House Bill 25b-1006 Preamended

A Bill for an Act

• Page 1, Line 101Concerning modifications to the Colorado health insurance

• Page 1, Line 102affordability enterprise to address the affordability

• Page 1, Line 103of health insurance in the individual market using

• Page 1, Line 104nonappropriated funding sources.

Bill Summary

(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.)

The bill makes the following changes to the "Health Insurance Affordability Act":

• If the federal enhanced premium tax credit is not extended on or before December 31, 2025, authorizes an interest-free loan from the unclaimed property trust fund to the health insurance affordability cash fund and allocates the loan proceeds:
• To the reinsurance program;
• To carriers to increase the affordability of health plans on the individual market for individuals who purchase individual health benefit plans on the Colorado health benefit exchange and receive the premium tax credit authorized under federal law (state-based insurance subsidies); and
• For other programs administered by the Colorado health insurance affordability enterprise (enterprise);
• Of the revenues collected by the enterprise before the effective date of the bill that had been allocated for state-based insurance subsidies, allows the enterprise to reallocate any unexpended amount to other programs the enterprise administers;
• Requires the health insurance affordability board (board) to prepare an annual report detailing certain financial information about the enterprise; and
• Directs the board to make recommendations to the commissioner of insurance regarding coverage and plan design of state-subsidized plans to maximize plan enrollment.

• This Unofficial Version Includes Committee

• Amendments Not Yet Adopted on Second Reading

• Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:

• Page 2, Line 2SECTION 1.  In Colorado Revised Statutes, 10-16-1203, add (2.5) as follows:

• Page 2, Line 310-16-1203.  Definitions. As used in this part 12, unless the context otherwise requires:

• Page 2, Line 4(2.5)  "Enhanced premium tax credit" means the premium

• Page 2, Line 5tax credit, as amended by the federal "American Rescue Plan

• Page 2, Line 6Act of 2021", Pub.L. 117-2, and the federal "Inflation Reduction

• Page 2, Line 7Act of 2022", Pub.L. 117-169, 136 Stat. 1818 (2022), which expanded

• Page 2, Line 8eligibility for and the amount of the premium tax credit.

• Page 3, Line 1SECTION 2.  In Colorado Revised Statutes, 10-16-1205, amend (2)(d)(I) introductory portion; and add (2)(d)(IV) and (2)(e) as follows:

• Page 3, Line 210-16-1205.  Health insurance affordability fees - special

• Page 3, Line 3assessment on hospitals - allocation of revenues. (2) (d) (I)  Except as

• Page 3, Line 4provided in subsections (2)(d)(IV) and (2)(e) of this section, the

• Page 3, Line 5enterprise shall allocate the revenues collected in 2023 and each year

• Page 3, Line 6thereafter, and any other money deposited in the fund in 2023 and each year thereafter, in the following amounts and order of priority:

• Page 3, Line 7(IV)  On or after the effective date of this subsection

• Page 3, Line 8(2)(d)(IV), the enterprise shall reallocate any amount of

• Page 3, Line 9revenues collected and allocated pursuant to subsection

• Page 3, Line 10(2)(d)(I) of this section that have not been expended on or before

• Page 3, Line 11the effective date of this subsection (2)(d)(IV), not to exceed

• Page 3, Line 12twenty million dollars, for any other purpose specified in

• Page 3, Line 13subsection (2)(d)(I) of this section except administrative costs described in subsection (2)(d)(I)(A) of this section.

• Page 3, Line 14(e) (I)  On or after the date on which the state treasurer

• Page 3, Line 15credits money to the fund in accordance with section 10-16-1206

• Page 3, Line 16(1.5)(a), except as provided in subsection (2)(e)(II) of this section,

• Page 3, Line 17the enterprise shall allocate the money credited to the fund pursuant to section 10-16-1206 (1.5)(a) as follows:

• Page 3, Line 18(A)  Up to fifty million dollars to the reinsurance program cash fund; and

• Page 3, Line 19(B)  Up to fifty million dollars to carriers to reduce the

• Page 3, Line 20costs of individual health plans for individuals who purchase an

• Page 3, Line 21individual health benefit plan on the exchange and receive the premium tax credit.

• Page 4, Line 1(II)  The enterprise may allocate up to five million dollars

• Page 4, Line 2of the money credited to the fund in accordance with section

• Page 4, Line 310-16-1206 (1.5)(a) for any other purpose specified in subsection

• Page 4, Line 4(2)(d)(I) of this section except administrative costs described in subsection (2)(d)(I)(A) of this section.

• Page 4, Line 5(III)  This subsection (2)(e) takes effect on January 1, 2026, only if the condition specified in section 10-16-1209 (1) occurs.

• Page 4, Line 6SECTION 3.  In Colorado Revised Statutes, 10-16-1206, amend(1)(g) and (1)(h); and add (1)(i) and (1.5) as follows:

• Page 4, Line 7 10-16-1206.  Health insurance affordability cash fund -

• Page 4, Line 8creation. (1)  There is created in the state treasury the health insurance affordability cash fund. The fund consists of:

• Page 4, Line 9(g)  The federal share of the medical assistance payments received pursuant to section 25.5-4-503 (2); and

• Page 4, Line 10(h)  Gifts, grants, or donations received from private or public sources; and

• Page 4, Line 11(i)  Any other money that may be appropriated or transferred to the fund.

• Page 4, Line 12(1.5) (a)  The fund also consists of one hundred million

• Page 4, Line 13dollars from the following sources, which the enterprise shall allocate in accordance with section 10-16-1205 (2)(e):

• Page 4, Line 14(I)  Up to one hundred million dollars from tax credit sale proceeds credited to the fund pursuant to section 24-36-406; and

• Page 4, Line 15(II) (A)  If the total amount of tax credit sale proceeds

• Page 4, Line 16available for deposit in the fund is less than one hundred

• Page 4, Line 17million dollars, an amount determined and transferred, in

• Page 5, Line 1accordance with subsection (1.5)(a)(II)(B) of this section, from the general fund to the fund;

• Page 5, Line 2(B)  The state treasurer shall determine the amount of

• Page 5, Line 3the transfer from the general fund to the fund by calculating

• Page 5, Line 4the difference between one hundred million dollars and the

• Page 5, Line 5amount of tax credit sale proceeds credited to the fund

• Page 5, Line 6pursuant to section 24-36-406 and, within ten days after making

• Page 5, Line 7the determination, shall transfer that amount from the general fund to the fund.

• Page 5, Line 8(b)  This subsection (1.5) takes effect on January 1, 2026, only if the condition specified in section 10-16-1209 (1) occurs.

• Page 5, Line 9SECTION 4.  In Colorado Revised Statutes, 10-16-1207, amend (4)(c.5)(III); and add(4.5) and (7) as follows:

• Page 5, Line 1010-16-1207.  Health insurance affordability board - creation -

• Page 5, Line 11membership - powers and duties - subject to open meetings and

• Page 5, Line 12public records laws - annual report - commissioner rules. (4)  The board is authorized to:

• Page 5, Line 13(c.5)  Further recommend, for approval and establishment by the

• Page 5, Line 14commissioner by rule, additional parameters for implementing the

• Page 5, Line 15subsidies for state-subsidized individual health coverage plans authorized

• Page 5, Line 16by this part 12, including that the coverage required pursuant to state-subsidized individual health coverage plans must:

• Page 5, Line 17(III)  For a person who, at the time the person applies for

• Page 5, Line 18state-subsidized coverage, meets the income requirements to qualify for

• Page 5, Line 19emergency medical assistance pursuant to section 25.5-5-103 and who is

• Page 5, Line 20a qualified individual who meets the eligibility criteria established in rule

• Page 5, Line 21pursuant to subsection (4)(c)(IV) of this section, include coverage and plan design that:

• Page 6, Line 1(A)  Has no premium;

• Page 6, Line 2(B)  (A)  Has an actuarial value of not less than ninety-four percent Maximizes enrollment in the plan; and

• Page 6, Line 3(C)  (B)  To the extent possible with available funding, includes

• Page 6, Line 4cost sharing that is further reduced from subsection (4)(c.5)(III)(B) of this

• Page 6, Line 5section such that the plan has consumer cost-sharing responsibilities for

• Page 6, Line 6emergency services equivalent to cost-sharing responsibilities for emergency medical assistance pursuant to section 25.5-5-103;

• Page 6, Line 7(4.5)  Prior to making any final recommendation pursuant

• Page 6, Line 8to subsection (4) of this section regarding plans, coverage, and

• Page 6, Line 9the number of eligible slots, the board shall seek input and

• Page 6, Line 10recommendations from individuals directly affected by

• Page 6, Line 11programs funded by the enterprise and shall discuss any input

• Page 6, Line 12and recommendations received at a board meeting held in

• Page 6, Line 13accordance with subsection (6) of this section. The board shall

• Page 6, Line 14provide opportunities for individuals to provide input and recommendations in English and Spanish.

