HB 22-1342 Summary

• Directs the state treasurer to credit all interest and income derived from federal coronavirus relief funds (American Rescue Plan Act of 2021) to the State Emergency Reserve Cash Fund instead of to individual recipient funds.

• Modifies the State Emergency Reserve Cash Fund to include interest and income from American Rescue Plan funds as part of its composition.

• Repeals previous provisions in multiple cash funds that directed interest and income to remain in those individual funds, creating a consolidated mechanism for interest revenue from federal recovery funds.

• Applies this interest-redirection requirement to numerous state funds including the Colorado opportunity scholarship initiative fund, broadband stimulus account, Colorado startup loan program fund, and other American Rescue Plan-funded programs.

• Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, or safety.