Colo. Rev. Stat. § 42-1-225 – Commercial vehicle enterprise tax fund - creation - repeal.

(1)
1. (a) The commercial vehicle enterprise tax fund is hereby created in the state treasury.
2. (b)
  1. (I) Prior to July 1, 2025, the fund consists of money collected and transmitted to the fund pursuant to section 42-4-1701 (4)(a)(II). The general assembly shall annually appropriate the money in the fund to cover the actual cost of administering sections 39-26-113.5 and 39-30-104 (1)(b). Money in the fund is continuously appropriated to the department of revenue for the payment of sales and use tax refunds pursuant to section 39-26-113.5. After receiving the statement pursuant to section 39-30-104 (1)(b)(VI), the state treasurer shall credit the total cost of the amount of the tax credits stated therein to the general fund.
  2. (II) This subsection (1)(b) is repealed, effective July 1, 2026.
3. (c) On or after July 1, 2025, the fund consists of money collected and transmitted to the fund pursuant to section 42-4-1701 (4)(a)(II). The general assembly shall annually appropriate the money in the fund to cover the actual cost of administering section 39-30-104 (1)(b). After receiving the statement pursuant to section 39-30-104 (1)(b)(VI), the state treasurer shall credit the total cost of the amount of the tax credits stated therein to the general fund. Any money remaining in the commercial vehicle enterprise tax fund at the end of the fiscal year shall not revert to the general fund.
(2)
1. (a) and (b) Repealed.
2. (c) On July 1, 2025, and each July 1 thereafter, the department shall allocate the fund balance, not including the amount appropriated to cover the actual cost of administering section 39-30-104 (1)(b), to offset the income tax credit granted in section 39-30-104 (1)(b).

Source: L. 2010: Entire section added, (HB 10-1285), ch. 423, p. 2187, § 1, effective July 1. L. 2012: (1) amended, (SB 12-041), ch. 165, p. 576, § 1, effective May 9. L. 2024: Entire section amended, (HB 24-1036), ch. 373, p. 2529, § 17, effective August 7.

Editor's note: (1) Subsections (1)(a), (1)(b)(I), (1)(b)(II), and (1)(c) were numbered as subsections (1), (1)(a)(I), (1)(a)(II), and (1)(b), respectively, in HB 24-1036 but were renumbered on revision for ease of location.

(2) Subsections (2)(a)(II) and (2)(b)(II) provided for the repeal of subsections (2)(a) and (2)(b), respectively, effective July 1, 2025. (See L. 2024, p. 373.)

Cross references: For the legislative declaration in HB 24-1036, see section 1 of chapter 373, Session Laws of Colorado 2024.