• Page 6, Line 15(7) (a)  By February 15, 2026, and by every February 15 thereafter, the board shall prepare a report detailing:

• Page 6, Line 16(I)  The total revenue received by the enterprise in the previous calendar year;

• Page 6, Line 17(II)  The share of the total revenue that was received from federal funds;

• Page 6, Line 18(III)  The share of the total revenue that was received from the fee;

• Page 6, Line 19(IV)  If any additional amount of the total revenue was

• Page 7, Line 1received from any sources other than the federal government

• Page 7, Line 2or the fee, the specific source of those revenues and the specific amount of revenues for each source;

• Page 7, Line 3(V)  Each specific program that received funding from the enterprise;

• Page 7, Line 4(VI)  Of the total allocation for each program:

• Page 7, Line 5(A)  The share of the total allocation that was from federal funding; and

• Page 7, Line 6(B)  The share of the total allocation that was from state funding and the source of that state funding;

• Page 7, Line 7(VII)  For the reinsurance program, the amount of the actual allocation of state money to the reinsurance program;

• Page 7, Line 8(VIII)  If less than the maximum allowable allocation of

• Page 7, Line 9state money in the fund was allocated to the reinsurance

• Page 7, Line 10program, an explanation of why the reinsurance program was not fully funded;

• Page 7, Line 11(IX)  For any allocation that was made at the discretion

• Page 7, Line 12of the board or commissioner and not defined expressly in

• Page 7, Line 13statute, an explanation of the allocations, the amount of each

• Page 7, Line 14allocation, the rationale for the amounts, and the goals intended to be achieved as a result of each allocation; and

• Page 7, Line 15(X)  The amount of surplus in the fund, if any, and an

• Page 7, Line 16explanation of why the surplus was not allocated to enterprise programs.

• Page 7, Line 17(b)  By February 28, 2026, and by each February 28 thereafter:

• Page 7, Line 18(I)  The board shall submit the report to the house of

• Page 8, Line 1representatives health and human services committee and the

• Page 8, Line 2senate health and human services committee, or their successor committees, and the joint budget committee; and

• Page 8, Line 3(II)  The division shall post the report on the division's

• Page 8, Line 4public-facing website in an easily accessible location and manner.

• Page 8, Line 5(c)  Notwithstanding the requirement in section 24-1-136

• Page 8, Line 6(11)(a)(I), the requirement to submit the report specified in this subsection (7) continues indefinitely.

• Page 8, Line 7SECTION 5.  In Colorado Revised Statutes, add10-16-1209, 10-16-1210, and 10-16-1211 as follows:

• Page 8, Line 810-16-1209.  Repeal of certain provisions - notice to the revisor

• Page 8, Line 9- repeal. (1)  Sections 10-16-1205 (2)(e), 10-16-1206 (1.5), and

• Page 8, Line 1024-75-201.1 (1)(d)(XXVII)(A) will take effect only if, by December

• Page 8, Line 1131, 2025, the United States congress does not enact and the

• Page 8, Line 12president does not sign federal legislation that extends,

• Page 8, Line 13recreates, or otherwise reinstates the enhanced premium tax

• Page 8, Line 14creditfor the 2026 plan year. The commissioner shall notify the

• Page 8, Line 15revisor of statutes in writing if the condition specified in this

• Page 8, Line 16subsection (1) has occurred by emailing the notice to

• Page 8, Line 17revisorofstatutes.ga@coleg.gov. If the condition specified in

• Page 8, Line 18this subsection (1) occurs, sections 10-16-1205 (2)(e), 10-16-1206

• Page 8, Line 19(1.5), and 24-75-201.1 (1)(d)(XXVII)(A) take effect on January 1, 2026.

• Page 8, Line 20(2)  This section and sections 10-16-1205 (2)(e), 10-16-1206

• Page 8, Line 21(1.5), and 24-75-201.1 (1)(d)(XXVII)(A) will be repealed if, on or

• Page 8, Line 22before December 31, 2025, the United States congress enacts and

• Page 9, Line 1the president signs federal legislation that extends, recreates,

• Page 9, Line 2or otherwise reinstates the enhanced premium tax credit for the

• Page 9, Line 32026 plan year with at least the same eligibility and in the same

• Page 9, Line 4amount as authorized by the amendments to the premium tax

• Page 9, Line 5credit in the federal "American Rescue Plan Act of 2021", Pub.L.

• Page 9, Line 6117-2, and the federal "Inflation Reduction Act of 2022", Pub.L.

• Page 9, Line 7117-169, 136 Stat. 1818 (2022). The commissioner shall notify the

• Page 9, Line 8revisor of statutes in writing if the condition specified in this

• Page 9, Line 9subsection (2) has occurred and of the date on which the

• Page 9, Line 10condition occurred by emailing the notice to

• Page 9, Line 11revisorofstatutes.ga@coleg.gov. This section and sections

• Page 9, Line 1210-16-1205 (2)(e), 10-16-1206 (1.5), and 24-75-201.1 (1)(d)(XXVII)(A)

• Page 9, Line 13are repealed upon the date identified in the notice that the

• Page 9, Line 14condition specified in this subsection (2) occurred or, if the

• Page 9, Line 15notice does not specify that date, upon the date of the notice to the revisor of statutes.

• Page 9, Line 1610-16-1210.  Regulatory agenda - division review of regulation

• Page 9, Line 17- repeal. (1) (a)  The division shall conduct a review of regulation

• Page 9, Line 184-2-76, concerning the health insurance affordability fee

• Page 9, Line 19assessment and collection process, codified in 3 CCR 702-4, in

• Page 9, Line 20accordance with section 24-4-103.3. The department of

• Page 9, Line 21regulatory agencies shall include the division's review of

• Page 9, Line 22regulation 4-2-76 in its departmental regulatory agenda that

• Page 9, Line 23the department submits to the staff of the legislative council in

• Page 9, Line 24accordance with section 2-7-203 (4) by November 1, 2026. The

• Page 9, Line 25health and human services committees of the house of

• Page 9, Line 26representatives and the senate are the applicable committees of

• Page 10, Line 1reference to which the staff of the legislative council shall distribute the review of regulation 4-2-76.

• Page 10, Line 2(b)  The division shall make a presentation of its review, as

• Page 10, Line 3part of the departmental presentations to the committees in

• Page 10, Line 4accordance with section 2-7-203, in the 2027 regular legislative session.

• Page 10, Line 5(2)  This section is repealed, effective July 1, 2027.

• Page 10, Line 610-16-1211.  Performance audit of the enterprise - repeal.

• Page 10, Line 7(1)  By December 31, 2027, the state auditor shall complete a

• Page 10, Line 8performance audit of the enterprise. In conducting the audit, the state auditor shall:

• Page 10, Line 9(a)  Determine whether the enterprise and the board are in

• Page 10, Line 10compliance with the purpose and responsibilities of the

• Page 10, Line 11enterprise and the board as specified in sections 10-16-1202, 10-16-1204, 10-16-1205, and 10-16-1207;

• Page 10, Line 12(b)  Specify, for each year since the creation of the enterprise:

• Page 10, Line 13(I)  The annual revenue deposited in the fund from:

• Page 10, Line 14(A)  The fee collected from carriers pursuant to section 10-16-1205 (1)(a)(I);

• Page 10, Line 15(B)  The special assessments collected from hospitals pursuant to section 10-16-1205 (1)(a)(II);

• Page 10, Line 16(C)  Premium tax revenues deposited in the fund pursuant to section 10-3-209 (4)(a)(III) before its repeal on July 1, 2025;

• Page 10, Line 17(D)  Money allocated to the fund pursuant to section 10-16-1308;

• Page 10, Line 18(E)  The federal share of the medical assistance payments received pursuant to section 25.5-4-503 (2);

• Page 11, Line 1(F)  Any revenue collected from revenue bonds pursuant to section 10-16-1204 (1)(b)(II);

• Page 11, Line 2(G)  Interest and income derived from the deposit and investment of money in the fund; and

• Page 11, Line 3(H)  Any gifts, grants, or donations received from private or public sources;

• Page 11, Line 4(II)  The annual expenditures from the fund for the

• Page 11, Line 5purposes specified in section 10-16-1205 (1)(b), indicating the

• Page 11, Line 6amounts expended in each year for each of the following

• Page 11, Line 7purposes and the amount of such expenditures that was paid

• Page 11, Line 8from revenues described in subsections (1)(b)(I)(D) and (1)(b)(I)(E) of this section:

• Page 11, Line 9(A)  To provide funding for the reinsurance program;

• Page 11, Line 10(B)  To provide payments to carriers to increase the

• Page 11, Line 11affordability of health insurance on the individual market for Coloradans who receive the premium tax credit;

• Page 11, Line 12(C)  To provide subsidies for state-subsidized individual health coverage plans purchased by qualified individuals;

• Page 11, Line 13(D)  To pay the enterprise's actual administrative costs to implement and administer this part 12; and

• Page 11, Line 14(E)  To pay the costs of consumer enrollment, outreach, and education activities regarding health-care coverage; and

• Page 11, Line 15(III)  The amount of revenues allocated or otherwise

• Page 11, Line 16designated for a purpose specified in section 10-16-1205 (1)(b) that the enterprise did not encumber or expend;

• Page 11, Line 17(c)  With regard to the allocation of revenues to the reinsurance program:

• Page 12, Line 1(I)  Determine, for each year since the enterprise

• Page 12, Line 2collected or received revenues, whether the enterprise

• Page 12, Line 3allocated to the reinsurance program cash fund the maximum

• Page 12, Line 4allowable amount of revenues as specified in section 10-16-1205 (2); and

• Page 12, Line 5(II)  For any year in which the enterprise did not allocate

• Page 12, Line 6the maximum allowable amount of revenues to the reinsurance program, analyze:

• Page 12, Line 7(A)  The enterprise's and the division's rationale for not

• Page 12, Line 8allocating the maximum allowable amount of revenues to the reinsurance program; and

• Page 12, Line 9(B)  The impact of that decision on the affordability relief

• Page 12, Line 10provided to consumers in the individual market and the ability

• Page 12, Line 11of the enterprise to fund other programs authorized in this part 12;

• Page 12, Line 12(d)  Determine whether the enterprise's current and

• Page 12, Line 13projected revenues are sufficient for the enterprise to

• Page 12, Line 14efficiently and effectively fulfill its duties and responsibilities as specified in this part 12; and

• Page 12, Line 15(e)  Determine the significance of federal funding on the

• Page 12, Line 16ability of the enterprise to efficiently and effectively fulfill its duties and responsibilities as specified in this part 12.

