD
32		-	; and
33		-	SECTION 2. In Colorado Revised Statutes, 24-36-205, amend
34		-	(3)(a)(II), (3)(b), (4)(a), (4)(b) introductory portion, (4)(b)(I), (4)(b)(II), and
35		-	(4)(d) as follows:
36		-	24-36-205. Small business recovery loan program - creation -
37		-	requirements - oversight. (3) (a) Notwithstanding any restriction on the
38		-	investment of state money set forth in section 24-36-113 or in any other
39		-	provision of law, subject to the availability of money in the small business
40		-	recovery fund and the requirements of this part 2:
41		-	(II) Subject to the limitations in subsection (3)(b) of this section, in
42		-	fiscal year
43		-	YEARS 2021-22, 2022-23, AND 2023-24, the state treasurer may
44		-	provide up to thirty A TOTAL OF FORTY million dollars in first loss capital to
45		-	a loan program or programs or to the Colorado credit reserve from the small
46		-	business recovery fund.
47		-	(b) The money provided under this subsection (3) must be provided
48		-	in tranches of ten million dollars or less, up to a maximum amount of fifty
49		-	million dollars in all tranches combined across fiscal years 2020-21 and
50		-	2021-22 THROUGH 2023-24. The state treasurer shall not provide a tranche
51		-	to a loan program or to the Colorado credit reserve until at least ninety
52		-	percent of the money in any prior tranche has been invested in small
53		-	business loans in accordance with subsection (4) of this section, as
54		-	determined by the oversight board and certified by the loan program
55		-	manager. Money provided to the Colorado credit reserve is considered
56		-	invested in small business loans for the purposes of this subsection (3)(b)
57		-	once it is paid to the Colorado housing and finance authority.
58		-	(4) Any contract for the administration of a loan program must
59		-	include the following terms in order to receive money provided by the state
60		-	treasurer pursuant to subsection (3) of this section:
61		-	(a) Except for money contributed to the Colorado credit reserve, the
62		-	money provided by the state treasurer in a single tranche shall not be
63		-	committed pursuant to a contract relating to a loan program until money is
64		-	PAGE 2-HOUSE BILL 22-1328 committed pursuant to a contract relating to a loan program from other
	80	+	ONE but fewer than one hundred employees;8
	81	+	(c) Can demonstrate that it had at least two consecutive years ONE9
	82	+	YEAR of positive cash flow prior to February 29, 2020 AS DETERMINED BY10
	83	+	THE OVERSIGHT BOARD; and11
	84	+	1328-2- SECTION 2. In Colorado Revised Statutes, 24-36-205, amend1
	85	+	(3)(a)(II), (3)(b), (4)(a), (4)(b) introductory portion, (4)(b)(I), (4)(b)(II),2
	86	+	and (4)(d) as follows:3
	87	+	24-36-205. Small business recovery loan program - creation -4
	88	+	requirements - oversight. (3) (a) Notwithstanding any restriction on the5
	89	+	investment of state money set forth in section 24-36-113 or in any other6
	90	+	provision of law, subject to the availability of money in the small business7
	91	+	recovery fund and the requirements of this part 2:8
	92	+	(II) Subject to the limitations in subsection (3)(b) of this section,9
	93	+	in fiscal year YEARS 2021-22, 2022-23, AND 2023-24, the state treasurer10
	94	+	may provide up to thirty A TOTAL OF FORTY million dollars in first loss11
	95	+	capital to a loan program or programs or to the Colorado credit reserve12
	96	+	from the small business recovery fund.13
	97	+	(b) The money provided under this subsection (3) must be14
	98	+	provided in tranches of ten million dollars or less, up to a maximum15
	99	+	amount of fifty million dollars in all tranches combined across fiscal years16
	100	+	2020-21 and 2021-22 THROUGH 2023-24. The state treasurer shall not17
	101	+	provide a tranche to a loan program or to the Colorado credit reserve until18
	102	+	at least ninety percent of the money in any prior tranche has been invested19
	103	+	in small business loans in accordance with subsection (4) of this section,20
	104	+	as determined by the oversight board and certified by the loan program21
	105	+	manager. Money provided to the Colorado credit reserve is considered22
	106	+	invested in small business loans for the purposes of this subsection (3)(b)23
	107	+	once it is paid to the Colorado housing and finance authority.24
	108	+	(4) Any contract for the administration of a loan program must25
	109	+	include the following terms in order to receive money provided by the26
	110	+	state treasurer pursuant to subsection (3) of this section:27
	111	+	1328
	112	+	-3- (a) Except for money contributed to the Colorado credit reserve,1
	113	+	the money provided by the state treasurer in a single tranche shall not be2
	114	+	committed pursuant to a contract relating to a loan program until money3
	115	+	is committed pursuant to a contract relating to a loan program from other4
65	116		sources at a ratio of
66		-	AT LEAST four dollars from other sources for each one
67		-	dollar provided by the state. If a loan program manager does not secure
68		-	sufficient investments from other sources to meet this requirement within
69		-	the time allowed by a contract, the money provided by the state shall be
70		-	returned to the small business recovery fund.
