CO HB1305

Reduces employer premium contributions to Colorado's paid family and medical leave program from 0.9% to 0.81% of wages per employee for the period January 1, 2023 through June 30, 2023.

Premium rate returns to 0.9% of wages per employee beginning July 1, 2023 and continues through December 31, 2024.

State treasurer must transfer $57.5 million from the general fund to the family and medical leave insurance fund on July 1, 2023, or an amount equal to 9.9% of total premium revenue collected during the reduced-rate period, whichever is less.

General fund transfer provision repeals effective July 1, 2024.

Act takes effect 90 days after final adjournment of the legislature, subject to potential referendum petition requiring voter approval in November 2022.