• Page 12, Line 17(2)  Upon completion of the performance audit required by

• Page 12, Line 18subsection (1) of this section, the state auditor shall submit a

• Page 12, Line 19written report about the performance audit to the legislative

• Page 12, Line 20audit committee and to the health and human services committees of the senate and the house of representatives.

• Page 13, Line 1(3)  This section is repealed, effective December 31, 2028.

• Page 13, Line 2  SECTION 6.  In Colorado Revised Statutes, 24-36-401 as added by House Bill 25B-1004, amend (2) as follows:

• Page 13, Line 324-36-401.  Legislative declaration - tax preference

• Page 13, Line 4performance statement. (2) (a)  In accordance with section 39-21-304

• Page 13, Line 5(1), which requires each bill that creates a new tax expenditure to include

• Page 13, Line 6a tax preference performance statement as part of a statutory legislative

• Page 13, Line 7declaration, the general assembly further finds and declares that the

• Page 13, Line 8general purposes of the tax credits provided for in this part 4 are to induce

• Page 13, Line 9certain designated behavior by taxpayers and provide a reduction in

• Page 13, Line 10insurance premium tax liability for certain businesses. Specifically, this

• Page 13, Line 11tax expenditure is intended to induce insurance companies to purchase tax

• Page 13, Line 12credits that will reduce their future insurance premium tax liability in

• Page 13, Line 13order to generate money for the health insurance affordability cash fund created in section 10-16-1206 (1) and the general fund.

• Page 13, Line 14(b)  The general assembly and the state auditor shall measure the

• Page 13, Line 15effectiveness of the tax credits in achieving the purposes specified in

• Page 13, Line 16subsection (2)(a) of this section based on the number and value of the

• Page 13, Line 17credits claimed and the total amount of general fund money generated

• Page 13, Line 18for the health insurance affordability cash fund and the

• Page 13, Line 19general fund. The division of insurance shall provide the state auditor

• Page 13, Line 20with information regarding the total amount of credits claimed and the

• Page 13, Line 21general fund amount of money generated for the health insurance affordability cash fund and the general fund.

• Page 13, Line 22SECTION 7.  In Colorado Revised Statutes, 24-36-402 as added

• Page 13, Line 23by House Bill 25B-1004, amend (6) as follows:

• Page 14, Line 124-36-402.  Definitions. As used in this part 4, unless the context otherwise requires:

• Page 14, Line 2(6)  "Tax credit sale proceeds" or "sale proceeds" means the money

• Page 14, Line 3or other liquid asset acceptable to the state treasurer that a qualified

• Page 14, Line 4taxpayer pays to the department that is deposited in the tax credit sale

• Page 14, Line 5proceeds cash fund created in section 24-36-405 (1) as specified in section 24-36-406.

• Page 14, Line 6SECTION 8.  In Colorado Revised Statutes, 24-36-403 as added by House Bill 25B-1004, amend (2)(a)(I) and (8) as follows:

• Page 14, Line 724-36-403.  Insurance premium tax credits - purchase -

• Page 14, Line 8authorization to issue - terms - report. (2) (a) (I) (A)  The department

• Page 14, Line 9is authorized to issue tax credit certificates to qualified taxpayers pursuant

• Page 14, Line 10to this part 4 and part 5 of this article 36 equal to the lesser of a total face

• Page 14, Line 11value of up to one hundred twenty-five million dollars and any reasonable

• Page 14, Line 12and necessary administrative, monitoring, and closing costs using sale

• Page 14, Line 13proceeds or total sales sale proceeds of up to one hundred million dollars.

• Page 14, Line 14(B)  In addition to the tax credit certificates authorized

• Page 14, Line 15in subsection (2)(a)(I)(A) of this section, the department is

• Page 14, Line 16authorized to issue tax credit certificates to qualified

• Page 14, Line 17taxpayers pursuant to this part 4 and part 5 of this article 36

• Page 14, Line 18equal to the lesser of a total face value of up to one hundred

• Page 14, Line 19twenty-five million dollars and any reasonable and necessary

• Page 14, Line 20administrative, monitoring, and closing costs using sale

• Page 14, Line 21proceeds or total sale proceeds of up to one hundred million

• Page 14, Line 22dollars. This subsection (2)(a)(I) takes effect on January 1, 2026,

• Page 14, Line 23only if the condition specified in section 10-16-1209 (1) occurs.

• Page 15, Line 1(8)  The tax credit sale proceeds provided by a qualified taxpayer

• Page 15, Line 2in return for a tax credit certificate must be deposited in the general fund as specified in section 24-36-406.

• Page 15, Line 3SECTION 9.  In Colorado Revised Statutes, amend as added by House Bill 25B-1004 24-36-406 as follows:

• Page 15, Line 424-36-406.  Distribution of sale proceeds. (1)  Except as

• Page 15, Line 5provided in subsection (2) of this section, each month, the state

• Page 15, Line 6treasurer shall credit the money generated by the sale proceeds pursuant

• Page 15, Line 7to parts 4 and 5 of this article 36 to the tax credit sale proceeds cash fund.

• Page 15, Line 8The department shall transfer the money to the general fund less any amounts used for the expenses described in section 24-36-405 (4).

• Page 15, Line 9(2) (a)  Each month, the state treasurer shall credit the

• Page 15, Line 10money generated by the sale proceeds pursuant to parts 4 and 5 of this article 36 as follows:

• Page 15, Line 11(I)  An amount equal to the monthly expenses described in section 24-36-405 (4) to the tax credit sale proceeds cash fund;

• Page 15, Line 12(II)  The remainder to the health insurance affordability

• Page 15, Line 13cash fund created in section 10-16-1206 (1); except that the

• Page 15, Line 14amount credited to the health insurance affordability cash fund shall not exceed one hundred million dollars; and

• Page 15, Line 15(III)  After the amount specified in subsection (2)(a)(II) of

• Page 15, Line 16this section has been credited to the health insurance

• Page 15, Line 17affordability cash fund, then the remainder to the tax credit sale proceeds cash fund.

• Page 15, Line 18(b)  The department shall transfer the money in the tax

• Page 15, Line 19credit sale proceeds cash fund, less any amounts used for the

• Page 15, Line 20expenses described in section 24-36-405 (4), to the general fund.

• Page 16, Line 1(c) (I)  This subsection (2) will take effect only if, by

• Page 16, Line 2December 31, 2025, the United States congress does not enact

• Page 16, Line 3and the president does not sign federal legislation that

• Page 16, Line 4extends, recreates, or otherwise reinstates the enhanced

• Page 16, Line 5premium tax credit for the 2026 plan year. The commissioner of

• Page 16, Line 6insurance shall notify the revisor of statutes in writing if the

• Page 16, Line 7condition specified in this subsection (2)(c)(I) has occurred by

• Page 16, Line 8emailing the notice to revisorofstatutes.ga@coleg.gov. If the

• Page 16, Line 9condition specified in this subsection (2)(c)(I) occurs, this subsection (2) takes effect on January 1, 2026.

• Page 16, Line 10(II)  This subsection (2) will be repealed if, on or before

• Page 16, Line 11December 31, 2025, the United States congress enacts and the

• Page 16, Line 12president signs federal legislation that extends, recreates, or

• Page 16, Line 13otherwise reinstates the enhanced premium tax credit for the

• Page 16, Line 142026 plan year with at least the same eligibility and in the same

• Page 16, Line 15amount as authorized by the amendments to the premium tax

• Page 16, Line 16credit in the federal "American Rescue Plan Act of 2021", Pub.L.

• Page 16, Line 17117-2, and the federal "Inflation Reduction Act of 2022", Pub.L.

• Page 16, Line 18117-169, 136 Stat. 1818 (2022). The commissioner of insurance

• Page 16, Line 19shall notify the revisor of statutes in writing if the condition

• Page 16, Line 20specified in this subsection (2)(c)(II) has occurred and of the date

• Page 16, Line 21on which the condition occurred by emailing the notice to

• Page 16, Line 22revisorofstatutes.ga@coleg.gov. This subsection (2) is repealed

• Page 16, Line 23upon the date identified in the notice that the condition specified

• Page 16, Line 24in this subsection (2)(c)(II) occurred or, if the notice does not

• Page 16, Line 25specify that date, upon the date of the notice to the revisor of

• Page 16, Line 26statutes.

• Page 17, Line 1SECTION 10.  In Colorado Revised Statutes, 24-36-501 as added by House Bill 25B-1004, amend (2) as follows:

• Page 17, Line 224-36-501.  Legislative declaration - tax preference

• Page 17, Line 3performance statement. (2) (a)  In accordance with section 39-21-304

• Page 17, Line 4(1), which requires each bill that creates a new tax expenditure to include

• Page 17, Line 5a tax preference performance statement as part of a statutory legislative

• Page 17, Line 6declaration, the general assembly further finds and declares that the

• Page 17, Line 7general purposes of the tax credits provided for in this part 5 are to induce

• Page 17, Line 8certain designated behavior by taxpayers and provide a reduction in

• Page 17, Line 9income tax liability for certain businesses. Specifically, this tax

• Page 17, Line 10expenditure is intended to induce C corporations to purchase tax credits

• Page 17, Line 11that will reduce their future income tax liability in order to generate

• Page 17, Line 12money for the health insurance affordability cash fund created in section 10-16-1206 (1) and the general fund.

