C.R.S. Section 24-46-307
State sales tax increment revenue

(1)

In order to implement the collection of state sales tax increment revenue, the resolution adopted by the commission approving a regional tourism project shall state that state sales taxes, if any, levied and collected after the effective date of the commission’s approval of the project shall be divided and distributed by the department of revenue as follows:

(a)

The portion of state sales taxes collected within the boundaries of the regional tourism zone equal to the base year revenue shall be paid into the state treasury as such state sales taxes are normally collected and paid; and

(b)

The portion of sales tax revenue in excess of the base year revenue shall be allocated to and, when collected, paid into a special fund established by the financing entity. The financing entity shall segregate such revenue from other moneys of the financing entity, if any, and shall utilize such sales tax revenue solely to finance eligible costs incurred for the purpose of constructing the eligible improvements and implementing the regional tourism project. The special fund may be used, without limitation, to pay the principal of, the interest on, and any premiums due in connection with the bonds of, loans or advances to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such financing entity for financing or refinancing, in whole or in part, a regional tourism project. Any excess state sales tax collections not allocated pursuant to this paragraph (b) shall be paid into the funds of the state treasury.

(2)

State sales tax increment revenue, together with any investment income earned thereon, shall be construed and treated for all purposes as being assigned to, the property of, and the revenue of the applicable financing entity and shall not be construed or treated for any purpose as revenue or property of the state.

Source: Section 24-46-307 — State sales tax increment revenue, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑46‑101
Legislative declaration 24‑46‑102
Colorado economic development commission - creation - membership - definition 24‑46‑103
Commission - organization - meetings 24‑46‑104
Powers and duties of commission - repeal 24‑46‑104.3
Transferable income tax credits for certain businesses located in the state - definitions 24‑46‑105
Colorado economic development fund - creation - report - repeal 24‑46‑105.1
Reporting requirement - new jobs created 24‑46‑105.3
Economic development incentives - employers in compliance with federal law - legislative declaration 24‑46‑105.5
Local economic development - participation in federal programs 24‑46‑105.7
Performance-based incentive for new job creation - new jobs incentives cash fund 24‑46‑105.8
Performance-based incentive for film production in Colorado - film incentives cash fund - definitions 24‑46‑106
Repeal of part 24‑46‑107
Temporary extension of carry-forward provisions - Colorado job growth incentive tax credit - enterprise zone tax credits - definitions - repeal 24‑46‑108
Refundable income tax credits for certain businesses located in the state - definitions - repeal 24‑46‑201
Definitions 24‑46‑202
Venture capital authority - board - staffing fund - bonds - enterprise fund - distribution of proceeds 24‑46‑203
Venture capital funds - managers - qualified investments - contract - distributions 24‑46‑204
Venture capital tax credits - contributions to authority - report 24‑46‑205
Administrative expenses 24‑46‑206
Office - report 24‑46‑207
Conflict of interest 24‑46‑301
Short title 24‑46‑302
Legislative declaration 24‑46‑303
Definitions 24‑46‑304
Regional tourism project - application - requirements 24‑46‑305
Regional tourism project approval - director - commission - review 24‑46‑306
Regional tourism authority - board - creation - powers and duties 24‑46‑307
State sales tax increment revenue 24‑46‑308
Annual report - audit 24‑46‑309
Commencement of development 24‑46‑310
Issuance of bonds by a financing entity
Green check means up to date. Up to date

Current through Fall 2024

§ 24-46-307’s source at colorado​.gov