Office of Economic Development

C.R.S. tit. 24, art. 48.5
in effect

C.R.S. § 24-48.5-101 Colorado office of economic development - creation - duties - report

24-48.5-101. Colorado office of economic development - creation - duties - report. (1) There is hereby created within the office of the governor the Colorado office of economic development, the head of which shall be the director of the office of economic development, which office is hereby created. The director of the office, who shall also serve as the special assistant to the governor for economic development, shall be assisted by an assistant director, which office is hereby created, and a staff for economic development, including but not limited to small business, finance, and marketing. (2) The Colorado office of economic development shall: (a) Encourage the expansion and retention of Colorado businesses through business recruitment, retention, and expansion assistance; (b) Coordinate the marketing of Colorado as a site for expansion or relocation projects for companies in other states or countries; (c) Coordinate job training and management and financial assistance to existing Colorado companies or to out-of-state companies which are considering expansion or relocation in Colorado; (d) Provide services to small businesses in Colorado in order to help them expand or remain in business; (e) Provide technical assistance and research support for business recruitment, retention, and expansion assistance programs supported by local government and private-public partnerships; (f) Foster a positive business climate by advising the governor and the general assembly on issues affecting the business community; (g) Repealed. (h) In its business recruitment, retention, and expansion assistance activities, provide information on the state's program of tax incentives, state and local government procurement policies, and economic development incentives that are available to business enterprises engaged in recycling and waste diversion activities, including research and development efforts and the development of markets for reusable, source-reduced, recycled, and composted products and materials in all forms. (i) Contribute education and workforce readiness data beginning in the 2025-26 state fiscal year, as necessary, to the Colorado statewide longitudinal data system consistent with the governance practices established by the Colorado statewide longitudinal data system governing board pursuant to section 24-37.5-125 (4). (3) The Colorado office of economic development shall advise and provide guidance to the small business navigator described in section 24-48.5-102 and shall advise and provide guidance to coordinate activities of small business development centers and the business advancement center operated by the university of Colorado. (4) The Colorado office of economic development shall provide staff support for the gateway computer network. (5) The Colorado office of economic development shall encourage investment of public pension funds in economic development activities in this state. (6) It is the intent of the general assembly in enacting this section that the Colorado economy be broadened as a result of a quantifiable increase in the number of Colorado companies receiving technical and job training assistance and other assistance in business development. (7) (a) On or before November 1, 2012, and, notwithstanding section 24-1-136 (11), on or before November 1 each year thereafter, the director of the office of economic development, or the director's designee, shall submit a report to the general assembly. The report shall include a review and summary of the activity, information, and data on all the programs that the office administered during the prior fiscal year. (b) In order to minimize the costs associated with preparing the report required by paragraph (a) of this subsection (7), the office of economic development is authorized to incorporate or append to such report any other reports it is required by law to develop.

C.R.S. § 24-48.5-102 Small business assistance center

24-48.5-102. Small business assistance center. (1) (a) In addition to the powers and duties specified in section 24-48.5-101, the Colorado office of economic development shall include the small business assistance center, which shall provide comprehensive information on the federal, state, and local requirements necessary to begin a business and shall make this information available to the public. The office shall also have available comprehensive information on the forms and merits of employee ownership and the revolving loan program described in section 24-48.5-124 (4). (b) (I) The small business assistance center shall also create a small business navigator that shall provide a single point of contact for small businesses in order to facilitate and assist small businesses by: (A) Diagnosing problems; (B) Providing information and streamlining referrals to small business development centers, the Colorado credit reserve program, the federal small business credit initiative, or other such centers or organizations; (C) Providing information regarding state government contracting offices and processes; (D) Providing assistance with state rules; and (E) Conducting any follow-up with the small business as needed. (II) On or before January 15, 2012, and on or before each January 15 thereafter, the Colorado office of economic development shall submit a report to the business, labor, and technology committee of the senate and the economic and business development committee of the house of representatives, or such successor committees, which report shall include the number of small businesses being served by the small business navigator. (2) The small business assistance center shall have the authority to accept and expend moneys from sources other than the state of Colorado for the purpose of performing specific projects, studies, or procedures, or to provide assistance. Such projects, studies, procedures, or assistance shall be reviewed and approved by the Colorado office of economic development and shall be consistent with the duties, authority, and purposes of the Colorado office of economic development as established in this article. Any receipt and expenditure of funds shall be reported to the general assembly as part of the office's annual budget request. (3) The services rendered by the center shall be made available without charge; except that the applicant shall not be relieved from any part of the fees or charges established for the review and approval of specific permit applications, from any of the apportioned costs of a consolidated hearing conducted under this section, or from the costs of any contracted services as authorized by the applicant under this section. (4) Any person who provides information developed by the center and charges any fee for such information shall disclose in at least ten-point type, before any obligation is incurred, that such information is available at no cost from the center. Any person who knowingly fails to make the disclosure required by this subsection (4) commits a civil infraction and shall be punished as provided in section 18-1.3-503.

C.R.S. § 24-48.5-102.5 Appropriations for small business development centers - report - legislative declaration - repeal

24-48.5-102.5. Appropriations for small business development centers - report - legislative declaration - repeal. (Repealed)

C.R.S. § 24-48.5-102.7 Economic gardening pilot project - small business development centers - economic gardening pilot project fund - created - annual report - definitions - repeal

24-48.5-102.7. Economic gardening pilot project - small business development centers - economic gardening pilot project fund - created - annual report - definitions - repeal. (Repealed)

C.R.S. § 24-48.5-103 Motion picture and television advisory commission abolished - reestablished

24-48.5-103. Motion picture and television advisory commission abolished - reestablished. (Repealed)

C.R.S. § 24-48.5-104 Functions of commission - legislative declaration

24-48.5-104. Functions of commission - legislative declaration. (Repealed)

C.R.S. § 24-48.5-105 Transfer of functions - Colorado customized training program - Colorado economic development commission - contracts - continuation of regulations

24-48.5-105. Transfer of functions - Colorado customized training program - Colorado economic development commission - contracts - continuation of regulations. (1) On and after July 1, 2000, the Colorado office of economic development shall execute, administer, perform, and enforce the rights, powers, duties, functions, and obligations previously vested in the following programs and commissions concerning the duties and functions transferred to the office pursuant to this section: (a) (Deleted by amendment, L. 2005, p. 207, § 2, effective August 8, 2005.) (b) The Colorado economic development commission, a commission currently in the department of local affairs. (2) On July 1, 2000, employees of the Colorado economic development commission whose principal duties and functions concern the duties and functions transferred to the Colorado office of economic development pursuant to this section and whose employment in said office is deemed necessary by the director of such office to carry out the purposes of this article shall be transferred to such office and shall become employees thereof. Any employees who are classified employees in the state personnel system shall retain all rights to the personnel system and retirement benefits under the laws of this state, and their services shall be deemed to have been continuous. All transfers and any abolishment of positions in the state personnel system shall be made and processed in accordance with the state personnel system laws and rules. (3) On and after July 1, 2000, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the Colorado economic development commission pertaining to the duties and functions transferred to the Colorado office of economic development pursuant to this section are transferred to said office and become property thereof. (4) Whenever the motion picture and television advisory commission, as it existed prior to August 8, 2005, or Colorado economic development commission is referred to or designated by any contract or other document in connection with the duties and functions transferred to the Colorado office of economic development pursuant to this section, such reference or designation shall be deemed to apply to such office. All contracts entered into by the motion picture and television advisory commission, as it existed prior to August 8, 2005, or Colorado economic development commission prior to July 1, 2000, in connection with the duties and functions transferred to said office pursuant to this section are hereby validated, with such office succeeding to all the rights and obligations of such contracts. Any appropriations of funds from prior fiscal years open to satisfy obligations incurred pursuant to such contracts are hereby transferred and appropriated to such office for the payment of said obligations. (5) On and after July 1, 2000, the Colorado office of economic development shall execute, administer, perform, and enforce the rights, powers, duties, functions, and obligations previously vested in the department of local affairs concerning the joint administration of the Colorado customized training program, a program within the state board for community colleges and occupational education.