71		-	(b) Except for money contributed to the Colorado credit reserve,
72		-	once the money in a tranche is matched in accordance with subsection (4)(a)
73		-	of this section, it must be used to make loans or purchase participation
74		-	interest in loans for working capital,
75		-	INCLUDING THE PURCHASE OF
76		-	EQUIPMENT
77		-	, to eligible borrowers, or other activities that accomplish the
78		-	same purpose. The oversight board shall consult with lending industry
79		-	leaders and representatives of small businesses with regard to subsections
80		-	(4)(b)(I) to (4)(b)(VI) of this section. Each loan must be subject to the
81		-	following terms:
	117	+	AT LEAST four dollars from other sources for each one5
	118	+	dollar provided by the state. If a loan program manager does not secure6
	119	+	sufficient investments from other sources to meet this requirement within7
	120	+	the time allowed by a contract, the money provided by the state shall be8
	121	+	returned to the small business recovery fund.9
	122	+	(b) Except for money contributed to the Colorado credit reserve,10
	123	+	once the money in a tranche is matched in accordance with subsection11
	124	+	(4)(a) of this section, it must be used to make loans or purchase12
	125	+	participation interest in loans for working capital,
	126	+	INCLUDING THE13
	127	+	PURCHASE OF EQUIPMENT, to eligible borrowers, or other activities that14
	128	+	accomplish the same purpose. The oversight board shall consult with15
	129	+	lending industry leaders and representatives of small businesses with16
	130	+	regard to subsections (4)(b)(I) to (4)(b)(VI) of this section. Each loan17
	131	+	must be subject to the following terms:18
82	132		(I) The loan must be in an amount of at least thirty
83		-	TEN thousand
84		-	dollars but not more than five hundred thousand dollars, as determined by
85		-	the oversight board;
86		-	(II) The loan must have a maximum initial maturity of five
87		-	UP TO
88		-	TEN
89		-	years, based on the need of the eligible borrower, with no penalty for
90		-	prepayment, as determined by the oversight board. The originating lender
91		-	may extend the term for purposes of restructuring the loan.
92		-	(d) (I) A loan program manager shall make every effort to achieve
93		-	targets
94		-	BENCHMARKS published by the oversight board pursuant to section
95		-	24-36-204 (8)(d) for the percentage of loans supported by the program that
96		-	are made to businesses owned by
97		-	SOCIALLY AND ECONOMICALLY
98		-	DISADVANTAGED INDIVIDUALS
99		-	, INCLUDING BUSINESSES OWNED BY women,
100		-	minorities, and veterans and to businesses located in rural counties. A loan
101		-	program manager shall consult with the minority business office within the
102		-	office of the governor and the division of business funding and incentives
103		-	within the office of economic development to develop an outreach strategy
104		-	for marketing the loan program to businesses owned by women, minorities,
105		-	and veterans and businesses located in rural counties.
