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CO HB1421

Bill

Status

Passed

6/14/2020

Primary Sponsor

Dylan Roberts

Click for details

Origin

House of Representatives

2020 Regular Session

AI Summary

HB 20-1421 Summary

  • County commissioners or city councils may temporarily reduce, waive, or entirely suspend interest accrual on delinquent property taxes between June 15, 2020, and October 1, 2020, with county treasurer approval and by resolution.

  • Notice of intent to reduce or waive interest rates must be delivered to at least three executives or board officers in local taxing jurisdictions.

  • County treasurers or city and county tax collection officers may advance up to 90 percent of property tax amounts to local taxing jurisdictions to help pay bonded indebtedness or monthly operational costs upon submission of a letter to county commissioners or city council.

  • For jurisdictions using interest rate waivers or reductions, advance property tax amounts may not exceed the revenue shortfall necessary to cover bonded indebtedness payments, and only jurisdictions receiving less than 90 percent of property taxes due qualify for such advances.

  • Both new provisions expire and are repealed effective December 31, 2020.

Legislative Description

Delinquent Interest Payments Property Tax

Fiscal Policy & Taxes

Last Action

Governor Signed

6/14/2020

Committee Referrals

Finance6/11/2020
Finance6/8/2020

Full Bill Text

No bill text available