HB 24-1026

Abstract

Since section 20 of article X of the state constitution (TABOR) was approved by the registered electors of this state in 1992, local governments have successfully sought voter approval of revenue changes allowing the local governments to permanently retain revenue in excess of their TABOR fiscal year spending and property tax revenue limits. Current law does not limit the effective period of such voter-approved revenue changes, commonly referred to as waiver elections. The bill requires that, no later than the local elections to be held in November 2029, a local government that retains revenue in excess of either its fiscal year spending limit or property tax revenue limit pursuant to a waiver election held prior to November 9, 2020, must resubmit the ballot issue from the historic waiver election to the registered electors of the local government for re-approval.(Note: This summary applies to this bill as introduced.)