106		-	(II) For money contributed to the Colorado credit reserve, the
107		-	oversight board may waive the requirements of this subsection (4)(d) or
108		-	PAGE 3-HOUSE BILL 22-1328 may establish alternative targets BENCHMARKS for the percentage of loans
	133	+	TEN thousand19
	134	+	dollars but not more than five hundred thousand dollars, as determined by20
	135	+	the oversight board;21
	136	+	(II) The loan must have a maximum initial maturity of five UP TO22
	137	+	TEN years, based on the need of the eligible borrower, with no penalty for23
	138	+	prepayment, as determined by the oversight board. The originating lender24
	139	+	may extend the term for purposes of restructuring the loan.25
	140	+	(d) (I) A loan program manager shall make every effort to achieve26
	141	+	targets BENCHMARKS published by the oversight board pursuant to section27
	142	+	1328
	143	+	-4- 24-36-204 (8)(d) for the percentage of loans supported by the program1
	144	+	that are made to businesses owned by
	145	+	SOCIALLY AND ECONOMICALLY2
	146	+	DISADVANTAGED INDIVIDUALS , INCLUDING BUSINESSES OWNED BY3
	147	+	women, minorities, and veterans and to businesses located in rural4
	148	+	counties. A loan program manager shall consult with the minority5
	149	+	business office within the office of the governor and the division of6
	150	+	business funding and incentives within the office of economic7
	151	+	development to develop an outreach strategy for marketing the loan8
	152	+	program to businesses owned by women, minorities, and veterans and9
	153	+	businesses located in rural counties.10
	154	+	(II) For money contributed to the Colorado credit reserve, the11
	155	+	oversight board may waive the requirements of this subsection (4)(d) or12
	156	+	may establish alternative targets
	157	+	BENCHMARKS for the percentage of loans13
109	158		supported by the program that are made to businesses owned by
110		-	SOCIALLY
111		-	AND ECONOMICALLY DISADVANTAGED INDIVIDUALS
112		-	, INCLUDING BUSINESSES
113		-	OWNED BY
114		-	women, minorities, and veterans and to businesses located in
115		-	rural counties.
116		-	SECTION 3. In Colorado Revised Statutes, 24-36-206, amend
117		-	(2)(b) and (9)(a) introductory portion as follows:
118		-	24-36-206. Small business recovery tax credits - authorization
119		-	to issue - terms - report. (2) (b) The department is authorized to issue tax
120		-	credit certificates to qualified taxpayers equal to the lesser of a
121		-	COMBINED
122		-	total face value of up to twenty-eight million dollars or COMBINED total
123		-	sales proceeds of up to twenty-one million dollars in fiscal year 2021-22;
124		-	except that, if money received by the state from the federal government has
125		-	been appropriated, transferred, or allocated to the fund for the purposes of
126		-	this part 2, the value of the tax sales proceeds that the department is
127		-	authorized to raise under this subsection (2)(b) in fiscal year 2021-22 is
128		-	reduced by the amount of federal money appropriated, transferred, or
129		-	allocated by the fund YEARS 2021-22 AND 2022-23.
130		-	(9) (a) The department shall provide a report to the division of
131		-	insurance in the department of regulatory agencies for each fiscal year in
132		-	which it issues tax credit certificates pursuant to this part 2 within thirty
133		-	days of
134		-	AFTER the close of the fiscal year ISSUANCE OF THE CREDITS. The
135		-	report must include:
136		-	SECTION 4. In Colorado Revised Statutes, 24-36-207, amend (2)
137		-	and (3) as follows:
138		-	24-36-207. Use of small business recovery tax credits - carry
	159	+	SOCIALLY14
	160	+	AND ECONOMICALLY DIS ADVANTAGED INDIVIDUALS , INCLUDING15
	161	+	BUSINESSES OWNED BY women, minorities, and veterans and to businesses16
	162	+	located in rural counties.17
	163	+	SECTION 3. In Colorado Revised Statutes, 24-36-206, amend18
	164	+	(2)(b) and (9)(a) introductory portion as follows:19
	165	+	24-36-206. Small business recovery tax credits - authorization20
	166	+	to issue - terms - report. (2) (b) The department is authorized to issue21
	167	+	tax credit certificates to qualified taxpayers equal to the lesser of a22
