Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to concur with senate amendments and pass a bill that reduces the amount of sales tax fees that a vendor is allowed to take and allocates revenue to affordable housing.

Highlights:

• Establishes the housing development grant fund within the state treasury, which will consist of money credited to the fund, money appropriated to the fund by the general assembly, and all money collected by the Colorado Division of Housing for affordable housing development purposes (Sec. 3).

• Requires the Division to annually allocate, with or without board approval, at least one-third of the money credited to the fund, to improve, preserve, or expand affordable housing for households whose annual income is less than or equal to 30 percent of the area median income (Sec. 3).

• Specifies that for sales made on or after January 1, 2020, the amount retained by a retailer to cover the retailer’s expense in collecting and remitting tax in accordance with this act is four percent of the tax reported, except that a retailer can not retain more than $1,000 in any filing period (Sec. 5).

• Specifies that if a retailer is permitted to retain an amount to cover the retailer’s expense in collecting and remitting local sales tax that is the same amount as permitted by the state under this act, then such amount is the amount that was permitted as of December 31, 2019 (Sec. 5).

• Specifies that the amount credited to the housing development grant fund is reduced by the following amounts (Sec. 5):

• $15,335,781 for the 2019-2020 state fiscal year;

• $40,323,158 for the 2020-2021 state fiscal year; and 

• 985,335 for the 2021-2022 state fiscal year and each subsequent fiscal year.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass an amended bill that reduces the amount of sales tax fees that a vendor is allowed to take and allots revenue to affordable housing.

Highlights:

• Establishes the housing development grant fund within the state treasury, which will consist of money credited to the fund, money appropriated to the fund by the general assembly, and all money collected by the Colorado Division of Housing for affordable housing development purposes (Sec. 3).

• Requires the Division to annually allocate, with or without board approval, at least one-third of the money credited to the fund, to improve, preserve, or expand affordable housing for households whose annual income is less than or equal to 30 percent of the area median income (Sec. 3).

• Specifies that for sales made on or after January 1, 2020, the amount retained by a retailer to cover the retailer’s expense in collecting and remitting tax in accordance with this act is four percent of the tax reported, except that a retailer can not retain more than $1,000 in any filing period (Sec. 5).

• Specifies that if a retailer is permitted to retain an amount to cover the retailer’s expense in collecting and remitting local sales tax that is the same amount as permitted by the state under this act, then such amount is the amount that was permitted as of December 31, 2019 (Sec. 5).

• Specifies that the amount credited to the housing development grant fund is reduced by the following amounts (Sec. 5):

• $15,335,781 for the 2019-2020 state fiscal year;

• $40,323,158 for the 2020-2021 state fiscal year; and 

• 985,335 for the 2021-2022 state fiscal year and each subsequent fiscal year.

Full Bill Text