C.R.S. § 24-48.5-106 Certified capital companies - rules

24-48.5-106. Certified capital companies - rules. (1) The Colorado office of economic development shall carry out the responsibilities delegated to it pursuant to article 3.5 of title 10, C.R.S., related to certified capital companies. (2) The director of the Colorado office of economic development shall promulgate rules necessary to carry out the provisions of article 3.5 of title 10, C.R.S., by September 30, 2001. Such rules shall provide that the Colorado office of economic development shall begin accepting applications for certification as a certified capital company no later than October 31, 2001. Such rules shall further provide that any certified capital company may file premium tax credit allocation claims on behalf of its certified investors at any time on or after it becomes certified by the Colorado office of economic development, but in no case earlier than January 31, 2002, for premium tax credits that may be taken beginning in tax year 2003, and no earlier than January 31, 2004, for premium tax credits that may be taken beginning in tax year 2005, and that premium tax credits shall be earned by and vested in certified investors at the time of such investment of certified capital, although such premium tax credits may not be claimed or utilized until the tax year beginning on or after January 1, 2003, with respect to investments of certified capital made subsequent to January 31, 2002, but prior to January 31, 2004, or until the tax year beginning on or after January 1, 2005, with respect to investments of certified capital made subsequent to January 31, 2004. (3) All direct and indirect expenditures incurred by the Colorado office of economic development in carrying out the responsibilities assigned to the office in this section shall be paid from the division of insurance cash fund, created in section 10-1-103 (3), C.R.S. (4) Repealed.

C.R.S. § 24-48.5-107 Film production companies - contact - registration - definitions

24-48.5-107. Film production companies - contact - registration - definitions. (1) As used in this section, unless the context otherwise requires: (a) "Commercial advertising production" means the production of a film that is created to promote specific brands, products, services, retailers, or advocacy positions. Commercial advertising production does not include the production of a film that is for the purpose of advocating the election or defeat of a candidate or supporting or opposing a ballot issue or ballot question. (b) "Film" means any visual or audiovisual work that contains a series of related images, that is fixed on photographic film, videotape, computer disc, laser disc, or a similar recording medium from which it can be viewed or reproduced, and that is a commercial advertising production or is shown in theaters, licensed for television broadcasting, or licensed for the home viewing market. (c) "Production activities" means the shooting of a film, support activities related to such shooting, and any preshooting or postshooting activities that are necessary to produce a finished film, including but not limited to editing and the creation of sets, props, costumes, and special effects. (d) "Production company" means a person, including a corporation or other business entity, that engages in production activities for the purpose of producing all or any portion of a film in Colorado. (2) The Colorado office of economic development, or a designee of the director of the office, shall serve as the initial contact for any production company that is engaged in production activities in the state for the purpose of producing all or any portion of a film in the state. The office, or a designee of the director of the office, shall aid any production company in obtaining required permits, coordinating necessary state resources, scheduling the use of state highways or other state-owned property, ensuring that any fees imposed by any department, division, or entity of state government are waived for the production company pursuant to subsection (3) of this section, and shall otherwise assist a production company in filming all or a portion of a film in the state. (3) Notwithstanding requirements otherwise specified in law, any permit fee that is imposed by any department, division, or entity of state government shall be waived for any production company that is participating in production activities in the state. (4) The Colorado office of economic development shall satisfy the requirements of this section within the existing resources of the office. (5) The director of the Colorado office of economic development may designate a person, a public or private entity, or a venture between public and private entities to be responsible for fulfilling the requirements of this section.

C.R.S. § 24-48.5-108 Bioscience research - evaluation - grants - fund - definitions - repeal

24-48.5-108. Bioscience research - evaluation - grants - fund - definitions - repeal. (Repealed)

C.R.S. § 24-48.5-109 STEM after-school education pilot grant program - fund - report - repeal

24-48.5-109. STEM after-school education pilot grant program - fund - report - repeal. (Repealed)

C.R.S. § 24-48.5-110 Administration of enterprise zone program - transfer of employee

24-48.5-110. Administration of enterprise zone program - transfer of employee. (1) On and after July 1, 2008, any employee of the department of local affairs prior to said date whose duties and functions concerned the administration of the enterprise zone program assumed by the Colorado office of economic development pursuant to article 30 of title 39, C.R.S., shall be transferred to the office and shall become an employee thereof. (2) Any employee transferred to the Colorado office of economic development pursuant to subsection (1) of this section who is a classified employee in the state personnel system shall retain all rights to the personnel system and retirement benefits pursuant to the laws of this state, and their service shall be deemed to have been continuous. (3) After the separation or termination of employment of any person transferred to the Colorado office of economic development pursuant to subsection (1) of this section, any employee hired by the office to assume the duties and functions concerning the administration of the enterprise zone program shall not become a classified employee in the state personnel system and instead shall be hired pursuant to the procedures established by the office.

C.R.S. § 24-48.5-111 Clean technology discovery evaluation grant program - clean technology research - evaluation - fund - definitions - repeal

24-48.5-111. Clean technology discovery evaluation grant program - clean technology research - evaluation - fund - definitions - repeal. (Repealed)

C.R.S. § 24-48.5-112 Advanced industry investment tax credit - administration - legislative declaration - definitions - repeal

