CO HB1016

Allows a municipality's governing body to exclude valuation attributable to mineral resource extraction from the tax increment financing division otherwise required under urban renewal plans.

When mineral resource valuation is excluded, taxes levied on that valuation are distributed to public bodies as if the urban renewal plan was not in effect.

Defines "mineral resources" according to Section 36-1-100.3(3) and includes oil and gas leaseholds, subsurface well equipment valued as real property, and surface equipment and sucker rods valued as personal property.

Takes effect 90 days after final adjournment of the general assembly (August 9, 2017) and applies to property tax years commencing on or after the effective date.

Subject to referendum petition; if challenged, the act requires approval by voters at the November 2018 general election to take effect.