	168	+	COMBINED total face value of up to twenty-eight million dollars or23
	169	+	COMBINED total sales proceeds of up to twenty-one million dollars in24
	170	+	fiscal year 2021-22; except that, if money received by the state from the
	171	+	25
	172	+	federal government has been appropriated, transferred, or allocated to the26
	173	+	fund for the purposes of this part 2, the value of the tax sales proceeds27
	174	+	1328
	175	+	-5- that the department is authorized to raise under this subsection (2)(b) in1
	176	+	fiscal year 2021-22 is reduced by the amount of federal money2
	177	+	appropriated, transferred, or allocated by the fund YEARS 2021-22 AND3
	178	+	2022-23.4
	179	+	(9) (a) The department shall provide a report to the division of5
	180	+	insurance in the department of regulatory agencies for each fiscal year in6
	181	+	which it issues tax credit certificates pursuant to this part 2 within thirty7
	182	+	days of AFTER the close of the fiscal year ISSUANCE OF THE CREDITS. The8
	183	+	report must include:9
	184	+	SECTION 4. In Colorado Revised Statutes, 24-36-207, amend10
	185	+	(2) and (3) as follows:11
	186	+	24-36-207. Use of small business recovery tax credits - carry12
139	187		over. (2) For a tax credit certificate issued in fiscal year 2021-22
140		-	OR FISCAL
141		-	YEAR
142		-	2022-23:
	188	+	OR13
	189	+	FISCAL YEAR 2022-23:14
143	190		(a) The qualified taxpayer may claim
144		-	UP TO FIFTY PERCENT OF ~~the~~
145		-	credit against premium tax liability incurred for a taxable year that ~~begins~~
	191	+	UP TO FIFTY PERCENT OF the15
	192	+	credit against premium tax liability incurred for a taxable year that begins16
146	193		on or after January 1, 2027
147		-	JANUARY 1, 2023; except that a taxpayer may
148		-	not reduce its estimated tax payments in proportion to such credit prior to
149		-	July 1, 2027
150		-	JULY 1, 2023; AND
151		-	PAGE 4-HOUSE BILL 22-1328 (b) THE QUALIFIED TAXPAYER MAY CLAIM THE REMAINING AMOUNT
152		-	OF THE CREDIT AGAINST PREMIUM TAX LIABILITY INCURRED FOR A TAXABLE
153		-	YEAR THAT BEGINS ON OR AFTER
154		-	JANUARY 1, 2024; EXCEPT THAT A
155		-	TAXPAYER MAY NOT REDUCE THE TAXPAYER
156		-	'S ESTIMATED TAX PAYMENTS
157		-	IN PROPORTION TO SUCH CREDIT PRIOR TO
158		-	JULY 1, 2024.
159		-	(3) (a) The total credit to be applied by a qualified taxpayer in any
160		-	one year must not exceed the premium tax liability of the qualified taxpayer
161		-	for the taxable year. If the qualified taxpayer cannot use the entire amount
162		-	of the tax credit for the taxable year in which the taxpayer is eligible for the
163		-	credit, the excess may be carried over to succeeding taxable years and used
164		-	as a credit against the premium tax liability of the taxpayer for those taxable
165		-	years; except that:
	194	+	JANUARY 1, 2023; except that a taxpayer may17
	195	+	not reduce its estimated tax payments in proportion to such credit prior to18
	196	+	July 1, 2027 JULY 1, 2023; AND19
	197	+	(b) T
	198	+	HE QUALIFIED TAXPAYER MAY CLAIM THE REMAINING20
	199	+	AMOUNT OF THE CREDIT AGAINST PREMIUM TAX LIABILITY INCURRED FOR21
	200	+	A TAXABLE YEAR THAT BEGINS ON OR AFTER JANUARY 1, 2024; EXCEPT22
	201	+	THAT A TAXPAYER MAY NOT REDUCE THE TAXPAYER 'S ESTIMATED TAX23
	202	+	PAYMENTS IN PROPORTION TO SUCH CREDIT PRIOR TO JULY 1, 2024.24
	203	+	(3) (a) The total credit to be applied by a qualified taxpayer in any25
	204	+	one year must not exceed the premium tax liability of the qualified26
	205	+	taxpayer for the taxable year. If the qualified taxpayer cannot use the27
	206	+	1328
	207	+	-6- entire amount of the tax credit for the taxable year in which the taxpayer1
	208	+	is eligible for the credit, the excess may be carried over to succeeding2
	209	+	taxable years and used as a credit against the premium tax liability of the3
	210	+	taxpayer for those taxable years; except that:4
166	211		(I) F
167		-	OR A CREDIT ISSUED IN FISCAL YEAR 2020-21, the credit may not
168		-	be carried over to any taxable year that begins after December 31, 2031;
169		-	AND
170		-	(II) FOR A CREDIT ISSUED IN FISCAL YEAR 2021-22 OR 2022-23, THE
171		-	CREDIT MAY NOT BE CARRIED OVER TO ANY TAXABLE YEAR THAT BEGINS
172		-	AFTER
173		-	DECEMBER 31, 2029.