24-48.5-112. Advanced industry investment tax credit - administration - legislative declaration - definitions - repeal. (1) As used in this section, unless the context otherwise requires: (a) "Advanced industry" has the same meaning as set forth in section 24-48.5-117 (2)(a). (b) "Advanced industry investment tax credit" or "tax credit" means the credit against income tax created in section 39-22-532, C.R.S. (c) "Affiliate" means any person or entity that controls, is controlled by, or is under common control with another person or entity. For purposes of this paragraph (c), "control" means the power to determine the policies of an entity whether through ownership of voting securities, by contract, or otherwise. (d) "Office" means the Colorado office of economic development created in section 24-48.5-101. (e) "Qualified investment" means an investment made at any time on or after July 1, 2014, but before January 1, 2027, in an equity security that meets all of the following requirements: (I) The equity security is common stock, preferred stock, an interest in a partnership or limited liability company, a security that is convertible into an equity security, a convertible debt investment, or other equity security as determined by the office; (II) The investment is at least ten thousand dollars; (III) The qualified investor and its affiliates do not hold, of record or beneficially, immediately before making an investment, equity securities possessing more than thirty percent of the total voting power of all equity securities of the qualified small business; and (IV) The qualified investor and its affiliates hold, of record or beneficially, immediately after making the investment, equity securities possessing less than fifty percent of the total voting power of all equity securities of the qualified small business. (f) "Qualified investor" means an individual, limited liability company, partnership, S corporation, as defined in section 39-22-103 (10.5), C.R.S., or other business entity that makes a qualified investment in a qualified small business. "Qualified investor" does not include a C corporation, as defined in section 39-22-103 (2.5), C.R.S. (g) "Qualified small business" means a corporation, limited liability company, partnership, or other business entity that: (I) Is in an advanced industry; (II) Has its headquarters located in Colorado or has at least fifty percent of its employees based in Colorado; (III) Has received less than ten million dollars from third-party investors, not including grants, since the business was formed; and (IV) Has annual revenues of less than five million dollars or has been actively operating and generating revenue for less than five years. (V) Repealed. (1.5) In accordance with section 39-21-304 (1), which requires each bill that extends an expiring tax expenditure to include a tax preference performance statement as part of a statutory legislative declaration, the general assembly hereby finds and declares that: (a) The general legislative purposes of the tax credit allowed by this section are: (I) To induce certain designated behavior by taxpayers; (II) To improve industry competitiveness; and (III) To provide tax relief for certain businesses or individuals; (b) The specific legislative purpose of the tax credit allowed by this section is to encourage investment in small businesses located in Colorado in advanced industries, including in quantum fields, and in particular in small businesses in advanced industries, including in quantum fields, located in a rural area or economically distressed area of the state; and certain businesses or individuals; (b) The specific legislative purpose of the tax credit allowed by this section is to encourage investment in small businesses located in Colorado in advanced industries, including in quantum fields, and in particular in small businesses in advanced industries, including in quantum fields, located in a rural area or economically distressed area of the state; and (c) The statement required by an applicant on the application for an advanced industry investment tax credit set forth in subsection (2)(e) of this section, and the reports that the office is required to submit pursuant to subsection (6) of this section, will allow the general assembly and the state auditor to measure the effectiveness of the tax expenditure. (2) (a) The office shall receive and evaluate applications that are submitted by qualified investors to receive an advanced industry investment tax credit for qualified investments made in a qualified small business. (b) To be eligible for an advanced industry investment tax credit, a qualified investor must file a completed application with the office within ninety days after making a qualified investment. The office shall prescribe the manner and form of the application. The office shall note the time and date of each application received. In addition to any other requirements established by the office, the application must include the name, address, and federal income tax identification number of the applicant, the number of new employees hired by the qualified small business as a result of the qualified investment, and any additional information that the office requires. (c) A business may request the office to determine whether it is a qualified small business. Upon receiving the request or upon receipt of an application for an advanced industry investment tax credit from a qualified investor, the office shall determine whether the business that is named in the application or written request is a qualified small business. After determining the qualifications, the office shall certify the qualified small business as being eligible to receive qualified investments for purposes of this section. The certification for a qualified small business that is certified after July 1, 2014, is valid until January 1, 2027; except that the certification is revoked if the business no longer meets the qualifications. A business shall notify the office within thirty business days from the date that it no longer meets the qualifications. If the certification is revoked, the office may assess a penalty against the business that is equal to the amount of the advanced industry investment tax credits authorized after the date that the business no longer meets the qualifications. The state treasurer shall deposit the penalty into the state general fund. If the certification is revoked, subsequent investments in the business do not qualify for a tax credit. All tax credits issued before the revocation of the certification remain valid. The office shall not deny any application for a tax credit on the basis of the revocation of the certification if the investment was made before the date of the revocation. t the penalty into the state general fund. If the certification is revoked, subsequent investments in the business do not qualify for a tax credit. All tax credits issued before the revocation of the certification remain valid. The office shall not deny any application for a tax credit on the basis of the revocation of the certification if the investment was made before the date of the revocation. (d) As part of the application for an advanced industry investment tax credit, the applicant and the qualified small business that receives the investment must each provide written authorization to permit the department of revenue to provide tax information to the office for the purpose of determining if there are any misrepresentations on the application. The authorization is limited to disclosure of income tax information for the latest two years for which returns were filed with the department of revenue preceding the date the application is filed and for all tax years through the year in which the investment was made for which a return was not filed as of the date of the application. The applicant must also provide in the written authorization income tax information for all tax years in which the applicant actually claims a tax credit or carries forward a tax credit on a return filed with the department of revenue. An applicant that is a partnership, limited liability company, S corporation, or similar pass-through entity and that may allocate the credit among the partners, shareholders, members, or other constituent qualified investors pursuant to section 39-22-532 (7) must provide a written authorization with content similar to the authorization, and in the same manner, as any other applicant is required to provide. If an applicant or qualified small business fails to comply with this subsection (2)(d), an applicant is ineligible for a tax credit. (e) As part of the application for an advanced industry investment tax credit, the applicant must state that the tax credit was a significant factor in the applicant's decision to make the investment and that without the tax credit, the applicant would not have made the investment or would have made an investment at a substantially lower level. (f) The office shall review and make a determination with respect to each application for an advanced industry investment tax credit within ninety days after receiving the application. The office may request additional information from the applicant in order to make an informed decision regarding the eligibility of the qualified investor or qualified small business. (3) (a) Subject to the limitations set forth in subsection (3)(b) of this section, the office shall authorize an advanced industry investment tax credit for each qualified investor who makes a qualified investment in a qualified small business. The amount of the tax credit is twenty-five percent of the amount of the qualified investment or thirty-five percent of the qualified investment if the qualified small business is located in a rural area or economically distressed area of the state as determined by the office. The office shall issue a tax credit certificate to the qualified investor for each qualified investment stating the amount of the tax credit that is authorized for purposes of section 39-22-532. A tax credit certificate is nontransferable. The office shall certify to the department of revenue the name of each qualified investor who receives a tax credit certificate, the amount of the tax credit, and other relevant information relating to the tax credit. alified investor for each qualified investment stating the amount of the tax credit that is authorized for purposes of section 39-22-532. A tax credit certificate is nontransferable. The office shall certify to the department of revenue the name of each qualified investor who receives a tax credit certificate, the amount of the tax credit, and other relevant information relating to the tax credit. (b) (I) The total amount of the advanced industry investment tax credits shall not exceed three hundred seventy-five thousand dollars for the 2014 calendar year; seven hundred fifty thousand dollars for each calendar year from 2015 through 2022; and four million dollars for each calendar year from 2023 through 2026; except that, if the total amount of the credits for 2018 or a later calendar year through 2022 is less than the maximum amount, then the maximum amount for the next year is increased by an amount equal to the remaining, unused tax credits from the prior year. The office shall authorize the tax credits in the order that applications are received by the office and shall deny any application received after the limit has been met. The office may partially authorize the last tax credit that is awarded up to the limit. (II) The total amount of the tax credit for each qualified investment shall not exceed one hundred thousand dollars. A qualified investor may not claim more than one tax credit per qualified small business, but may be eligible for a tax credit for qualified investments in different qualified small businesses in the same or a different year. (c) To claim an advanced industry investment tax credit, a qualified investor must submit a copy of each tax credit certificate as part of a tax return to the department of revenue in accordance with section 39-22-532 (3), C.R.S., by the due date of the return, including extensions, for the tax year during which the qualified investment was made. If the qualified investor fails to timely file the tax credit certificate, the tax credit expires for that taxable year and there is no carry forward of the expired tax credit. The office shall not reissue a tax credit certificate for a credit that expires or that otherwise is not timely used by the qualified investor. (4) No later than April 30 of each year following a year during which the office authorizes an advanced industry investment tax credit, the office shall provide to the department of revenue an electronic report that includes the information set forth in paragraph (b) of subsection (2) and paragraph (a) of subsection (3) of this section and any other information required to administer section 39-22-532, C.R.S. If the office subsequently discovers that an applicant who received a tax credit misrepresented information on the application, the office shall immediately notify the department of revenue and provide the department of revenue all information that relates to that applicant. (5) Repealed. of subsection (3) of this section and any other information required to administer section 39-22-532, C.R.S. If the office subsequently discovers that an applicant who received a tax credit misrepresented information on the application, the office shall immediately notify the department of revenue and provide the department of revenue all information that relates to that applicant. (5) Repealed. (6) On November 1, 2017, the office shall submit a first report to the finance and the business, labor, and economic and workforce development committees of the house of representatives; to the business, labor, and technology and the finance committees of the senate, or any successor committees; and to the joint budget committee summarizing all of the tax certificates issued since July 1, 2014. At a minimum, the report must include the amount of the capital invested by qualified investors and the tax credit that each qualified investor received, a description of the qualified businesses that received the qualified investment, a projection of the number of new employees hired by the qualified small businesses as a result of the qualified investment, the geographic distribution of the jobs, and any other economic impacts that resulted from the qualified investment. Notwithstanding section 24-1-136 (11), the office shall submit a second report on November 1, 2022, and a third report on November 1, 2027, to the same legislative committees summarizing, for the second report, all of the tax certificates issued after January 1, 2018, and, for the third report, all of the tax certificates issued after January 1, 2023. The second and third reports must include the same information as the first report.

