(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) [Editor's note: Subsection (1.5) is effective November 1, 2020.] (a) For every initiated measure properly submitted to the title board, the director shall prepare a fiscal summary that consists of the following information:
A description of the measure's fiscal impact, including a preliminary estimate of anychange in state and local government revenues, expenditures, taxes, or fiscal liabilities if implemented;
A qualitative description of the economic impacts of the measure if implemented;
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; and
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.".
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.
The director shall notify the secretary of state if the website for fiscal summarieschanges, and in such case, the statement required in subsection (1.5)(a)(IV) must include the new website.
The director shall provide the designated representatives of the proponents and thesecretary 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) [Editor's note: This version of subsection (2)(a) is effective until November 1, 2020.] For every initiated measure properly submitted to the title board under section 1-40-106, 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 paragraph (b) of this subsection (2), 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 the impact statement 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 impact statement at this title board meeting, and the director's abstract that is included in the impact statement is final, unless modified in accordance with section 1-40-107. The director shall also post the statement on the legislative council staff website on the same day that it is provided to the designated representatives of the proponents.
(2) (a) [Editor's note: This version of subsection (2)(a) is effective November 1, 2020.] 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) [Editor's note: This version of subsection (2)(b) is effective until November 1, 2020.] 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. The director shall consider these estimates and the bases thereon when preparing the initial fiscal impact statement.
[Editor's note: This version of subsection (2)(b) is effective November 1, 2020.] 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.
The initial fiscal impact statement must:
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.;
[Editor's note: This version of subsection (2)(c)(II) is effective until November 1, 2020.] Indicate whether there is a fiscal impact for the initiated measure; and
[Editor's note: This version of subsection (2)(c)(II) is effective November 1, 2020.] Indicate whether there is a fiscal impact for the initiated measure.
[Editor's note: This version of subsection (2)(c)(III) is effective until November 1, 2020.] Include an abstract described in subsection (3) of this section.
(III) [Editor's note: This version of subsection (2)(c)(III) is effective November 1, 2020.] (Deleted by amendment, L. 2020.)
(3) [Editor's note: This version of subsection (3) is effective until November 1, 2020.] The abstract must include:
An estimate of the effect the measure will have on state and local government revenues, expenditures, taxes, and fiscal liabilities if the measure is enacted;
A statement of the measure's economic benefits for all Coloradans;
An estimate of the amount of any state and local government recurring expendituresor fiscal liabilities if the measure is enacted;
For any initiated measure that modifies the state tax laws, an estimate, if feasible, ofthe impact to the average taxpayer if the measure is enacted; and
The following statement: "The abstract includes estimates of the fiscal impact of theproposed initiative. If this initiative is to be placed on the ballot, legislative council staff will prepare new estimates as part of a fiscal impact statement, which includes an abstract of that information. All fiscal impact statements are available at www.ColoradoBlueBook.com and the abstract will be included in the ballot information booklet that is prepared for the initiative.".
[Editor's note: This version of subsection (3) is effective November 1, 2020.] Repealed.
[Editor's note: This version of subsection (4) is effective until November 1, 2020.] The abstract 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).
[Editor's note: This version of subsection (4) is effective November 1, 2020.] 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).
Neither the legislative council of the general assembly nor its executive committeemay 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.
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.
Source: L. 2015: Entire section added, (HB 15-1057), ch. 198, p. 676, § 3, effective March 26, 2016. L. 2020: (1.5) added, (2)(a), (2)(b), (2)(c)(II), (2)(c)(III), and (4) amended, and (3) repealed, (HB 20-1416), ch. 232, p. 1122, § 2, effective November 1.
Editor's note: Section 8(2) of chapter 232 (HB 20-1416), Session Laws of Colorado 2020, provides that the act changing this section applies to initiatives that are submitted for a title with the state title board on or after November 1, 2020.