174		-	(b) Any amount of the credit that is not timely claimed expires and
175		-	is not refundable.
176		-	SECTION 5. In Colorado Revised Statutes, 24-36-208, amend (4),
177		-	(5), and (6) as follows:
178		-	24-36-208. Small business recovery fund - repeal. (4) Beginning
179		-	in fiscal year 2025-26
180		-	YEAR 2027-28, the state treasurer shall credit any
181		-	unexpended and unencumbered money remaining in the fund at the end of
182		-	a fiscal year to the general fund.
183		-	(5) The state treasurer shall transfer all unexpended and
184		-	unencumbered money in the fund at the end of the fiscal year on June 30,
185		-	2029 JUNE 30, 2037, to the general fund.
186		-	(6) This section is repealed, effective July 1, 2029 JULY 1, 2037.
187		-	SECTION 6. In Colorado Revised Statutes, amend 24-36-210 as
188		-	PAGE 5-HOUSE BILL 22-1328 follows:
189		-	24-36-210. Repeal of part. This part 2 is repealed, effective
190		-	December 31, 2033 DECEMBER 31, 2040.
191		-	SECTION 7. Safety clause. The general assembly hereby finds,
192		-	determines, and declares that this act is necessary for the immediate
193		-	preservation of the public peace, health, or safety.
194		-	____________________________ ____________________________
195		-	Alec Garnett Steve Fenberg
196		-	SPEAKER OF THE HOUSE PRESIDENT OF
197		-	OF REPRESENTATIVES THE SENATE
198		-	____________________________ ____________________________
199		-	Robin Jones Cindi L. Markwell
200		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
201		-	OF REPRESENTATIVES THE SENATE
202		-	APPROVED________________________________________
203		-	(Date and Time)
204		-	_________________________________________
205		-	Jared S. Polis
206		-	GOVERNOR OF THE STATE OF COLORADO
207		-	PAGE 6-HOUSE BILL 22-1328
	212	+	OR A CREDIT ISSUED IN FISCAL YEAR 2020-21, the credit may5
	213	+	not be carried over to any taxable year that begins after December 31,6
	214	+	2031;
	215	+	AND7
	216	+	(II) F
	217	+	OR A CREDIT ISSUED IN FISCAL YEAR 2021-22 OR 2022-23,8
	218	+	THE CREDIT MAY NOT BE CARRIED OVER TO ANY TAXABLE YEAR THAT9
	219	+	BEGINS AFTER DECEMBER 31, 2029.10
	220	+	(b) Any amount of the credit that is not timely claimed expires and11
	221	+	is not refundable.12
	222	+	SECTION 5. In Colorado Revised Statutes, 24-36-208, amend13
	223	+	(4), (5), and (6) as follows:14
	224	+	24-36-208. Small business recovery fund - repeal.15
	225	+	(4) Beginning in fiscal year 2025-26
	226	+	YEAR 2027-28, the state treasurer16
	227	+	shall credit any unexpended and unencumbered money remaining in the17
	228	+	fund at the end of a fiscal year to the general fund.18
	229	+	(5) The state treasurer shall transfer all unexpended and19
	230	+	unencumbered money in the fund at the end of the fiscal year on June 30,20
	231	+	2029 JUNE 30, 2037, to the general fund.21
	232	+	(6) This section is repealed, effective July 1, 2029 JULY 1, 2037.22
	233	+	SECTION 6. In Colorado Revised Statutes, amend 24-36-210 as23
	234	+	follows:24
	235	+	24-36-210. Repeal of part. This part 2 is repealed, effective25
	236	+	December 31, 2033 DECEMBER 31, 2040.26
	237	+	SECTION 7. Safety clause. The general assembly hereby finds,27
	238	+	1328
	239	+	-7- determines, and declares that this act is necessary for the immediate1
	240	+	preservation of the public peace, health, or safety.2
	241	+	1328
	242	+	-8-