C.R.S. § 24-48.5-113 Limit on fees - active solar energy systems - geothermal systems - definitions - repeal

24-48.5-113. Limit on fees - active solar energy systems - geothermal systems - definitions - repeal. (1) (a) Except as otherwise provided in this section, the aggregate of all charges or other related or associated fees the state or any agency, institution, authority, or political subdivision of the state may impose or assess to install an active solar energy system or a geothermal energy system shall not exceed: (I) The lesser of the actual costs in issuing the permit or reviewing the application or five hundred dollars for a residential application or one thousand dollars for a nonresidential application if the device or system produces fewer than two megawatts of direct current electricity or an equivalent-sized thermal energy system; or (II) The actual costs in issuing the permit if the device or system produces at least two megawatts of direct current electricity or an equivalent-sized thermal energy system. (b) The state or any agency, institution, authority, or political subdivision of the state shall clearly and individually identify all fees and taxes assessed on an application subject to this subsection (1) on the invoice. (c) The state or any agency, institution, authority, or political subdivision of the state may increase its fees or other charges as authorized by subsection (1)(a) of this section by no more than five percent on an annual basis until the five hundred dollar limitation specified in said subsection (1)(a) is achieved. (d) In the case of a nonresidential application, on an individual installation basis only, if the state or any agency, institution, authority, or political subdivision of the state incurs actual costs for issuing the permit that are greater than one thousand dollars, the state or such other agency, institution, authority, or political subdivision of the state is entitled to recovery of its actual costs for issuing the permit by submitting in writing and disclosing to the applicant for the particular permit proof of such actual costs. (e) As used in this subsection (1): (I) "Active solar energy system" means a single system that contains electric generation, a thermal device, or is an energy storage system as defined in section 40-2-202 (2). (II) "Geothermal energy system" means a system that uses geothermal energy for water heating or space heating or cooling in a single building, for space heating for more than one building through a pipeline network, or for electricity generation. (2) This section is repealed, effective December 31, 2029.

C.R.S. § 24-48.5-114 Film, television, and media - definitions

24-48.5-114. Film, television, and media - definitions. As used in this section and sections 24-48.5-115 and 24-48.5-116, unless the context otherwise requires: (1) (a) "Film" means any visual or audiovisual work, including, without limitation, a video game, television show, or a television commercial, that contains a series of related images, regardless of the medium by which the work is fixed and from which it can be viewed or reproduced, and that is primarily intended to be either: (I) Commercially exploited by being shown in theaters or on television licensed for the home or international market, or otherwise; or (II) For internal industrial, corporate, or institutional use. (b) "Film" does not include an obscene film. (2) "Obscene" has the same meaning as set forth in section 18-7-101 (2), C.R.S. (3) "Office" means the Colorado office of film, television, and media created pursuant to section 24-48.5-115. (4) "Originates" means the production company has been a resident of the state or registered with the secretary of state for at least twelve consecutive months and, as of the date of applying for a performance-based incentive as specified in section 24-48.5-116, has engaged in production activities in the state for other projects in the past twelve consecutive months; except that, if the production company creates a business entity for the sole purpose of conducting production activities in the state, then such business entity need not be registered with the secretary of state for twelve consecutive months, but the manager of the business entity must be a resident of the state for at least twelve consecutive months as of the date of applying for a performance-based incentive as specified in section 24-48.5-115. For purposes of this subsection (4), "manager of the business entity" means a manager with decision-making authority to make financial or legal commitments on behalf of the production or business. (4.5) (a) "Personal service corporation" has the same meaning as set forth in section 269A (b)(1) of the internal revenue code. (b) "Employee-owner of a personal service corporation" has the same meaning as "employee owner" as set forth in section 269A (b)(2) of the internal revenue code. (5) "Production activities" means the shooting of a film, support activities related to such shooting, and any preshooting or postshooting activities that commence on or after July 1, 2009, and that are necessary to produce a finished film, including but not limited to editing and the creation of sets, props, costumes, and special effects. (6) "Production company" means a person, including a corporation or other business entity, that engages in production activities for the purpose of producing all or any portion of a film in Colorado. (7) "Qualified local expenditure" means a payment made by a production company operating in Colorado to a person or business in Colorado in connection with production activities in Colorado. "Qualified local expenditure" includes, but is not limited to: (a) Payments made in connection with developing or purchasing the story and scenario to be used for a film; (b) Payments made for the costs of set construction and operations, wardrobe, accessories, and related services; (c) Payments made for the costs of photography, sound recording and synchronization, lighting, and related services; (d) Payments made for the costs of editing, post-production, music, and related services; (e) Payments made for the costs of renting facilities and equipment, including location fees, leasing vehicles, and providing food and lodging to people working on the film production; (f) Payments for airfare purchased through a Colorado-based travel agency or company; (g) Payments for insurance and bonding purchased through a Colorado-based insurance agent; (h) Payments for other direct costs incurred by the film production company that are deemed appropriate by the office; tion fees, leasing vehicles, and providing food and lodging to people working on the film production; (f) Payments for airfare purchased through a Colorado-based travel agency or company; (g) Payments for insurance and bonding purchased through a Colorado-based insurance agent; (h) Payments for other direct costs incurred by the film production company that are deemed appropriate by the office; (i) Payments of up to one million dollars per employee or contractor, made by a production company to pay the wages or salaries of employees or contractors who participate in the production activities. In order for any wage or salary to be considered a qualified local expenditure, all Colorado income taxes shall be withheld and paid either by the production company or the individual. Any payments in excess of one million dollars per employee or contractor shall be excluded; and (j) Payments of up to one million dollars per calendar year per personal service corporation, made by a production company to a personal service corporation to pay the wages or salaries of an employee-owner of the personal service corporation who participates in the production activities. In order for any wage or salary to be a considered a qualified local expenditure, the production company must file an information return pursuant to section 39-22-604 (21) regarding the payments made to the personal service corporation. Any payments in excess of one million dollars per personal service corporation shall be excluded.

