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CO HB1247

Bill

Status

Passed

3/22/2012

Primary Sponsor

Pat Steadman

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

HB 12-1247 Summary

  • Creates a new allocation formula for tobacco litigation settlement moneys beginning in fiscal year 2012-13 that reduces annual allocations and requires the lesser of all settlement moneys received or specified declining amounts.

  • For 2012-13, allocates $80.4 million less any unexpended moneys in the tobacco litigation settlement cash fund from the previous year; subsequent years reduce by unexpended fund balances and decline further by $15 million in 2017-18.

  • Unexpended and unencumbered moneys remaining in the tobacco litigation settlement cash fund at the end of each fiscal year are allocated to tobacco settlement programs in proportion to their regular shares rather than transferred to the general fund.

  • Requires the State Treasurer to submit annual reports to the Joint Budget Committee by October 1st detailing allocations made and anticipated under the new formula.

  • Repeals the Short-Term Innovative Health Program Grant Fund effective June 30, 2012, transferring remaining moneys to the tobacco litigation settlement cash fund to offset the reduced current-year allocations.

Legislative Description

Reduce Tobacco Settlement Accelerated Payments

Last Action

Governor Action - Signed

3/22/2012

Committee Referrals

Appropriations2/7/2012

Full Bill Text

No bill text available