HB 14-1350 Summary

• Establishes "baseline growth rate" definition as the forecasted state sales tax revenue growth in a proposed regional tourism zone without the project, determined by the Office of State Planning and Budgeting before local governments submit applications.

• Requires local governments to submit zone boundary maps to the Office of State Planning and Budgeting for baseline growth rate determination, considering minimum five-year historical growth rates; allows up to $3,000 submission fee.

• Changes regional tourism project approval criteria to allow an exception when significant sales tax revenue from state residents would otherwise leave Colorado due to lack of similar facilities in the state.

• Modifies the Colorado Economic Development Commission's approval limit, allowing two new projects to be approved between the effective date and January 1, 2016, with total cumulative dollar allocations of state sales tax increment revenue capped at amounts calculated by third-party analysts.

• Appropriates $176,454 for third-party economic analysis, $50,000 for additional analytical work, and $43,260 for Department of Revenue system implementation, all for fiscal year 2014-15.