HB12-1322 Summary

• Requires the United States to sell federal agricultural public lands within Colorado by December 31, 2014, or those lands will lose their property tax exemption starting January 1, 2015.

• Mandates the United States pay Colorado 5% of the net proceeds from sales of agricultural public lands, with these revenues deposited into a newly created Internal Improvements Trust Fund.

• Allocates 50% of interest and income earned from the trust fund annually to the State Education Fund, with the remaining 50% available for General Assembly appropriation toward water storage projects recommended by the Colorado Water Conservation Board.

• Defines "agricultural public lands" as land within Colorado used or suitable for agriculture, excluding privately owned land, state trust lands, national parks, military lands, and Indian trust lands.

• Takes effect 90 days after the general assembly adjourns (August 8, 2012), unless a referendum petition is filed, in which case voter approval at the November 2012 general election is required.