CO HB1257

Authorizes the state to retain and spend all revenues exceeding Colorado's constitutional spending limit beginning July 1, 2019, without requiring a refund to taxpayers.

Creates a general fund exempt account to hold excess revenues that must be appropriated for public schools, higher education, and roads, bridges, and transit.

Requires the state auditor to contract with a private entity to conduct annual independent financial audits of how the retained revenues are spent.

Submitted to Colorado voters as a referendum on the November 5, 2019 ballot with the ballot title: "Without raising taxes and to better fund public schools, higher education, and roads, bridges, and transit, within a balanced budget, may the state keep and spend all the revenue it annually collects after June 30, 2019, but is not currently allowed to keep and spend under Colorado law, with an annual independent audit to show how the retained revenues are spent?"

Becomes law if approved by a majority of voters voting on the ballot measure.