(1) The commercial vehicle enterprise tax fund is hereby created in the state treasury. The fund consists of moneys collected and transmitted to the fund pursuant to section 42-4-1701 (4)(a)(II). The general assembly shall annually appropriate the moneys in the fund to cover the actual cost of administering sections 39-26-113.5 and 39-30-104 (1)(b), C.R.S. Moneys in the fund are continuously appropriated to the department of revenue for the payment of sales and use tax refunds pursuant to section 39-26-113.5, C.R.S. After receiving the statement pursuant to section 39-30-104 (1)(b)(VI), C.R.S., the state treasurer shall credit the total cost of the amount of the tax credits stated therein to the general fund. Any moneys remaining in the commercial vehicle enterprise tax fund at the end of the fiscal year shall not revert to the general fund.
(2) (a) On July 1, 2011, and each July 1 thereafter, the department shall allocate onethird of the fund balance, not including the amount appropriated to cover the actual cost of administering sections 39-26-113.5 and 39-30-104 (1)(b), C.R.S., to make the sales tax refunds granted in section 39-26-113.5, C.R.S.
(b) On July 1, 2011, and each July 1 thereafter, the department shall allocate two-thirds of the fund balance, not including the amount appropriated to cover the actual cost of administering sections 39-26-113.5 and 39-30-104 (1)(b), C.R.S., to offset the income tax credit granted in section 39-30-104 (1)(b), C.R.S. By January 1, 2012, the department shall notify the Colorado economic development commission created in section 24-46-102, C.R.S., of the amount allocated for such purposes.
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.