HB 17-1187 Summary

• Modifies the excess state revenues cap adjustment formula under Referendum C to use Colorado personal income growth instead of inflation and population changes beginning July 1, 2017.

• Defines Colorado personal income as total personal income for Colorado as reported by the Bureau of Economic Analysis in the U.S. Department of Commerce, adjusted annually based on the average percentage change over the prior six calendar years.

• Requires voter approval via ballot issue at the November 7, 2017 statewide election; the ballot issue specifies the adjustment will fund health care, education (including capital construction), and strategic transportation projects.

• Creates a supplemental general fund exempt account to hold revenues retained as a result of voter approval, with the general assembly required to appropriate funds for the identified purposes.

• Takes effect upon passage except that the modification to section 24-77-103.6 takes effect on January 1, 2018 only if voters approve the November 2017 ballot issue.