• Page 17, Line 13(b)  The general assembly and the state auditor shall measure the

• Page 17, Line 14effectiveness of the tax credits in achieving the purposes specified in

• Page 17, Line 15subsection (2)(a) of this section based on the number and value of the

• Page 17, Line 16credits claimed and the total amount of general fund money generated

• Page 17, Line 17for the health insurance affordability cash fund and the

• Page 17, Line 18general fund. The department of revenue shall provide the state auditor

• Page 17, Line 19with information regarding the total amount of credits claimed and the

• Page 17, Line 20general fund amount of money generated for the health insurance affordability cash fund and the general fund.

• Page 17, Line 21SECTION 11.  In Colorado Revised Statutes, 24-36-502 as added by House Bill 25B-1004, amend (6) as follows:

• Page 17, Line 2224-36-502.  Definitions. As used in this part 5, unless the context

• Page 17, Line 23otherwise requires:

• Page 18, Line 1(6)  "Tax credit sale proceeds" or "sale proceeds" means the money

• Page 18, Line 2or other liquid asset acceptable to the state treasurer that a qualified

• Page 18, Line 3taxpayer pays to the department that is deposited in the general fund as specified in section 24-36-406.

• Page 18, Line 4SECTION 12.  In Colorado Revised Statutes, 24-36-503 as added by House Bill 25B-1004, amend (2)(a) and (8) as follows:

• Page 18, Line 524-36-503.  Corporate tax credits - purchase - authorization to

• Page 18, Line 6issue - terms - report. (2) (a) (I)  The department is authorized to issue

• Page 18, Line 7tax credit certificates to qualified taxpayers pursuant to this part 5 and

• Page 18, Line 8part 4 of this article 36 equal to the lesser of a total face value of up to

• Page 18, Line 9one hundred twenty-five million dollars and any reasonable and necessary

• Page 18, Line 10administrative, monitoring, and closing costs using sales sale proceeds or total sales sale proceeds of up to one hundred million dollars.

• Page 18, Line 11(II) (A)  In addition to the tax credit certificates

• Page 18, Line 12authorized in subsection (2)(a)(I) of this section, the department

• Page 18, Line 13is authorized to issue tax credit certificates to qualified

• Page 18, Line 14taxpayers pursuant to this part 5 and part 4 of this article 36

• Page 18, Line 15equal to the lesser of a total face value of up to one hundred

• Page 18, Line 16twenty-five million dollars and any reasonable and necessary

• Page 18, Line 17administrative, monitoring, and closing costs using sale

• Page 18, Line 18proceeds or total sale proceeds of up to one hundred million dollars.

• Page 18, Line 19(B)  This subsection (2)(a)(II) takes effect on January 1,

• Page 18, Line 202026, only if the condition specified in section 10-16-1209 (1) occurs.

• Page 18, Line 21(8)  The tax credit sale proceeds provided by a qualified taxpayer

• Page 18, Line 22in return for a tax credit certificate must be deposited in the general fund as specified in section 24-36-406.

• Page 19, Line 1SECTION 13.  In Colorado Revised Statutes, add parts 4 and 5 to article 36 of title 24 as follows:

• Page 19, Line 2PART 4

• SALE OF INSURANCE PREMIUM TAX CREDITS

• Page 19, Line 324-36-401.  Legislative declaration - tax preference

• Page 19, Line 4performance statement. (1)  The general assembly finds and declares that:

• Page 19, Line 5(a)  The insurance premium tax credits authorized by this

• Page 19, Line 6part 4 are not refundable and do not impose an obligation of payment in any future year on the state;

• Page 19, Line 7(b)  The use of proceeds from the sale of insurance premium

• Page 19, Line 8tax credits does not require the state to borrow money, extend

• Page 19, Line 9or pledge the state's credit, or obligate the state to make future payments from state revenue;

• Page 19, Line 10(c)  The sale and use of the tax credits shall not be deemed

• Page 19, Line 11or construed as creating indebtedness or any other financial

• Page 19, Line 12obligation whatsoever within the meaning of any provision of

• Page 19, Line 13the state constitution or the laws of the state concerning or

• Page 19, Line 14limiting the creation of indebtedness or other financial obligation by the state;

• Page 19, Line 15(d)  The tax credits allow an insurance company with an

• Page 19, Line 16insurance premium tax liability to prepay its tax liability for

• Page 19, Line 17future years, which does not constitute a tax policy change under section 20 (4)(a) of article X of the state constitution; and

• Page 19, Line 18(e)  Any proceeds from the sale of the tax credits will be

• Page 19, Line 19offset by decreases in future revenue resulting from the buyer's

• Page 20, Line 1use of the tax credits and therefore will not cause a net tax

• Page 20, Line 2revenue gain under section 20 (4)(a) of article X of the state constitution.

• Page 20, Line 3(2) (a)  In accordance with section 39-21-304 (1), which

• Page 20, Line 4requires each bill that creates a new tax expenditure to include

• Page 20, Line 5a tax preference performance statement as part of a statutory

• Page 20, Line 6legislative declaration, the general assembly further finds and

• Page 20, Line 7declares that the general purposes of the tax credits provided

• Page 20, Line 8for in this part 4 are to induce certain designated behavior by

• Page 20, Line 9taxpayers and provide a reduction in insurance premium tax

• Page 20, Line 10liability for certain businesses. Specifically, this tax

• Page 20, Line 11expenditure is intended to induce insurance companies to

• Page 20, Line 12purchase tax credits that will reduce their future insurance

• Page 20, Line 13premium tax liability in order to generate money for the health insurance affordability cash fund.

• Page 20, Line 14(b)  The general assembly and the state auditor shall

• Page 20, Line 15measure the effectiveness of the tax credits in achieving the

• Page 20, Line 16purposes specified in subsection (2)(a) of this section based on the

• Page 20, Line 17number and value of the credits claimed and the total amount

• Page 20, Line 18of money generated and allocated to the health insurance

• Page 20, Line 19affordability cash fund. The division of insurance shall provide

• Page 20, Line 20the state auditor with information regarding the total amount

• Page 20, Line 21of credits claimed and the money allocated to the health insurance affordability cash fund.

• Page 20, Line 2224-36-402.  Definitions.As used in this part 4, unless the context otherwise requires:

• Page 20, Line 23(1)  "Department" means the department of the treasury.

• Page 21, Line 1(2)  "Division of insurance" means the division of insurance

• Page 21, Line 2in the department of regulatory agencies created in section 10-1-103.

• Page 21, Line 3(3)  "Health insurance affordability cash fund" means the

• Page 21, Line 4health insurance affordability cash fund created in section 10-16-1206 (1).

• Page 21, Line 5(4)  "Premium tax liability" means the liability imposed by

• Page 21, Line 6section 10-3-209 or 10-6-128, or, in the case of a repeal or

• Page 21, Line 7reduction by the state of the liability imposed by section

• Page 21, Line 810-3-209 or 10-6-128, any other tax liability imposed upon an insurance company by the state.

• Page 21, Line 9(5)  "Qualified taxpayer" means an insurance company

• Page 21, Line 10authorized to do business in Colorado that has premium tax

• Page 21, Line 11liability owing to the state and that purchases a tax credit

• Page 21, Line 12under this part 4. "Qualified taxpayer" also includes an

• Page 21, Line 13insurance company that receives or assumes a tax credit

• Page 21, Line 14transferred in accordance with section 24-36-403 (7)(e) or 24-36-404 (5).

• Page 21, Line 15(6)  "Tax credit" means the tax credit created in section 24-36-403.

• Page 21, Line 16(7)  "Tax credit sale proceeds" or "sale proceeds" means

• Page 21, Line 17the money or other liquid asset acceptable to the state

• Page 21, Line 18treasurer that a qualified taxpayer pays to the department that is deposited as specified in section 24-36-406.

• Page 21, Line 1924-36-403.  Insurance premium tax credits - purchase -

• Page 21, Line 20authorization to issue - terms - report. (1)  A qualified taxpayer

• Page 21, Line 21may purchase insurance premium tax credits from the

• Page 22, Line 1department in accordance with this section and may apply the

• Page 22, Line 2tax credits against its premium tax liability in accordance with section 24-36-404.

• Page 22, Line 3(2) (a)  The department is authorized to issue tax credit

• Page 22, Line 4certificates to qualified taxpayers pursuant to this part 4 and

• Page 22, Line 5part 5 of this article 36 equal to the lesser of a total face value

• Page 22, Line 6of up to one hundred twenty-five million dollars and any

• Page 22, Line 7reasonable and necessary administrative, monitoring, and

• Page 22, Line 8closing costs using sale proceeds or total sale proceeds of up to one hundred million dollars.

• Page 22, Line 9(b)  The department may contract with an independent

• Page 22, Line 10third party to conduct or consult on a bidding process among qualified taxpayers to purchase the tax credits.

• Page 22, Line 11(c)  The department shall consult with insurance

• Page 22, Line 12companies in advance of issuing any tax credits in accordance with this section.

• Page 22, Line 13(3)  An insurance company authorized to do business in

• Page 22, Line 14Colorado seeking to purchase tax credits must apply to the department in the manner prescribed by the department.

