HB17-1242 Summary: Transportation Funding

• Submits a ballot measure to voters in November 2017 requesting approval to increase state sales and use tax by 0.62% for 20 years (2018-2037) to generate approximately $715.1 million annually for transportation projects.

• Allocates new tax revenue as follows: $300 million annually to CDOT for state highways; 70% of remaining revenue to counties and municipalities equally; 30% to a new multimodal transportation options fund for transit, pedestrian, and active transportation projects.

• Authorizes CDOT to issue up to $3.5 billion in transportation revenue anticipation notes (TRANs) with maximum repayment cost of $5 billion, repayable over 20 years with early repayment allowed after 10 years without penalty.

• Creates a multimodal transportation options committee and fund to allocate 30% of new revenue to transportation options projects (transit, rail, pedestrian infrastructure) with at least 25% dedicated to pedestrian and active transportation account.

• Establishes citizen oversight committee and requires annual reporting on TRAN expenditures and project completion; reduces road safety surcharges on vehicles weighing 10,000 pounds or less during the 20-year tax increase period.