C.R.S. § 24-48.5-115 Film, television, and media - duties - loan guarantee program

24-48.5-115. Film, television, and media - duties - loan guarantee program. (1) There is hereby created within the Colorado office of economic development the Colorado office of film, television, and media, the head of which shall be the director of the Colorado office of film, television, and media. The director of the office shall be assisted by a staff to fulfill the office's mission to promote Colorado as a location for making films. Beginning on July 1, 2012, the director of the office shall report to the director of the office of economic development. (2) The office shall: (a) Market Colorado as a destination for making feature films, television shows, television commercials, still photography, music videos, and new media projects; (b) Assist production companies that are interested in conducting production activities in Colorado in scouting appropriate locations in the state for the production company's film; (c) Assist state and local government agencies and organizations in the creation of permitting criteria for production companies that plan to conduct production activities on state or local government property; (d) Assist production companies in determining the appropriate state or local government agencies to contact to apply for a permit to conduct production activities on state or local government property; (e) Serve as a general liaison for production companies and assist in coordination efforts among production companies, any state or local government agency, and local businesses and individuals before, during, and after the production company conducts production activities in Colorado; (f) Serve as a resource for local governments and communities around Colorado when a production company approaches the local government or community regarding the possibility of conducting production activities on the property of the local government or within the community; (g) Administer the income tax credit for film production in Colorado as specified in section 39-22-559. (h) Administer the loan guarantee program as specified in subsection (3) of this section; (i) Conduct educational seminars to promote the film industry and people working in the film industry in Colorado; and (j) Perform any other duties in furtherance of the office's mission as deemed necessary by the director of the office and the director of the office of economic development. (3) (a) The office, with prior approval from the Colorado economic development commission created in section 24-46-102, may enter into a contract or other agreement, or both a contract and other agreement, with a production company to guarantee loans obtained for purposes of financing the production activities, not to exceed twenty percent of the entire budget for the production activities. (b) The office shall employ the following criteria in determining whether to award a loan guarantee: (I) The experience, professional qualifications, and business background of the production company shall be such as to give the production activities a reasonable chance of success; (II) The production company shall be bonded by a major bonding company; (III) The production company shall have contracted with a major sales company with experience and standing in the film industry, and such sales company shall provide sales estimates that support full repayment of the loan to be guaranteed; and (IV) The film and the production activities shall result in a positive reflection on the state. (c) The office may reject any application for a loan guarantee pursuant to this subsection (3). ve contracted with a major sales company with experience and standing in the film industry, and such sales company shall provide sales estimates that support full repayment of the loan to be guaranteed; and (IV) The film and the production activities shall result in a positive reflection on the state. (c) The office may reject any application for a loan guarantee pursuant to this subsection (3). (d) The office may provide loan guarantees for production activities; except that such loan guarantees shall be limited to twenty percent of the entire budget for the production activities. Loan guarantees may only be provided to feasible production activities for an amount that is the least amount necessary to cause the production activities to occur, as determined by the office, with prior approval from the Colorado economic development commission. The office may structure the loan guarantees in a way that facilitates the production activities and also provides for a compensatory return on investment or loan guarantee facility fee to the office based on the risk of the production activities. (e) The office may charge a loan guarantee facility fee calculated on the outstanding principal, which fee shall be collected from the eligible borrower by the eligible lender and paid to the office. Moneys collected shall be deposited in the Colorado office of film, television, and media operational account cash fund created in section 24-48.5-116 (5). (f) Moneys paid to satisfy a defaulted loan made pursuant to this subsection (3) shall only be paid out of the Colorado office of film, television, and media operational account cash fund created in section 24-48.5-116 (5). (g) No guarantee agreement made by the office pursuant to this subsection (3) shall constitute or become an indebtedness, a debt, or a liability of the state, nor shall such loan guarantee the giving, pledging, or loaning of the full faith and credit of the state. (4) Repealed.

C.R.S. § 24-48.5-116 Film, television, and media - performance-based incentive for film production in Colorado - Colorado office of film, television, and media operational account cash fund - creation - definition

24-48.5-116. Film, television, and media - performance-based incentive for film production in Colorado - Colorado office of film, television, and media operational account cash fund - creation - definition. (1) Subject to the provisions of this section, on or after July 1, 2012, but before January 1, 2024, and on or after January 1, 2025, any production company employing a workforce for any in-state production activities made up of at least fifty percent Colorado residents may claim a performance-based incentive in an amount as follows: (a) Except as provided in subsection (1.5) of this section, for a production company that originates production activities in Colorado, an amount equal to twenty percent of the total amount of the production company's qualified local expenditures if the total of such expenditures equals or exceeds one hundred thousand dollars; and (b) (I) Except as provided in subsections (1)(b)(II) and (1.5) of this section, for a production company that does not originate production activities in Colorado, an amount equal to twenty percent of the total amount of the production company's qualified local expenditures if the total of such expenditures equals or exceeds one million dollars. (II) Except as provided in subsection (1.5) of this section, for a production company that produces a television commercial or video game and that does not originate production activities in Colorado, any production company employing a workforce for any in-state production activities made up of at least fifty percent Colorado residents may claim a performance-based incentive in an amount equal to twenty percent of the total amount of the production company's qualified local expenditures if the total of such expenditures equals or exceeds two hundred fifty thousand dollars. (1.5) The executive director of the office of economic development may, in the executive director's discretion, authorize the approval or issuance of an incentive in an amount that exceeds twenty percent of local expenditures for a production company that qualifies for an incentive under subsection (1) of this section. (2) (a) In order for a production company to claim a performance-based incentive for production activities in Colorado pursuant to this section, the production company shall apply to the office, in a manner to be determined by the office, prior to beginning production activities in the state for the project for which the production company is seeking a performance-based incentive. The application must include a statement of intent by the production company to produce a film in Colorado for which the production company will be eligible to receive the incentive. The production company shall submit, in conjunction with the application, any documentation necessary to demonstrate that: (I) The production company's projected qualified local expenditures will satisfy the expenditures specified in subsections (1)(a) and (1)(b) of this section, as applicable; and (II) If the production company seeks an incentive specified in subsection (1)(a) of this section, the production company meets the definition of "originates" set forth in section 24-48.5-114 (4), including copies of income tax forms, proof of voter registration, or copies of utility bills, to provide documentary evidence that as of the date of applying for a performance-based incentive: (A) The production company engaged in production activities in the state for other projects in the past twelve consecutive months; or (B) If the production company created a business entity for the sole purpose of conducting production activities in the state, the manager of the business entity is a resident in the state for the past twelve consecutive months. for a performance-based incentive: (A) The production company engaged in production activities in the state for other projects in the past twelve consecutive months; or (B) If the production company created a business entity for the sole purpose of conducting production activities in the state, the manager of the business entity is a resident in the state for the past twelve consecutive months. (b) The office shall review each application submitted by a production company before the production company begins work on a film in Colorado. Based on the information provided in the production company's application, the office shall make an initial determination of whether the production company will be eligible to receive a performance-based incentive and estimate the amount of the incentive that will be due to the production company. The office, with approval of the Colorado economic development commission created in section 24-46-102, shall grant conditional written approval to a production company that, based on the information provided by the production company and based on an analysis of such information by the office and the Colorado economic development commission, will satisfy the requirements of this section and be eligible to claim an incentive. The office shall not issue a performance-based incentive to a production company until the production company and the office have entered into a contract in accordance with the "Procurement Code", articles 101 to 112 of this title 24. (c) (I) Upon completion of production activities in Colorado, a production company that received conditional approval for a performance-based incentive from the office shall retain a certified public accountant to review and report in writing, and in accordance with professional standards, regarding the accuracy of the financial documents that detail the expenses incurred in the course of the film production activities in Colorado. The certified public accountant's written report shall include documentation of the production company's actual expenditures, including its actual qualified local expenditures, and any documentation necessary to show that the production company employed a workforce for the in-state production activities made up of at least fifty percent Colorado residents. When the production company provides a copy of the certified public accountant's written report and the production company certifies in writing to the office that the amount of the production company's actual qualified local expenditures equals or exceeds the minimum total amount of the production company's qualified local expenditures as specified in subsection (1) of this section, the office shall conduct a review of the certified public accountant's written report to ensure the requirements of this section are met. If the office is satisfied that the requirements of this section are met, and the office confirms that the certified public accountant who provided the written report is from the list described in subsection (2)(c)(II)(C) of this section, then the office may issue an incentive to the production company. (II) (A) For purposes of this subsection (2)(c), "certified public accountant" means a certified public accountant licenced to practice in this state or a certified public accounting firm that is registered in this state. (B) Any services of a certified public accountant provided to meet the requirements of this subsection (2)(c) shall be performed in Colorado. (C) The office shall develop a list of certified public accountants that meet the requirements of this section. Such list must be made available to all production companies and must be posted on the office of economic development's website. in this state. (B) Any services of a certified public accountant provided to meet the requirements of this subsection (2)(c) shall be performed in Colorado. (C) The office shall develop a list of certified public accountants that meet the requirements of this section. Such list must be made available to all production companies and must be posted on the office of economic development's website. (d) The office shall develop procedures for the administration of this section, including application guidelines for production companies applying to receive a performance-based incentive and for the office to issue payment of the incentives pursuant to this section. (e) If a performance-based incentive is erroneously or improperly issued to a production company for any reason, including for ineligibility, overpayment, or improper payment, the office shall engage the services of the attorney general to recover from the production company any amount of the performance-based incentive that was erroneously or improperly issued. The state treasurer shall credit any such recovered performance-based incentives to the fund. (3) Through 2024, the office shall include data regarding the number of production companies that claimed the performance-based incentive pursuant to this section and the total amount of all incentives claimed during the most recent fiscal year for which such information is available in an annual report to the general assembly. (4) The total amount of performance-based incentives that the office issues pursuant to this section in any fiscal year shall not exceed the amount appropriated to the office to be used for the purposes of this section in the applicable fiscal year and any moneys not expended or encumbered from previous fiscal years that were appropriated to the office to be used for the purposes of this section. (5) (a) There is hereby created in the state treasury the Colorado office of film, television, and media operational account cash fund, referred to in this section as the "fund". The fund consists of: (I) Money transferred to the fund in accordance with section 44-30-701 (2); (II) Money transferred to the fund, including five million dollars that shall be transferred on July 1, 2021, from the general fund, up to one million dollars transferred pursuant to section 24-32-129 (3)(b)(II) to the Colorado office of film, television, and media operational account cash fund, and money transferred pursuant to subsection (5)(a.5) of this section; and (III) Any gifts, grants, or donations from private or public sources that the office is hereby authorized to seek and accept. (a.5) On July 1, 2022, the state treasurer shall transfer two million dollars from the general fund to the fund. (b) The moneys in the fund shall be annually appropriated to the office for the operation of the office, for the performance-based incentive for film production in Colorado as specified in subsection (1) of this section, and for the loan guarantee program as specified in section 24-48.5-115 (3). (c) All moneys not expended or encumbered, and all interest earned on the investment or deposit of moneys in the fund, remain in the fund and do not revert to the general fund or any other fund at the end of any fiscal year. Any moneys not expended or encumbered from any appropriation at the end of any fiscal year remain available for expenditure in the next fiscal year without further appropriation. (6) A production company shall not apply and the office shall not award a performance-based incentive for any qualified local expenditures, for which the production company has applied, for an income tax credit pursuant to section 39-22-559.

