HB 12-1006 Summary

• Establishes a voluntary contribution line on Colorado state individual income tax return forms allowing taxpayers to donate to the American Red Cross Colorado Disaster Response, Readiness, and Preparedness Fund.

• Creates the American Red Cross Colorado Disaster Response, Readiness, and Preparedness Fund in the state treasury to receive voluntary contributions, with all interest earned credited to the fund.

• Department of Revenue determines annual contribution amounts, reports to state treasurer and general assembly, which then appropriates costs to administer the fund from it.

• Remaining fund balance after administrative costs are deducted is transferred annually to American Red Cross Colorado Chapters.

• Tax return designation line remains available for five consecutive income tax years following executive director certification that the line is available, then automatically repeals unless the general assembly reestablishes it by bill.