• Page 22, Line 15(4)  Using procedures adopted by the department or, if

• Page 22, Line 16applicable, by an independent third party, each insurance

• Page 22, Line 17company that submits an application shall make a timely and

• Page 22, Line 18irrevocable offer, contingent only on the department's issuance

• Page 22, Line 19to the insurance company of the tax credit certificates, to make

• Page 22, Line 20a specified purchase payment amount to the department on dates

• Page 22, Line 21specified by the department, which must not burden any single

• Page 22, Line 22tax year. The offer must include:

• Page 23, Line 1(a)  The requested amount of tax credits, which must not

• Page 23, Line 2be less than any minimum amount established in procedures by the department or, if applicable, the independent third party;

• Page 23, Line 3(b)  The qualified taxpayer's proposed tax credit purchase

• Page 23, Line 4amount for each tax credit dollar requested. The minimum

• Page 23, Line 5proposed tax credit purchase amount must be the greater of either:

• Page 23, Line 6(I)  The percentage of the requested dollar amount of tax

• Page 23, Line 7credits that the department and, if applicable, the independent

• Page 23, Line 8third party determines to be consistent with market conditions as of the offer date; or

• Page 23, Line 9(II)  Eighty percent of the requested dollar amount of tax credits; and

• Page 23, Line 10(c)  Any other information the department or, if applicable, the independent third party requires.

• Page 23, Line 11(5)  The department shall provide written notice to each

• Page 23, Line 12insurance company that submits an application indicating

• Page 23, Line 13whether the insurance company has been approved as a

• Page 23, Line 14purchaser of tax credits and, if so, the amount of tax credits

• Page 23, Line 15allocated and the date by which payment of the tax credit sale proceeds must be made.

• Page 23, Line 16(6)  On receipt of payment of the sale proceeds, the

• Page 23, Line 17department shall issue to each qualified taxpayer a tax credit certificate. The tax credit certificate must state:

• Page 23, Line 18(a)  The total amount of premium tax credits that the qualified taxpayer may claim;

• Page 23, Line 19(b)  The amount that the qualified taxpayer has paid or

• Page 24, Line 1agreed to pay in return for the issuance of the tax credit certificates and the date of the payment;

• Page 24, Line 2(c)  The dates on which the tax credits will be available for use by the qualified taxpayer;

• Page 24, Line 3(d)  Any penalties or other remedies for noncompliance;

• Page 24, Line 4(e)  The procedures to be used for transferring or

• Page 24, Line 5assuming the tax credits in accordance with subsection (7)(e) of this section or section 24-36-404 (5);

• Page 24, Line 6(f)  The serial number of the tax credit certificate; and

• Page 24, Line 7(g)  Any other requirements deemed necessary by the department as a condition of issuing the tax credit certificate.

• Page 24, Line 8(7) (a)  The department shall not issue a tax credit

• Page 24, Line 9certificate to any qualified taxpayer that fails to provide the

• Page 24, Line 10tax credit sale proceeds within the time the department specifies.

• Page 24, Line 11(b)  A qualified taxpayer that fails to provide the tax

• Page 24, Line 12credit sale proceeds within the time the department specifies is

• Page 24, Line 13subject to a penalty equal to ten percent of the amount of the

• Page 24, Line 14purchase price that remains unpaid. The penalty must be paid to the department within thirty days after demand.

• Page 24, Line 15(c)  The department may offer to reallocate the defaulted

• Page 24, Line 16tax credits among other qualified taxpayers, so that the result

• Page 24, Line 17after reallocation is the same as if the initial allocation had

• Page 24, Line 18been performed without considering the tax credit allocation to the defaulting qualified taxpayer.

• Page 24, Line 19(d)  If the reallocation of tax credits under subsection

• Page 24, Line 20(7)(c) of this section results in the payment by another qualified

• Page 25, Line 1taxpayer of the amount of tax credit sale proceeds not paid by

• Page 25, Line 2the defaulting qualified taxpayer, the department may waive the penalty imposed under subsection (7)(b) of this section.

• Page 25, Line 3(e)  A qualified taxpayer that fails to pay the tax credit

• Page 25, Line 4sale proceeds within the time specified may avoid the imposition

• Page 25, Line 5of the penalty by transferring the allocation of tax credits to

• Page 25, Line 6a new or existing qualified taxpayer within thirty days after the

• Page 25, Line 7due date of the defaulted installment. Any transferee of an

• Page 25, Line 8allocation of tax credits of a defaulting qualified taxpayer

• Page 25, Line 9under this subsection (7) shall agree to pay the tax credit sale proceeds within five days after the date of the transfer.

• Page 25, Line 10(8)  The tax credit sale proceeds provided by a qualified

• Page 25, Line 11taxpayer in return for a tax credit certificate issued pursuant

• Page 25, Line 12to subsection (2)(a) of this section must be deposited as specified in section 24-36-406.

• Page 25, Line 13(9) (a)  The department shall provide, within thirty days

• Page 25, Line 14after the close of the fiscal year, a data file to the division of

• Page 25, Line 15insurance and the department of revenue for each fiscal year in

• Page 25, Line 16which it issues tax credit certificates pursuant to this part 4. The data file must include:

• Page 25, Line 17(I)  The name and identifying number issued by the

• Page 25, Line 18National Association of Insurance Commissioners, or any

• Page 25, Line 19successor organization, of each qualified taxpayer to which the department issued a tax credit certificate;

• Page 25, Line 20(II)  The total amount of the tax credit allocated to the qualified taxpayer; and

• Page 25, Line 21(III)  The serial number of the tax credit certificate issued to the qualified taxpayer.

• Page 26, Line 1(b)  The department shall maintain records of each tax

• Page 26, Line 2credit certificate issued, transferred, or assumed that are

• Page 26, Line 3sufficient to allow the department of revenue or the division of

• Page 26, Line 4insurance to verify the issuance and ownership of the credit. The

• Page 26, Line 5department shall provide the records to the office of the state

• Page 26, Line 6auditor upon request so that the state auditor can evaluate the

• Page 26, Line 7effectiveness of the tax credits in accordance with sections 24-36-401 (2)(b) and 39-21-305.

• Page 26, Line 8(10)  The department may pay an independent third party

• Page 26, Line 9and any consultants reasonable and necessary administrative,

• Page 26, Line 10monitoring, and closing costs using the proceeds from the sale of tax credits.

• Page 26, Line 1124-36-404.  Use of insurance premium tax credits - carry over.

• Page 26, Line 12(1)  For a tax credit certificate issued in fiscal year 2025-26, the

• Page 26, Line 13department, in consultation with the office of state planning

• Page 26, Line 14and budgeting, prior to the sale, may determine the calendar

• Page 26, Line 15years in which the qualified taxpayer may claim the qualified

• Page 26, Line 16taxpayer's tax credit against the qualified taxpayer's premium tax liability.

• Page 26, Line 17(2)  The total credit to be applied by a qualified taxpayer

• Page 26, Line 18in any one year must not exceed the premium tax liability of the

• Page 26, Line 19qualified taxpayer for the taxable year. If the qualified

• Page 26, Line 20taxpayer cannot use the entire amount of the tax credit for the

• Page 26, Line 21taxable year in which the taxpayer is eligible for the credit, the

• Page 26, Line 22excess may be carried over to succeeding taxable years and

• Page 26, Line 23used as a credit against the premium tax liability of the

• Page 27, Line 1taxpayer for those taxable years; except that the credit may

• Page 27, Line 2not be carried over to any taxable year that begins after

• Page 27, Line 3December 31, 2033. Any amount of the credit that is not timely claimed expires and is not refundable.

• Page 27, Line 4(3)  A qualified taxpayer claiming a credit under this part 4 shall submit the tax credit certificate with its tax return.

• Page 27, Line 5(4)  A qualified taxpayer claiming a tax credit under this

• Page 27, Line 6part 4 shall not be required to pay any additional or retaliatory tax as a result of claiming the credit.

• Page 27, Line 7(5)  If a qualified taxpayer holding an unclaimed tax

• Page 27, Line 8credit is part of a merger, acquisition, or line of business

• Page 27, Line 9divestiture transaction, the tax credit may be transferred to

• Page 27, Line 10and assumed by the resulting entity if the resulting entity is an

• Page 27, Line 11insurance company authorized to do business in Colorado that

• Page 27, Line 12has premium tax liability. The qualified taxpayer that

• Page 27, Line 13originally purchased the credit and the resulting entity shall

• Page 27, Line 14notify the department in writing of the transfer or assumption

• Page 27, Line 15of the credit in accordance with procedures adopted by the

• Page 27, Line 16department. The transfer or assumption of the tax credit does

• Page 27, Line 17not affect the time schedule for claiming the tax credit as provided in this section.

• Page 27, Line 18(6)  The department shall provide a report to the division

• Page 27, Line 19of insurance for each fiscal year in which it issues tax credit

• Page 27, Line 20certificates pursuant to this part 4 within thirty days after the close of the fiscal year. The report must include:

• Page 27, Line 21(a)  The name and identifying number issued by the

• Page 27, Line 22National Association of Insurance Commissioners, or any

• Page 28, Line 1successor organization, of each qualified taxpayer to which the department issued a tax credit certificate;

• Page 28, Line 2(b)  The total amount of the tax credit allocated to the qualified taxpayer; and

• Page 28, Line 3(c)  The serial number of the tax credit certificate issued,

• Page 28, Line 4transferred, or assumed that is sufficient to allow the division

• Page 28, Line 5of insurance to verify the issuance and ownership of the tax credit.

