HB 18-1201 Summary

• Secretary of state must place a ballot question on the November 6, 2018 general election asking voters to approve the state retaining and spending severance tax revenues that would otherwise trigger TABOR refunds.

• If approved by voters, the state may retain and spend severance tax revenues equal to the state fiscal year amount starting July 1, 2019, without counting against the constitutional spending limit.

• State authority to retain these revenues is contingent on not repealing or reducing existing severance tax exemptions or credits and not reducing the percentage of severance tax revenue allocated to local governments.

• If the state violates any of the conditions, the authority to retain and spend these revenues is rescinded immediately and for all future fiscal years.

• If voters reject the ballot measure, the statute is repealed effective July 1, 2019.