(Denver, CO) House Bill 22-1341 has been through the House, Committees and is now up for the third reading and final passage. The bill would change the way money from Marijuana tax is deposited and would require the fund to stay in balance.
Under current law and how the marijuana cash fund was created, money in that account can only be used for the year in which they collected it. While lawmakers repealed the restriction in 2020, the next year wording was added back that made an unrelated conforming amendment.
This bill would change it back to allow the general assembly to use money from the fund for the same year in which it is collected.
Here is how it will work taken from text on the Colorado General Assembly's website.
The bill delays transfers from the fund to the public school capital construction assistance fund (BEST fund). Instead of transferring $100 million on June 1, 2022, the bill requires the state treasurer to transfer the following amounts from the fund to the BEST fund:
$50 million on June 1, 2022;
$30 million on June 1, 2023; and
$20 million on June 1, 2024.
The bill also modifies the reserve requirement within the fund. Instead of limiting appropriations to 93% of the beginning balance in the fund, it requires the reserve to be 15% of the amount appropriated for the fiscal year. The bill also specifies that this reserve excludes any money from t
The fund that is designated to constitute part of the state emergency reserve and clarifies how the reserve works.
Lawmakers sponsoring the bill are:
Representatives Leslie Herod and Julie McCluskie
Senators Rachel Zenzinger and Bob Rankin
Comments