§ 24-35-118 — Regional tourism projects - authority of department

Colorado § 24-35-118

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Department of Revenue

Text

(1) In
addition to the other functions and powers of the department of revenue and the
executive director of the department pursuant to this part 1, the department shall
establish and determine the base year revenue, as defined in section 24-46-303 (1),
for each regional tourism zone, as defined in section 24-46-303 (11); shall collect,
account for, and remit to the applicable financing entity, as defined in section 24-46-303 (6), all state sales tax increment revenue, as defined in section 24-46-303
(12), generated within each regional tourism zone; and shall otherwise perform such
functions as are required of the department with respect to any financing entity and
any regional tourism zone designated in the written notice thereof to be provided to
the executive director pursuant to section 24-46-305.

(2) The executive director shall have the authority to create forms and
promulgate rules as deemed necessary or convenient to implement the
department's responsibilities with respect to the determination of base year
revenue, collection and disbursement of state sales tax increment revenue, and
other functions of the department pursuant to part 3 of article 46 of this title. The
executive director is authorized to enter into contracts with financing entities
approved pursuant to part 3 of article 46 of this title in the manner provided for in
section 24-35-110 regarding the performance of the department's functions in
implementing part 3 of article 46 of this title, and to establish an administrative fee
for such services in the manner provided for in section 24-35-111, with the amount
thereof to be reasonably calculated to offset the department's actual direct costs
and expenses in performing such collection and disbursement functions.

(3) All state sales tax increment revenue collected by the department on
behalf of a financing entity shall be construed and treated for all purposes as being
assigned to, the property of, and the revenue of the applicable financing entity and
shall not be construed or treated for any purpose as revenue or property of the
state. In collecting and disbursing state sales tax increment revenue as provided in
this section and otherwise performing its responsibilities pursuant to part 3 of
article 46 of this title, the department shall act solely as a collecting agent for the
financing entity and shall segregate in a separate fund any portion of state sales
tax increment revenue that is dedicated to the financing entity but will not be
remitted to the financing entity in the immediate future.

Legislative History

Source: L. 2009: Entire section added, (SB 09-173), ch. 434, p. 2417, � 2, effective June 4.