C.R.S. § 24-48.5-116.5 Film incentive task force - creation - study - report - repeal

24-48.5-116.5. Film incentive task force - creation - study - report - repeal. (Repealed)

C.R.S. § 24-48.5-117 Advanced industry - grants - fund - definitions - repeal

24-48.5-117. Advanced industry - grants - fund - definitions - repeal. (1) Legislative declaration. (a) The general assembly finds and declares that Colorado is home to a network of assets and resources, which include research universities, community colleges, federal laboratories, innovative companies, manufacturing infrastructure, work force training institutions, and entrepreneurs. To drive growth in Colorado's economy, the state must focus on increasing the capacity and competitiveness of these assets and resources and thereby attract greater investment and provide a competitive advantage for Colorado's advanced industries. Investment in advanced industries will build public-private partnerships, drive innovation, and increase capital investment in Colorado's economy. (b) The general assembly further finds and declares that investment in advanced industries will: (I) Drive growth in high-paying, high-skill jobs; (II) Align educational institutions to create the work force for advanced industry needs; (III) Increase exports and competitiveness in global markets; (IV) Accelerate the commercialization of technologies; and (V) Promote research and development capabilities across research universities, community colleges, and federal laboratories. (c) The general assembly recognizes the value of cross-sector collaboration and partnerships with research institutions and industry and encourages the Colorado office of economic development to play an active role in aligning resources to create and implement strategic initiatives across advanced industries. (2) Definitions. As used in this section: (a) "Advanced industry" means the following industries: (I) Advanced manufacturing; (II) Aerospace; (III) Bioscience; (IV) Electronics; (V) Energy and natural resources; (VI) Infrastructure engineering; and (VII) Information technology. (b) "Fund" means the advanced industries acceleration cash fund created in paragraph (a) of subsection (7) of this section. (c) "Office of economic development" or "office" means the Colorado office of economic development created in section 24-48.5-101. (d) "Office of technology transfer" means an office that: (I) Is affiliated with a research institute; (II) Is responsible for technology transfers; and (III) Arranges for the sale or licensure of an advanced industry project to a private entity. (e) "Program" means the advanced industries acceleration grant program created in subsection (3) of this section. (f) "Research institution" means an institution located and operating in Colorado that is a: (I) Public or private, nonprofit institution of higher education or teaching hospital; (II) Federal laboratory; (III) Private technology and research center; or (IV) Private, nonprofit medical and research center. (3) Program. (a) The advanced industries acceleration grant program is created within the office of economic development. The purpose of the program is to accelerate economic growth through grants that improve and expand the development of advanced industries, facilitate the collaboration of advanced industry stakeholders, and further the development of new advanced industry products and services. The office of economic development shall administer the program, which includes proof-of-concept grants, early-stage capital and retention grants, and infrastructure funding grants. All grants are from money in the advanced industries acceleration cash fund created in subsection (7) of this section. Except for the reporting requirement in subsection (6) of this section, the program ends on July 1, 2034, and all grants must be disbursed prior to that date. gram, which includes proof-of-concept grants, early-stage capital and retention grants, and infrastructure funding grants. All grants are from money in the advanced industries acceleration cash fund created in subsection (7) of this section. Except for the reporting requirement in subsection (6) of this section, the program ends on July 1, 2034, and all grants must be disbursed prior to that date. (b) (I) The office of economic development may award a proof-of-concept grant for an advanced industry research project to an eligible office of technology transfer. (II) To be eligible for a proof-of-concept grant, an office of technology transfer must: (A) Submit a description of the advanced industry research project; (B) Provide an analysis demonstrating that the project will provide significant economic impact or competitive advantage for the state and advanced industries and that it will accelerate the pace of applied research leading to rapid commercialization of products and services resulting from the project; and (C) Have a dedicated, matching source of moneys from its affiliated research institution that is greater than or equal to one-third of the amount of the requested grant. (III) In selecting the recipients of a proof-of-concept grant, the office of economic development shall give preference to projects sponsored by an office of technology transfer that: (A) Include impacts across more than one advanced industry; (B) Involve more than one research institution or advanced industry stakeholder; or (C) Originate from a nonprofit research institution. (IV) Except as set forth in paragraph (b) of subsection (4) of this section, the maximum amount of a proof-of-concept grant is one hundred fifty thousand dollars. (V) A recipient of a proof-of-concept grant shall use the grant only to accelerate product or service commercialization and shall not use the grant to support basic research. (c) (I) The office of economic development may award an early-stage capital and retention grant to an eligible company for the purpose of accelerating the commercialization of advanced industry products or services to be manufactured or performed in Colorado. (II) To be eligible for an early-stage capital and retention grant, a company must: (A) Be in an advanced industry; (B) Have its headquarters located in Colorado or have at least fifty percent of its employees based in Colorado; (C) Have received less than twenty million dollars from other grants and third-party investors; (D) Have annual revenues of less than ten million dollars; (E) Provide an analysis demonstrating that the scope of the project is required to enhance the commercialization of one or more advanced industry products or services within the state; and (F) Have a dedicated, matching source of moneys that is greater than or equal to twice the amount of the requested grant. (III) In selecting the recipient of an early-stage capital and retention grant, the office of economic development shall give preference to a company whose technology or research and development has application to more than one advanced industry. (IV) Except as set forth in paragraph (b) of subsection (4) of this section, the maximum amount of an early-stage capital and retention grant is two hundred fifty thousand dollars. ient of an early-stage capital and retention grant, the office of economic development shall give preference to a company whose technology or research and development has application to more than one advanced industry. (IV) Except as set forth in paragraph (b) of subsection (4) of this section, the maximum amount of an early-stage capital and retention grant is two hundred fifty thousand dollars. (d) (I) The office of economic development may award an infrastructure funding grant for an advanced industry project that builds or utilizes infrastructure to support or enhance the commercialization of advanced industry products or services or that contributes to the development of an advanced industry work force. (II) To be eligible for an infrastructure funding grant, a project must: (A) Substantially increase alignment between private companies within an advanced industry and research institutions; and (B) Have a matching source of moneys that is greater than or equal to twice the amount of the requested grant. (III) In selecting recipients for the infrastructure funding grants, the office of economic development shall give preference to projects that: (A) Accelerate economic growth in more than one advanced industry or include more than