(1)
As used in this section, unless the context otherwise requires, director means the
director of research of the legislative council of the general assembly.
(1.5) (a) For every initiated measure properly submitted to the title board, the
director shall prepare a fiscal summary that consists of the following information:
(I) (A) A description of the measure's fiscal impact, including a preliminary
estimate of any change in state and local government revenues, expenditures,
taxes, or fiscal liabilities if implemented; and
(B) For a measure that proposes a tax increase, the director shall include in
the description of the measure's fiscal impact a preliminary estimate of the
maximum dollar amount of the change in state and local government revenue and
fiscal year spending, as defined in section 20 (2)(e) of article X of the state
constitution, for the first and, if phased in, final full fiscal year of the proposed tax
increase;
(II) A qualitative description of the economic impacts of the measure if
implemented;
(III) Any information from the initiated measure or a description of state and
local government implementation in order to provide the information required in
subsection (1.5)(a)(I) or (1.5)(a)(II) of this section;
(IV) The following statement: This fiscal summary, prepared by the
nonpartisan Director of Research of the Legislative Council, contains a preliminary
assessment of the measure's fiscal impact. A full fiscal impact statement for this
initiative is or will be available at www.ColoradoBlueBook.com..
(V) If the measure would either increase or decrease the individual income
tax rate, a table that shows the estimated effect of the change on the tax owed by
individuals in different income categories. The table prepared by the director must
have one column titled income categories that shows income categories, one
column titled current average income tax owed that shows the average income
tax owed by filers within each income category, one column titled proposed
average income tax owed that shows the average income tax owed by filers within
each income category if the initiated measure were to pass, and one column titled
proposed change in average income tax owed that identifies the difference
between the average income tax owed by filers within each income category if the
initiated measure were to pass and if the initiated measure were not to pass. If the
difference in the amount of tax owed shown in the table is an increase, the change
must be expressed as a dollar amount preceded by a plus sign. If the change in the
amount of tax owed shown in the table is a decrease, the change must be
expressed as a dollar amount preceded by a negative sign. The director shall use
the following income categories in creating the table:
(A) Federal adjusted gross income of twenty-five thousand dollars or less;
(B) Federal adjusted gross income greater than twenty-five thousand dollars
and no more than fifty thousand dollars;
(C) Federal adjusted gross income greater than fifty thousand dollars and no
more than one hundred thousand dollars;
(D) Federal adjusted gross income greater than one hundred thousand
dollars and no more than two hundred thousand dollars;
(E) Federal adjusted gross income greater than two hundred thousand
dollars and no more than five hundred thousand dollars;
(F) Federal adjusted gross income greater than five hundred thousand
dollars and no more than one million dollars;
(G) Federal adjusted gross income greater than one million dollars and no
more than two million dollars; and
(H) Federal adjusted gross income greater than two million dollars and no
more than five million dollars.
(b) If an initiated measure has no fiscal impact as specified in subsection
(1.5)(a)(I) or (1.5)(a)(II), then the director may include a statement that there is no
fiscal impact under that provision.
(c) The director shall notify the secretary of state if the website for fiscal
summaries changes, and in such case, the statement required in subsection
(1.5)(a)(IV) must include the new website.
(d) The director shall provide the designated representatives of the
proponents and the secretary of state with the fiscal summary no later than the
time of the title board meeting at which the proposed initiated measure is to be
considered. The title board shall not conduct a hearing on the fiscal summary at this
title board meeting, and the director's fiscal summary is final, unless modified in
accordance with section 1-40-107.
(2) (a) For every initiated measure for which the secretary of state has
approved a petition section in accordance with section 1-40-113 (1)(a), the director
shall prepare an initial fiscal impact statement, taking into consideration any fiscal
impact estimate submitted by the designated representatives of the proponents or
other interested person that is submitted in accordance with subsection (2)(b) of
this section, the office of state planning and budgeting, and the department of local
affairs. The director shall provide the designated representatives of the proponents
and the secretary of state with a copy of the fiscal impact statement no later than
fourteen days after the petition section was approved. The director shall also post
the fiscal impact statement on the legislative council staff website on the same day
that it is provided to the designated representatives of the proponents. The fiscal
impact statement is not subject to review by the title board or the Colorado
supreme court under this article 40.
(b) The designated representatives of the proponents or any other interested
person may submit a fiscal impact estimate that includes an estimate of the effect
the measure will have on state and local government revenues, expenditures, taxes,
and fiscal liabilities if it is enacted, or a draft fiscal summary with the information
specified in subsection (1.5) of this section. The director shall consider these
estimates and the bases thereon when preparing the initial fiscal impact statement
and shall consider the draft fiscal summary when preparing the fiscal summary.
(c) The initial fiscal impact statement must:
(I) Be substantially similar in form and content to the fiscal notes provided by
the legislative council of the general assembly for legislative measures pursuant to
section 2-2-322, C.R.S.;
(II) Indicate whether there is a fiscal impact for the initiated measure.
(III) (Deleted by amendment, L. 2020.)
(3) Repealed.
(4) The fiscal summary for a measure, as amended in accordance with
section 1-40-107, must be included in a petition section as provided in section 1-40-110 (3).
(5) Neither the legislative council of the general assembly nor its executive
committee may modify the initial fiscal impact statement prepared by the director.
This restriction does not apply to the final fiscal impact statement prepared in
accordance with section 1-40-124.5.
(6) At the same time the director posts the initial fiscal impact statement on
the legislative council website, he or she shall also post on the website all fiscal
impact estimates received in accordance with paragraph (b) of subsection (2) of this
section.