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April 16, 2024 HB 24-1453
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 24-1168
Rep. Ricks
Sen. Coleman; Kolker
Date:
Bill Status:
Fiscal Analyst:
April 16, 2024
House Finance
Brendan Fung | 303-866-4781
brendan.fung@coleg.gov
Bill Topic: RELOCATE TITLE 24 CLIMBER ACT
Summary of
Fiscal Impact:
☐ State Revenue
☒ State Expenditure
☐ State Transfer
☐ TABOR Refund
☐ Local Government
☐ Statutory Public Entity
The bill relocates the CLIMBER Act from the Department of the Treasury to the Office
of Economic Development and modifies certain provisions. It minimally increases state
workload in FY 2024-25.
Appropriation
Summary:
No appropriation is required.
Fiscal Note
Status:
The fiscal note reflects the introduced bill.
Summary of Legislation
The bill relocates the CLIMBER Act from the Department of the Treasury to the Office of
Economic Development and International Trade (OEDIT) on September 1, 2024, including
administration of the program, current employees and officers, property, existing contracts, and
program policies.
Additionally, the bill:
renames the CLIMBER Act to the “Colorado Loans for Increasing Main Street Business
Economic Resiliency Act;”
renames the loan program and cash fund;
removes loan program and cash fund repeal dates;
removes requirements on fund investments prior to distribution; and
permits OEDIT to accept gifts, grants, donations, and federal funds to support the program.
Background
The CLIMBER Act, originally named the Colorado Loans for Increasing Main Street Business
Recovery Act, was enacted under House Bill 20-1413 and modified under House Bill 22-1328.
The act includes the Small Business Recovery and Resiliency Loan Program to leverage private Page 2
April 16, 2024 HB 24-1453
investments for loans to small businesses, the Small Business Recovery and Resiliency Premium
Tax Credit for insurance companies operating in the state, and the Small Business Recovery and
Resiliency Cash Fund.
State Expenditures
The bill minimally increases workload in the Department of the Treasury and OEDIT in
FY 2024-25 to relocate program employees and property from one department to another, and
to update department policies to conform with the new provisions and oversight structure. No
change in appropriation is required.
Effective Date
The bill takes effect September 1, 2024.
State and Local Government Contacts
Office of Economic Development Treasury
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit the General Assembly website.