Senate Committee of Reference Report
Committee on Appropriations
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August 24, 2025
After consideration on the merits, the Committee recommends the following:
HB25B-1004be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend reengrossed bill, page 5, lines 26 and 27, strike "and any
Page 1, Line 2reasonable and necessary administrative, monitoring, and".
Page 1, Line 3Page 6, line 1, strike "closing costs using sales proceeds".
Page 1, Line 4Page 6, line 2, strike "dollars." and substitute "dollars, plus any
Page 1, Line 5reasonable and necessary administrative, monitoring, and
Page 1, Line 6closing costs.".
Page 1, Line 7Page 12, after line 7 insert:
Page 1, Line 8"24-36-405. Tax credit sale proceeds cash fund - creation.
Page 1, Line 9(1) The tax credit sale proceeds cash fund is created in the state
Page 1, Line 10treasury. The fund consists of money generated by sale
Page 1, Line 11proceeds credited to the fund pursuant to section 24-36-406 and
Page 1, Line 12any other money that the general assembly may appropriate or
Page 1, Line 13transfer to the fund.
Page 1, Line 14(2) The state treasurer shall credit all interest and
Page 1, Line 15income derived from the deposit and investment of money in the
Page 1, Line 16tax credit sale proceeds cash fund to the fund.
Page 1, Line 17(3) The state treasurer shall transfer any unexpended
Page 1, Line 18and unencumbered money remaining in the tax credit sale
Page 1, Line 19proceeds cash fund at the end of a fiscal year to the general
Page 1, Line 20fund.
Page 1, Line 21(4) (a) Subject to annual appropriation by the general
Page 1, Line 22assembly, the department may expend money from the fund for
Page 1, Line 23any reasonable and necessary administrative, monitoring, and
Page 1, Line 24closing costs associated with implementing and administering
Page 2, Line 1parts 4 and 5 of this article.
Page 2, Line 2(b) Subject to annual appropriation by the general
Page 2, Line 3assembly, the department of revenue may expend money from the
Page 2, Line 4fund for direct and indirect costs associated with implementing
Page 2, Line 5and administering parts 4 and 5 of this article.
Page 2, Line 624-36-406. Distribution of sale proceeds. Each month, the
Page 2, Line 7state treasurer shall credit the money generated by the sale
Page 2, Line 8proceeds pursuant to parts 4 and 5 of this article 36 to the tax
Page 2, Line 9credit sale proceeds cash fund. The department shall transfer
Page 2, Line 10the money to the general fund less any amounts used for the
Page 2, Line 11expenses described in section 24-36-405 (4).".
Page 2, Line 12Renumber succeeding section accordingly.
Page 2, Line 13Page 14, line 7, strike "39-22-104 (2.5)." and substitute "39-22-103
Page 2, Line 14(2.5).".
Page 2, Line 15Page 15, strike lines 3 through 5, and substitute "hundred twenty-five
Page 2, Line 16million dollars or total sales proceeds of up to one hundred.".
Page 2, Line 17Page 15, line 6, strike "dollars." and insert "dollars, plus any
Page 2, Line 18reasonable and necessary administrative, monitoring, and
Page 2, Line 19closing costs.".
Page 2, Line 20Page 20, strike lines 5 through 8 and substitute:
Page 2, Line 21"SECTION 3. Appropriation. For the 2025-26 state fiscal year,
Page 2, Line 22$3,173,500 is appropriated to the department of treasury. This
Page 2, Line 23appropriation is from the tax credit sale proceeds cash fund created in
Page 2, Line 24section 24-36-405, C.R.S. To implement this act, the department may use
Page 2, Line 25this appropriation for tax credit administration.".
Page 2, Line 26Strike "general fund." and substitute "tax credit sale proceeds cash
Page 2, Line 27fund created in section 24-36-405 (1)." on: Page 5, line 16; and Page
Page 2, Line 2814, line 21.
Page 2, Line 29Strike "shall" and substitute "is authorized to" on: Page 5, line 23;
Page 2, Line 30and Page 14, line 27.
Page 2, Line 31Strike "Seventy-five" and substitute "Eighty" on: Page 7, line 12; and
Page 2, Line 32Page 16, line 8.
Page 2, Line 33Strike "general fund" and substitute "tax credit sale proceeds cash
Page 3, Line 1fund created in section 24-36-405 (1)" on: Page 9, line 14; and Page
Page 3, Line 218, line 10.
Page 3, Line 3Page 1, line 101, strike "requiring" and substitute "authorizing".
Page 3, Line 4Page 1, line 103, after "therewith," insert "creating and
Page 3, Line 5allocating the proceeds to the tax credit sale proceeds cash
Page 3, Line 6fund and".