CO HB1042

Establishes a water storage tank wildfire mitigation grant program administered by the Colorado State Forest Service to provide grants for purchasing water storage tanks (1,000+ gallons) for wildfire firefighting efforts.

Eligible grant recipients include local government agencies, counties, municipalities, special districts, tribal agencies or programs, and registered nonprofits or not-for-profit organizations.

Creates the water storage tank wildfire mitigation cash fund with $5 million transferred annually from the general fund on September 1 of each year from 2021 through the 2024-25 fiscal year.

Requires the Forest Service to award or deny grant applications within 60 days and to consider the potential impact of additional water storage tanks in the applicant's jurisdiction when making awards.

Requires annual reporting to the wildfire matters review committee on grant recipients, project progress, and recommendations for program improvements; the program sunsets on January 1, 2026.