one research institution or advanced industry stakeholder; (B) Originate from nonprofit research institutions; (C) Focus on applied research and development, technology acceleration, or production-oriented or manufacturing-oriented facilities; or (D) Focus on work force development that addresses the advanced industries' work force skills that are needed to facilitate commercialization of products or services. (IV) Except as set forth in paragraph (b) of subsection (4) of this section, the maximum amount of an infrastructure funding grant is five hundred thousand dollars. (4) Common grant policies. Any grant awarded pursuant to subsection (3) of this section is subject to the following: (a) In order to be eligible for a grant, a grant applicant must: (I) Identify the number of jobs that will be created or retained in the state, anticipated capital invested or retained in the state, and any other projected economic impacts that will result from the grant; and (II) Submit any information required by the office of economic development to be eligible for a grant; (b) A limit on the maximum amount of grants does not apply to any applicant that qualifies for a preference identified in subsection (3) of this section; (c) The office of economic development shall not pay a grant to a recipient unless the recipient has received the matching source of moneys that is required for the grant; (d) (I) Upon completion of a project that was the basis of a grant, a recipient shall identify how the grant was used, the number of jobs created or retained in the state, capital invested or retained in the state, and any other economic impacts that resulted from the grant; and (II) Return any unused grant moneys to the office of economic development, which shall transfer the moneys to the state treasurer for deposit in the advanced industries acceleration cash fund. (5) Grant administration. (a) On or before September 1, 2013, the office of economic development shall establish procedures and timelines for grant applications; criteria for determining grant amounts, including how preferences will be applied; grantee reporting requirements; and any other program policies. The office may amend these policies at any time. (b) Prior to awarding a grant, the office of economic development shall consult with the economic development commission about all of the potential grants and other monetary incentives that an office of technology transfer, company, or project is eligible to receive from the state. ed; grantee reporting requirements; and any other program policies. The office may amend these policies at any time. (b) Prior to awarding a grant, the office of economic development shall consult with the economic development commission about all of the potential grants and other monetary incentives that an office of technology transfer, company, or project is eligible to receive from the state. (c) The office of economic development shall consult with Colorado-based advanced industries associations or other representatives from advanced industries about the program. This consultation must include reviewing of program grant applications and monitoring and evaluating the grantees and the advanced industry projects. (d) Subject to the available moneys, there is no limit on the number of grants that the office of economic development may annually award. (e) (I) In the 2014 calendar year, the office of economic development shall award, at a minimum, an amount equal to one-half of the amount credited to the fund on March 1, 2014, pursuant to section 39-22-604.3, C.R.S., for program grants to clean technology companies or projects. (II) In the 2015 calendar year and each calendar year thereafter, the office of economic development shall award, at a minimum: (A) Five million five hundred thousand dollars for program grants to bioscience companies or projects; and (B) An amount equal to one-half of the amount credited to the fund during the year pursuant to section 39-22-604.3, C.R.S., for program grants to clean technology companies or projects. (III) The office of economic development may use any moneys in the fund that are not required for the mandatory grants under subparagraph (II) of this paragraph (e) for program grants to companies or projects from any of the seven advanced industries. (f) The office of economic development shall award at least fifteen percent of the total program grants in a calendar year to each of the three types of grants. If the office is unable to award this percentage in a given year due to a lack of qualified applicants, the deficiency does not roll forward to the next year. (6) Reporting. (a) Notwithstanding section 24-1-136 (11)(a)(I), on or before November 1, 2014, and November 1 of each of the next twenty years thereafter, the office of economic development shall submit a report to the finance and the business, labor, and economic and work force development committees of the house of representatives and to the business, labor, and technology and the finance committees of the senate, or any successor committees, summarizing all of the grants awarded in the program during the preceding fiscal year. At a minimum, the report must include the amount that each recipient received, a description of each recipient's use of the grant, the number of jobs created or retained in the state, capital invested or retained in the state, and any other economic impacts that resulted from the grant. (b) Section 24-1-136 (11) does not apply to the report required by paragraph (a) of this subsection (6). (7) Fund. (a) The advanced industries acceleration cash fund is created in the state treasury. The fund consists of: (I) Moneys transferred to it pursuant to section 24-48.5-108 (5)(c), as said section existed prior to its repeal in 2015; (II) Moneys credited to it pursuant to section 39-22-604.3, C.R.S.; (III) Money transferred to it pursuant to section 44-30-701 (2); (IV) Five million dollars, which the state treasurer shall transfer from the general fund to the fund on July 1, 2015, and July 1, 2016; (V) Moneys credited to it pursuant to subparagraph (II) of paragraph (d) of subsection (4) of this section; (VI) Any gifts, grants, or donations credited to it pursuant to paragraph (b) of this subsection (7); and (VII) Any other moneys that the general assembly appropriates to it. ars, which the state treasurer shall transfer from the general fund to the fund on July 1, 2015, and July 1, 2016; (V) Moneys credited to it pursuant to subparagraph (II) of paragraph (d) of subsection (4) of this section; (VI) Any gifts, grants, or donations credited to it pursuant to paragraph (b) of this subsection (7); and (VII) Any other moneys that the general assembly appropriates to it. (b) (I) The office of economic development is authorized to seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of the program; except that the office may not accept a gift, grant, or donation that is subject to conditions that are inconsistent with this section or any other law of the state. The office shall transmit all private and public moneys received through gifts, grants, or donations to the state treasurer, who shall credit the same to the fund. (II) (Deleted by amendment, L. 2014.) (c) (I) The moneys in the fund are continuously appropriated to the office of economic development for the purpose of awarding grants allowed by this section and for its administrative costs associated with the program. The office's administrative expenses for the program in a fiscal year shall not exceed eight percent of the moneys transferred or appropriated to the fund in the fiscal year. (II) Repealed. (d) As provided by law, the state treasurer may invest any unexpended moneys in the advanced industries acceleration cash fund. All interest and income derived from the investment and deposit of moneys in the fund are credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall not be credited or transferred to the general fund or another fund; except that any unexpended and unencumbered moneys remaining in the fund upon the repeal of this section are transferred to the general fund. (e) The transfers to the fund from the general fund moneys that are required by subparagraph (IV) of paragraph (a) of this subsection (7) must be included for informational purposes in the annual general appropriation act. (8) Repeal. This section is repealed, effective January 1, 2035.

