TrustVoting Atlas

(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) (a) For every initiated measure properly submitted to the title board, the director
shall prepare a fiscal summary that consists of the following information:
(I) A description of the measure's fiscal impact, including a preliminary estimate of any
change in state and local government revenues, expenditures, taxes, or fiscal liabilities if
implemented;
(II) A qualitative description of the economic impacts of the measure if implemented;
(III) 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;
(IV) 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.".
(V) If the measure would either increase or decrease the individual income tax rate, a
table that shows the estimated effect of the change on the tax owed by individuals in different
income categories. The table prepared by the director must have one column titled "income
categories" that shows income categories, one column titled "current average income tax owed"
that shows the average income tax owed by filers within each income category, one column
titled "proposed average income tax owed" that shows the average income tax owed by filers
within each income category if the initiated measure were to pass, and one column titled
"proposed change in average income tax owed" that identifies the difference between the
average income tax owed by filers within each income category if the initiated measure were to
pass and if the initiated measure were not to pass. If the difference in the amount of tax owed
shown in the table is an increase, the change must be expressed as a dollar amount preceded by a
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plus sign. If the change in the amount of tax owed shown in the table is a decrease, the change
must be expressed as a dollar amount preceded by a negative sign. The director shall use the
following income categories in creating the table:
(A) Federal adjusted gross income of twenty-five thousand dollars or less;
(B) Federal adjusted gross income greater than twenty-five thousand dollars and no more
than fifty thousand dollars;
(C) Federal adjusted gross income greater than fifty thousand dollars and no more than
one hundred thousand dollars;
(D) Federal adjusted gross income greater than one hundred thousand dollars and no
more than two hundred thousand dollars;
(E) Federal adjusted gross income greater than two hundred thousand dollars and no
more than five hundred thousand dollars;
(F) Federal adjusted gross income greater than five hundred thousand dollars and no
more than one million dollars;
(G) Federal adjusted gross income greater than one million dollars and no more than two
million dollars; and
(H) Federal adjusted gross income greater than two million dollars and no more than five
million dollars.
(b) 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.
(c) The director shall notify the secretary of state if the website for fiscal summaries
changes, and in such case, the statement required in subsection (1.5)(a)(IV) must include the new
website.
(d) The director shall provide the designated representatives of the proponents and the
secretary 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) 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) 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
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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.
(c) The initial fiscal impact statement must:
(I) 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.;
(II) Indicate whether there is a fiscal impact for the initiated measure.
(III) (Deleted by amendment, L. 2020.)
(3) Repealed.
(4) 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).
(5) Neither the legislative council of the general assembly nor its executive committee
may 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.
(6) 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.
YES: 1,704,757
NO: 665,476