• Page 28, Line 624-36-405.  Tax credit sale proceeds cash fund - creation.

• Page 28, Line 7(1)  The tax credit sale proceeds cash fund is created in the state

• Page 28, Line 8treasury. The fund consists of money generated by sale

• Page 28, Line 9proceeds credited to the fund pursuant to section 24-36-406 and

• Page 28, Line 10any other money that the general assembly may appropriate or transfer to the fund.

• Page 28, Line 11(2)  The state treasurer shall credit all interest and

• Page 28, Line 12income derived from the deposit and investment of money in the tax credit sale proceeds cash fund to the fund.

• Page 28, Line 13(3)  The state treasurer shall transfer any unexpended

• Page 28, Line 14and unencumbered money remaining in the tax credit sale

• Page 28, Line 15proceeds cash fund at the end of a fiscal year to the general fund.

• Page 28, Line 16(4) (a)  Subject to annual appropriation by the general

• Page 28, Line 17assembly, the department may expend money from the fund for

• Page 28, Line 18any reasonable and necessary administrative, monitoring, and

• Page 28, Line 19closing costs associated with implementing and administering parts 4 and 5 of this article 36.

• Page 28, Line 20(b)  Subject to annual appropriation by the general

• Page 29, Line 1assembly, the department of revenue may expend money from the

• Page 29, Line 2fund for direct and indirect costs associated with implementing and administering parts 4 and 5 of this article 36.

• Page 29, Line 324-36-406.  Distribution of sale proceeds. (1)  Each month, the

• Page 29, Line 4state treasurer shall credit the money generated by the sale proceeds pursuant to parts 4 and 5 of this article 36 as follows:

• Page 29, Line 5(a)  An amount equal to the monthly expenses described in section 24-36-405 (4) to the tax credit sale proceeds cash fund;

• Page 29, Line 6(b)  The remainder to the health insurance affordability

• Page 29, Line 7cash fund; except that the amount credited to the health

• Page 29, Line 8insurance affordability cash fund shall not exceed one hundred million dollars; and

• Page 29, Line 9(c)  After the amount specified in subsection (1)(b) of this

• Page 29, Line 10section has been credited to the health insurance affordability

• Page 29, Line 11cash fund, then the remainder to the tax credit sale proceeds cash fund.

• Page 29, Line 12(2)  The department shall transfer the money in the tax

• Page 29, Line 13credit sale proceeds cash fund, less any amounts used for the expenses described in section 24-36-405 (4), to the general fund.

• Page 29, Line 1424-36-407.  Part contingent on condition - repeal of part -

• Page 29, Line 15notice to the revisor. (1)  This part 4 will take effect only if, by

• Page 29, Line 16December 31, 2025, the United States congress does not enact

• Page 29, Line 17and the president does not sign federal legislation that

• Page 29, Line 18extends, recreates, or otherwise reinstates the enhanced

• Page 29, Line 19premium tax credit for the 2026 plan year. The commissioner of

• Page 29, Line 20insurance shall notify the revisor of statutes in writing if the

• Page 29, Line 21condition specified in this subsection (1) has occurred by

• Page 30, Line 1emailing the notice to revisorofstatutes.ga@coleg.gov. If the

• Page 30, Line 2condition specified in this subsection (1) occurs, this part 4 takes effect on January 1, 2026.

• Page 30, Line 3(2)  This part 4 will be repealed if, on or before December

• Page 30, Line 431, 2025, the United States congress enacts and the president

• Page 30, Line 5signs federal legislation that extends, recreates, or otherwise

• Page 30, Line 6reinstates the enhanced premium tax credit for the 2026 plan

• Page 30, Line 7year with at least the same eligibility and in the same amount as

• Page 30, Line 8authorized by the amendments to the premium tax credit in the

• Page 30, Line 9federal "American Rescue Plan Act of 2021", Pub.L. 117-2, and

• Page 30, Line 10the federal "Inflation Reduction Act of 2022", Pub.L. 117-169, 136

• Page 30, Line 11Stat. 1818 (2022). The commissioner of insurance shall notify the

• Page 30, Line 12revisor of statutes in writing if the condition specified in this

• Page 30, Line 13subsection (2) has occurred and of the date on which the

• Page 30, Line 14condition occurred by emailing the notice to

• Page 30, Line 15revisorofstatutes.ga@coleg.gov. This part 4 is repealed upon

• Page 30, Line 16the date identified in the notice that the condition specified in

• Page 30, Line 17this subsection (2) occurred or, if the notice does not specify that date, upon the date of the notice to the revisor of statutes.

• Page 30, Line 18(3)  This part 4 is repealed, effective December 31, 2040.

• PART 5

• Page 30, Line 19SALE OF CORPORATE TAX CREDITS

• Page 30, Line 2024-36-501.  Legislative declaration - tax preference

• Page 30, Line 21performance statement. (1)  The general assembly finds and declares that:

• Page 30, Line 22(a)  The corporate tax credits authorized by this part 5 are

• Page 30, Line 23not refundable and do not impose an obligation of payment in any future year on the state;

• Page 31, Line 1(b)  The use of proceeds from the sale of corporate tax

• Page 31, Line 2credits does not require the state to borrow money, extend or

• Page 31, Line 3pledge the state's credit, or obligate the state to make future payments from state revenue;

• Page 31, Line 4(c)  The sale and use of the corporate tax credits shall

• Page 31, Line 5not be deemed or construed as creating indebtedness or any

• Page 31, Line 6other financial obligation whatsoever within the meaning of

• Page 31, Line 7any provision of the state constitution or the laws of the state

• Page 31, Line 8concerning or limiting the creation of indebtedness or other financial obligation by the state;

• Page 31, Line 9(d)  The tax credits allow a corporation with an income

• Page 31, Line 10tax liability to prepay its tax liability for future years, which

• Page 31, Line 11does not constitute a tax policy change under section 20 (4)(a) of article X of the state constitution; and

• Page 31, Line 12(e)  Any proceeds from the sale of the tax credits will be

• Page 31, Line 13offset by decreases in future revenue resulting from the buyer's

• Page 31, Line 14use of the tax credits and therefore will not cause a net tax

• Page 31, Line 15revenue gain under section 20 (4)(a) of article X of the state constitution.

• Page 31, Line 16(2) (a)  In accordance with section 39-21-304 (1), which

• Page 31, Line 17requires each bill that creates a new tax expenditure to include

• Page 31, Line 18a tax preference performance statement as part of a statutory

• Page 31, Line 19legislative declaration, the general assembly further finds and

• Page 31, Line 20declares that the general purposes of the tax credits provided

• Page 31, Line 21for in this part 5 are to induce certain designated behavior by

• Page 31, Line 22taxpayers and provide a reduction in income tax liability for

• Page 32, Line 1certain businesses. Specifically, this tax expenditure is intended

• Page 32, Line 2to induce C corporations to purchase tax credits that will

• Page 32, Line 3reduce their future income tax liability in order to generate money for the health insurance affordability cash fund.

• Page 32, Line 4(b)  The general assembly and the state auditor shall

• Page 32, Line 5measure the effectiveness of the tax credits in achieving the

• Page 32, Line 6purposes specified in subsection (2)(a) of this section based on the

• Page 32, Line 7number and value of the credits claimed and the total amount

• Page 32, Line 8of money generated and allocated to the health insurance

• Page 32, Line 9affordability cash fund. The department of revenue shall

• Page 32, Line 10provide the state auditor with information regarding the total

• Page 32, Line 11amount of credits claimed and the money allocated to the health insurance affordability cash fund.

• Page 32, Line 1224-36-502.  Definitions.As used in this part 5, unless the context otherwise requires:

• Page 32, Line 13(1)  "C corporation" has the same meaning as in section 39-22-103 (2.5).

• Page 32, Line 14(2)  "Department" means the department of the treasury.

• Page 32, Line 15(3)  "Health insurance affordability cash fund" means the

• Page 32, Line 16health insurance affordability cash fund created in section 10-16-1206 (1).

• Page 32, Line 17(4)  "Income tax liability" means the liability imposed by section 39-22-301.

• Page 32, Line 18(5)  "Qualified taxpayer" means a C corporation

• Page 32, Line 19authorized to do business in Colorado that has or will have an

• Page 32, Line 20income tax liability owing to the state. "Qualified taxpayer"

• Page 32, Line 21also includes a C corporation that receives or assumes a tax credit transferred in accordance with section 26-36-503 (7)(e).

• Page 33, Line 1(6)  "Tax credit" means the tax credit created in section 24-36-503.

• Page 33, Line 2(7)  "Tax credit sale proceeds" or "sale proceeds" means

• Page 33, Line 3the money or other liquid asset acceptable to the state

• Page 33, Line 4treasurer that a qualified taxpayer pays to the department that is credited as specified in section 24-36-406.

• Page 33, Line 524-36-503.  Corporate tax credits - purchase - authorization to

• Page 33, Line 6issue - terms - report. (1)  A qualified taxpayer may purchase

• Page 33, Line 7income tax credits from the department in accordance with this

• Page 33, Line 8section and may apply the tax credits against its income tax liability in accordance with section 24-36-504.

• Page 33, Line 9(2) (a)  The department is authorized to issue tax credit

• Page 33, Line 10certificates to qualified taxpayers pursuant to this part 5 and

• Page 33, Line 11part 4 of this article 36 equal to the lesser of a total face value

• Page 33, Line 12of up to one hundred twenty-five million dollars and any

• Page 33, Line 13reasonable and necessary administrative, monitoring, and

• Page 33, Line 14closing costs using sales proceeds or total sales proceeds of up to one hundred million dollars.

• Page 33, Line 15(b)  The department may contract with an independent

• Page 33, Line 16third party to conduct or consult on a bidding process among qualified taxpayers to purchase the tax credits.

• Page 33, Line 17(c)  The department shall consult with C corporations in

• Page 33, Line 18advance of issuing any tax credits in accordance with this section.

• Page 33, Line 19(3)  A C corporation authorized to do business in Colorado

• Page 33, Line 20seeking to purchase tax credits must apply to the department in the manner prescribed by the department.

• Page 34, Line 1(4)  Using procedures adopted by the department or, if

• Page 34, Line 2applicable, by an independent third party, each C corporation

• Page 34, Line 3that submits an application shall make a timely and irrevocable

• Page 34, Line 4offer, contingent only on the department's issuance to the C

• Page 34, Line 5corporation of the tax credit certificates, to make a specified

• Page 34, Line 6purchase payment amount to the department on dates specified

• Page 34, Line 7by the department, which must not burden any single tax year. The offer must include:

• Page 34, Line 8(a)  The requested amount of tax credits, which must not

• Page 34, Line 9be less than any minimum amount established in procedures by the department or, if applicable, the independent third party;

• Page 34, Line 10(b)  The qualified taxpayer's proposed tax credit purchase

• Page 34, Line 11amount for each tax credit dollar requested. The minimum

• Page 34, Line 12proposed tax credit purchase amount must be the greater of either:

• Page 34, Line 13(I)  The percentage of the requested dollar amount of tax

• Page 34, Line 14credits that the department and, if applicable, the independent

• Page 34, Line 15third party determines to be consistent with market conditions as of the offer date; or

• Page 34, Line 16(II)  Eighty percent of the requested dollar amount of tax credits; and

• Page 34, Line 17(c)  Any other information the department or, if applicable, the independent third party requires.

• Page 34, Line 18(5)  The department shall provide written notice to each

• Page 34, Line 19C corporation that submits an application indicating whether

• Page 34, Line 20the C corporation has been approved as a purchaser of tax

• Page 35, Line 1credits and, if so, the amount of tax credits allocated and the

• Page 35, Line 2date by which payment of the tax credit sale proceeds must be made.

• Page 35, Line 3(6)  On receipt of payment of the sale proceeds, the

• Page 35, Line 4department shall issue to each qualified taxpayer a tax credit certificate. The tax credit certificate must state:

• Page 35, Line 5(a)  The total amount of income tax credits that the qualified taxpayer may claim;

• Page 35, Line 6(b)  The amount that the qualified taxpayer has paid for

• Page 35, Line 7the issuance of the tax credit certificates and the date of the payment;

• Page 35, Line 8(c)  The dates on which the tax credits will be available for use by the qualified taxpayer;

• Page 35, Line 9(d)  Any penalties or other remedies for noncompliance;

• Page 35, Line 10(e)  The procedures to be used for transferring or

• Page 35, Line 11assuming the tax credits in accordance with subsection (7)(e) of this section;

• Page 35, Line 12(f)  The serial number of the tax credit certificate; and

• Page 35, Line 13(g)  Any other requirements deemed necessary by the department as a condition of issuing the tax credit certificate.

• Page 35, Line 14(7) (a)  The department shall not issue a tax credit

• Page 35, Line 15certificate to any qualified taxpayer that fails to provide the

• Page 35, Line 16tax credit sale proceeds within the time the department specifies.

• Page 35, Line 17(b)  A qualified taxpayer that fails to provide the tax

• Page 35, Line 18credit sale proceeds within the time the department specifies is

• Page 35, Line 19subject to a penalty equal to ten percent of the amount of the

• Page 36, Line 1purchase price that remains unpaid. The penalty must be paid to the department within thirty days after demand.

• Page 36, Line 2(c)  The department may offer to reallocate the defaulted

• Page 36, Line 3tax credits among other qualified taxpayers so that the result

• Page 36, Line 4after reallocation is the same as if the initial allocation had

• Page 36, Line 5been performed without considering the tax credit allocation to the defaulting qualified taxpayer.

• Page 36, Line 6(d)  If the reallocation of tax credits under subsection

• Page 36, Line 7(7)(c) of this section results in the payment by another qualified

• Page 36, Line 8taxpayer of the amount of tax credit sale proceeds not paid by

• Page 36, Line 9the defaulting qualified taxpayer, the department may waive the penalty imposed under subsection (7)(b) of this section.

• Page 36, Line 10(e)  A qualified taxpayer that fails to pay the tax credit

• Page 36, Line 11sale proceeds within the time specified may avoid the imposition

• Page 36, Line 12of the penalty by transferring the allocation of tax credits to

• Page 36, Line 13a new or existing qualified taxpayer within thirty days after the

• Page 36, Line 14due date of the defaulted installment. Any transferee of an

• Page 36, Line 15allocation of tax credits of a defaulting qualified taxpayer

• Page 36, Line 16under this subsection (7) shall agree to pay the tax credit sale proceeds within five days after the date of the transfer.

• Page 36, Line 17(8)  The tax credit sale proceeds provided by a qualified

• Page 36, Line 18taxpayer in return for a tax credit certificate issued pursuant

• Page 36, Line 19to subsection (2)(a) of this section must be credited as specified in section 24-36-406.

• Page 36, Line 20(9) (a)  The department shall provide, within thirty days

• Page 36, Line 21after the close of the fiscal year, a data file to the department

• Page 36, Line 22of revenue for each fiscal year in which it issues tax credit certificates pursuant to this part 5. The data file must include:

• Page 37, Line 1(I)  The name and federal employer identification number

• Page 37, Line 2of each qualified taxpayer to which the department issued a tax credit certificate;

• Page 37, Line 3(II)  The total amount of the tax credit allocated to the qualified taxpayer; and

• Page 37, Line 4(III)  The serial number of the tax credit certificate issued to the qualified taxpayer.

• Page 37, Line 5(b)  The department shall maintain records of each tax

• Page 37, Line 6credit certificate issued, transferred, or assumed that are

• Page 37, Line 7sufficient to allow the department of revenue to verify the

• Page 37, Line 8issuance and ownership of the credit. The department shall

• Page 37, Line 9provide the records to the office of the state auditor upon

• Page 37, Line 10request so that the state auditor can evaluate the

• Page 37, Line 11effectiveness of the tax credits in accordance with sections 24-36-501 (2)(b) and 39-21-305.

• Page 37, Line 12(10)  The department may pay an independent third party

• Page 37, Line 13and any consultants reasonable and necessary administrative,

• Page 37, Line 14monitoring, and closing costs using the proceeds from the sale of tax credits.

• Page 37, Line 1524-36-504.  Use of corporate income tax credits - carry over.

• Page 37, Line 16(1)  For a tax credit certificate issued in fiscal year 2025-26, the

• Page 37, Line 17department, in consultation with the office of state planning

• Page 37, Line 18and budgeting, prior to the sale, may determine the tax years in

• Page 37, Line 19which the qualified taxpayer may claim the qualified taxpayer's tax credit against the qualified taxpayer's income tax liability.

• Page 37, Line 20(2)  For the tax year specified in the tax credit certificate

• Page 38, Line 1issued pursuant to section 24-34-503 (6), the qualified taxpayer

• Page 38, Line 2may claim the amount of the tax credit against the qualified

• Page 38, Line 3taxpayer's income tax liability. If the amount of the tax credit

• Page 38, Line 4exceeds the qualified taxpayer's actual tax liability for that

• Page 38, Line 5tax year, the excess is not refunded to the qualified taxpayer.

• Page 38, Line 6The qualified taxpayer may carry forward and apply the unused

• Page 38, Line 7tax credit against the income tax liability for any succeeding

• Page 38, Line 8tax year; except that the tax credit may not be carried forward

• Page 38, Line 9to a tax year that begins after December 31, 2033. The taxpayer

• Page 38, Line 10shall apply the carry forward credit against the income tax

• Page 38, Line 11liability for the earliest of the income tax years possible. Any

• Page 38, Line 12amount of the tax credit that is not used after this period is not refundable.

• Page 38, Line 13(3)  A qualified taxpayer claiming a credit under this part 5 shall submit the tax credit certificate with its tax return.

• Page 38, Line 1424-36-505.  Part contingent on condition - repeal of part -

• Page 38, Line 15notice to the revisor. (1)  This part 5 will take effect only if, by

• Page 38, Line 16December 31, 2025, the United States congress does not enact

• Page 38, Line 17and the president does not sign federal legislation that

• Page 38, Line 18extends, recreates, or otherwise reinstates the enhanced

• Page 38, Line 19premium tax credit for the 2026 plan year. The commissioner of

• Page 38, Line 20insurance shall notify the revisor of statutes in writing if the

• Page 38, Line 21condition specified in this subsection (1) has occurred by

• Page 38, Line 22emailing the notice to revisorofstatutes.ga@coleg.gov. If the

• Page 38, Line 23condition specified in this subsection (1) occurs, this part 5 takes effect on January 1, 2026.

• Page 38, Line 24(2)  This part 5 will be repealed if, on or before December

• Page 39, Line 131, 2025, the United States congress enacts and the president

• Page 39, Line 2signs federal legislation that extends, recreates, or otherwise

• Page 39, Line 3reinstates the enhanced premium tax credit for the 2026 plan

• Page 39, Line 4year with at least the same eligibility and in the same amount as

• Page 39, Line 5authorized by the amendments to the premium tax credit in the

• Page 39, Line 6federal "American Rescue Plan Act of 2021", Pub.L. 117-2, and

• Page 39, Line 7the federal "Inflation Reduction Act of 2022", Pub.L. 117-169, 136

• Page 39, Line 8Stat. 1818 (2022). The commissioner of insurance shall notify the

• Page 39, Line 9revisor of statutes in writing if the condition specified in this

• Page 39, Line 10subsection (2) has occurred and of the date on which the

• Page 39, Line 11condition occurred by emailing the notice to

• Page 39, Line 12revisorofstatutes.ga@coleg.gov. This part 5 is repealed upon

• Page 39, Line 13the date identified in the notice that the condition specified in

• Page 39, Line 14this subsection (2) occurred or, if the notice does not specify that date, upon the date of the notice to the revisor of statutes.

• Page 39, Line 15(3)  This part 5 is repealed, effective December 31, 2040.

• Page 39, Line 16SECTION 14.  In Colorado Revised Statutes, 24-75-201.1,

• Page 39, Line 17amend (1)(d)(XXII); repeal (1)(d)(XXIII); and add (1)(d)(XXIV), (1)(d)(XXV), (1)(d)(XXVI), and (1)(d)(XXVII) as follows:

• Page 39, Line 1824-75-201.1.  Restriction on state appropriations - legislative

• Page 39, Line 19declaration - definitions. (1) (d)  For each fiscal year, unrestricted

• Page 39, Line 20general fund year-end balances must be retained as a reserve in the following amounts:

• Page 39, Line 21(XXII)  For the fiscal year 2021-22, thirteen and four-tenths

• Page 39, Line 22percent of the amount appropriated for expenditure from the general fund for that fiscal year; and

• Page 39, Line 23(XXIII) (A)  Except as otherwise provided in subsection

• Page 40, Line 1(1)(d)(XXIII)(B) of this section, for the fiscal year 2022-23 and each

• Page 40, Line 2fiscal year thereafter, fifteen percent of the amount appropriated for

• Page 40, Line 3expenditure from the general fund for that fiscal year; except that, for the

• Page 40, Line 42023-24 state fiscal year, the amount retained as a reserve must be fifteen

• Page 40, Line 5percent of the amount appropriated for expenditure from the general fund

• Page 40, Line 6for that fiscal year plus fifteen percent of the amount of the general fund

• Page 40, Line 7appropriations reduced pursuant to section 24-75-226 (4)(a)(I); and for

• Page 40, Line 8the 2024-25 state fiscal year, the amount retained as a reserve must be

• Page 40, Line 9fifteen percent of the amount appropriated for expenditure from the

• Page 40, Line 10general fund plus fifty-six million four hundred ninety-three thousand five hundred forty-three dollars.

• Page 40, Line 11(B)  For the fiscal year 2023-24 and each fiscal year thereafter

• Page 40, Line 12until the escrow money is released as set forth in section 23-40-107, the

• Page 40, Line 13amount of the reserve described in subsection (1)(d)(XXIII)(A) of this

• Page 40, Line 14section for that fiscal year reduced by forty-one million two hundred fifty

• Page 40, Line 15thousand dollars. As used in this subsection (1)(d)(XXIII)(B), "escrow money" has the same meaning as set forth in section 23-40-107 (2)(c).

• Page 40, Line 16(XXIV)  For the fiscal year 2022-23, fifteen percent of the

• Page 40, Line 17amount appropriated for expenditure from the general fund for that fiscal year;

• Page 40, Line 18(XXV)  For the fiscal year 2023-24, fifteen percent of the

• Page 40, Line 19amount appropriated for expenditure from the general fund for that fiscal year:

• Page 40, Line 20(A)  Plus fifteen percent of the amount of the general

• Page 40, Line 21fund appropriations reduced pursuant to section 24-75-226(4)(a)(I); and

• Page 40, Line 22(B)  So long as the escrow money is not released as set

• Page 41, Line 1forth in section 23-40-107, minus forty-one million two hundred

• Page 41, Line 2fifty thousand dollars. As used in this subsection (1)(d)(XXV)(B),

• Page 41, Line 3"escrow money" has the meaning set forth in section 23-40-107(2)(c).

• Page 41, Line 4(XXVI)  For the fiscal year 2024-25, fifteen percent of the

• Page 41, Line 5amount appropriated for expenditure from the general fund for that fiscal year:

• Page 41, Line 6(A)  Plus fifty-six million four hundred ninety-three thousand five hundred forty-three dollars; and

• Page 41, Line 7(B)  So long as the escrow money is not released as set

• Page 41, Line 8forth in section 23-40-107, minus forty-one million two hundred

• Page 41, Line 9fifty thousand dollars. As used in this subsection

• Page 41, Line 10(1)(d)(XXVI)(B), "escrow money" has the meaning set forth in section 23-40-107 (2)(c).

• Page 41, Line 11(XXVII)  For the fiscal year 2025-26, and each fiscal year

• Page 41, Line 12thereafter, fifteen percent of the amount appropriated for expenditure from the general fund for that fiscal year minus:

• Page 41, Line 13(A)  The amount calculated by the state treasurer in

• Page 41, Line 14accordance with section 10-16-1206 (1.5)(a)(II)(B); except that

• Page 41, Line 15this subsection (1)(d)(XXVII)(A) takes effect on January 1, 2026,

• Page 41, Line 16only if the condition specified in section 10-16-1209 (1) occurs; and

• Page 41, Line 17(B)  So long as the escrow money is not released as set

• Page 41, Line 18forth in section 23-40-107, forty-one million two hundred fifty

• Page 41, Line 19thousand dollars. As used in this subsection (1)(d)(XXVII)(B),

• Page 41, Line 20"escrow money" has the meaning set forth in section 23-40-107

• Page 41, Line 21(2)(c).

• Page 42, Line 1SECTION 15.  In Colorado Revised Statutes, 24-75-226.5, add (2)(c)(III) as follows:

• Page 42, Line 224-75-226.5.  ARPA refinance state money cash fund - creation

• Page 42, Line 3- reduction in general fund appropriations - legislative intent -

• Page 42, Line 4definitions - repeal. (2) (c) (III) (A)  Within three days after the

• Page 42, Line 5effective date of this subsection (2)(c)(III), the state treasurer

• Page 42, Line 6shall transfer ten million dollars from the refinance

• Page 42, Line 7discretionary account to the health insurance affordability cash fund created in section 10-16-1206 (1).

• Page 42, Line 8(B)  This subsection (2)(c)(III) takes effect on January 1,

• Page 42, Line 92026, only if the condition specified in section 10-16-1209 (1) occurs.

• Page 42, Line 10SECTION 16.  Effective date. (1)  Except as otherwise provided in this section, this act takes effect upon passage.

• Page 42, Line 11(2)  Section 24-36-401 (2), Colorado Revised Statutes, as amended

• Page 42, Line 12in section 6 of this act, section 24-36-402 (6), Colorado Revised Statutes,

• Page 42, Line 13as amended in section 7 of this act, 24-36-403 (2)(a)(I) and (8), Colorado

• Page 42, Line 14Revised Statutes, as amended in section 8 of this act, section 24-36-406,

• Page 42, Line 15Colorado Revised Statutes, as amended in section 9 of this act, section

• Page 42, Line 1624-36-501 (2), Colorado Revised Statutes, as amended in section 10 of

• Page 42, Line 17this act, section 24-36-502 (6), Colorado Revised Statutes, as amended in

• Page 42, Line 18section 11 of this act, and section 24-36-503 (2)(a) and (8), Colorado

• Page 42, Line 19Revised Statutes, as amended in section 12 of this act, take effect only if

• Page 42, Line 20House Bill 25B-1004 becomes law, in which case section 24-36-401 (2),

• Page 42, Line 21Colorado Revised Statutes, as amended in section 6 of this act, section

• Page 42, Line 2224-36-402 (6), Colorado Revised Statutes, as amended in section 7 of this

• Page 42, Line 23act, 24-36-403 (2)(a)(I) and (8), Colorado Revised Statutes, as amended

• Page 43, Line 1in section 8 of this act, section 24-36-406, Colorado Revised Statutes, as

• Page 43, Line 2amended in section 9 of this act, section 24-36-501 (2), Colorado Revised

• Page 43, Line 3Statutes, as amended in section 10 of this act, section 24-36-502 (6),

• Page 43, Line 4Colorado Revised Statutes, as amended in section 11 of this act, and

• Page 43, Line 5section 24-36-503 (2)(a) and (8), Colorado Revised Statutes, as amended

• Page 43, Line 6in section 12 of this act, take effect one day after the effective date of House Bill 25B-1004.

• Page 43, Line 7(3)  Parts 4 and 5 of article 36 of title 24, Colorado Revised

• Page 43, Line 8Statutes, enacted in section 13 of this act, take effect only if House Bill

• Page 43, Line 925B-1004 does not become law, in which case parts 4 and 5 of article 36

• Page 43, Line 10of title 24, Colorado Revised Statutes, enacted in section 13 of this act, take effect upon passage.

• Page 43, Line 11SECTION 17.  Safety clause. The general assembly finds,

• Page 43, Line 12determines, and declares that this act is necessary for the immediate

• Page 43, Line 13preservation of the public peace, health, or safety or for appropriations for

• Page 43, Line 14the support and maintenance of the departments of the state and state institutions.