C.R.S. § 24-48.5-118 Procurement technical assistance task force - members - duties - legislative declaration - repeal

24-48.5-118. Procurement technical assistance task force - members - duties - legislative declaration - repeal. (Repealed)

C.R.S. § 24-48.5-119 Procurement technical assistance centers - funding for 2013-14 fiscal year - repeal

24-48.5-119. Procurement technical assistance centers - funding for 2013-14 fiscal year - repeal. (Repealed)

C.R.S. § 24-48.5-120 Energy research cash fund - creation - distributions - report - definitions - repeal

24-48.5-120. Energy research cash fund - creation - distributions - report - definitions - repeal. (Repealed)

C.R.S. § 24-48.5-121 Procurement technical assistance program - fund - legislative declaration - definitions

24-48.5-121. Procurement technical assistance program - fund - legislative declaration - definitions. (1) Legislative declaration. (a) The general assembly hereby finds, determines, and declares that: (I) Colorado businesses need the capability and capacity to compete for government contracts at the federal, state, and local levels; (II) Government contracting, at all levels, is a competitive and complex process; (III) A procurement technical assistance program offers education, counseling, and technical assistance to businesses to compete for government contracts; and (IV) The federal government will match the state's investment in a program to provide procurement technical assistance. (b) The general assembly further finds and declares that: (I) The creation of a procurement technical assistance fund and operating terms are necessary to ensure that the state procurement technical assistance program receives federal matching moneys and provides efficient and effective statewide procurement technical assistance resources to Colorado businesses; (II) The procurement technical assistance program in Colorado is a public-private partnership with a target budget of at least eight hundred thousand dollars in each contract year to provide procurement technical assistance to businesses throughout the state, of which fifty percent is provided through the state by the state's investment and fifty percent is provided by the federal government; and (III) It is the general assembly's intent that, in each contract year, the office and the qualified entity together obtain at least four hundred thousand dollars for the state's investment in the procurement technical assistance program, which will be matched by the federal government and shall be used for the purposes of the program. (2) Definitions. As used in this section, unless the context otherwise requires: (a) "Contract year" means one year of the term of the contract entered into or renewed pursuant to this section. (b) "Minority business office" means the minority business office created in section 24-49.5-102. (c) "Office" means the Colorado office of economic development created in section 24-48.5-101. (d) "Procurement technical assistance program" means a program that provides, through a procurement technical assistance center funded in part with federal moneys, government procurement consulting services at no cost to clients who are responding to government contract opportunities. (e) "Qualified entity" means one or more organizations exempt from taxation under section 501 (c)(3) of the federal "Internal Revenue Code of 1986", as amended, that have been designated, by the federal defense logistics agency, as a federal defense logistics agency grantee serving Colorado for the procurement technical assistance program to provide procurement technical assistance statewide. The organizations shall have no other mission or deliverables that are not consistent with federal eligibility criteria for the procurement technical assistance program. (f) "Small business development center" means the small business development center based in Colorado, hosted by the office, and funded jointly by the state, the federal small business administration, and other private sources. (g) "State's investment" means the funding for the procurement technical assistance program that is from the state general fund or any other source of state moneys and from cash and in-kind donations obtained by the qualified entity through gifts, grants, and donations. (3) Contract. (a) On or before September 15, 2014, the office shall enter into a contract with the qualified entity or entities that were selected by the federal defense logistics agency to provide procurement technical assistance statewide. The contract term and requirements shall be in effect for up to six years and shall align with the federal defense logistics agency requirements for such contract. ontract. (a) On or before September 15, 2014, the office shall enter into a contract with the qualified entity or entities that were selected by the federal defense logistics agency to provide procurement technical assistance statewide. The contract term and requirements shall be in effect for up to six years and shall align with the federal defense logistics agency requirements for such contract. (b) On or before September 15, 2020, the office may renew an existing contract with a qualified entity or entities. The renewed contract must be in effect for up to five years and must align with the federal defense logistics agency requirements for the contract. (4) State's investment. (a) It is the general assembly's intent that in each contract year, the office and the qualified entity obtain at least four hundred thousand dollars for the state's investment in the procurement technical assistance program, which will be matched by the federal government and shall be used for the purposes of the program. (b) (I) Except as otherwise provided in subsection (4)(b)(II) of this section, in each contract year, the state, through the office, shall contribute the lesser of the qualified entity's contribution to the previous contract year's state's investment or two hundred thousand dollars to the total amount of the state's investment in the procurement technical assistance program for the then-current contract year. Therefore, the general assembly shall provide not more than two hundred thousand dollars from the state general fund or from any other source of state money in each contract year; except that the general assembly may provide more than two hundred thousand dollars from the state general fund or from any other source in any contract year so long as the qualified entity provides a one hundred percent match, in the manner specified in subsection (4)(c)(II)(C) of this section, to the additional amount provided by the general assembly in the applicable contract year. (II) (A) For the 2020-21 state fiscal year, the state, through the office, shall contribute the lesser of the qualified entity's contribution to the previous contract year's state's investment or two hundred thousand dollars to the total amount of the state's investment in the procurement technical assistance program for the applicable contract year; except that, for the 2020-21 state fiscal year, the general assembly shall not provide more than one hundred seventy-five thousand dollars from the general fund. The office shall provide, within existing resources, the remaining twenty-five thousand dollars toward the state's investment for the 2020-21 state fiscal year. (B) For the 2021-22 state fiscal year, the state, through the office, shall contribute the lesser of the qualified entity's contribution to the previous contract year's state's investment or one hundred seventy-five thousand dollars to the total amount of the state's investment in the procurement technical assistance program for the then-current contract year. Therefore, the general assembly shall not provide more than one hundred seventy-five thousand dollars from the state general fund or from any other source of state moneys in the 2021-22 state fiscal year. (C) For the 2022-23 state fiscal year and each state fiscal year thereafter for the remainder of the term of the contract, the amount of the contribution made to the state's investment and the amount provided by the general assembly for such contribution shall be determined pursuant to subsection (4)(b)(I) of this section. or from any other source of state moneys in the 2021-22 state fiscal year. (C) For the 2022-23 state fiscal year and each state fiscal year thereafter for the remainder of the term of the contract, the amount of the contribution made to the state's investment and the amount provided by the general assembly for such contribution shall be determined pursuant to subsection (4)(b)(I) of this section. (c) (I) The qualified entity shall contribute at least fifty percent to the total amount of the state's investment. Therefore, the qualified entity shall obtain, through the solicitation of gifts, grants, and donations, at least two hundred thousand dollars in each contract year. (II) The gifts, grants, or donations that the qualified entity obtains may be comprised of both cash and in-kind contributions; except that, of the two hundred thousand dollars that the qualified entity is required to obtain in each contract year, at least the following percentages shall be in the form of cash: (A) For the first contract year, at least fifteen percent; (B) For the second contract year, at least twenty percent; and (C) For the third through sixth contract years, and for each contract year of a contract that is renewed pursuant to subsection (3)(b) of this section, at least twenty-five percent. (III) If, in any contract year, the qualified entity obtains more than the minimum required percentage of cash contributions for the applicable contract year, the qualified entity may apply the excess cash to the minimum required cash contribution for the next contract year. (d) (I) By November 1 of each contract year, the office shall determine whether the qualified entity obtained at least two hundred thousand dollars in gifts, grants, or donations and the minimum required cash contribution as specified in paragraph (c) of this subsection (4) for the previous contract year. If the office determines that the qualified entity failed to obtain the total required amount of gifts, grants, and donations and the minimum required cash contribution for the previous contract year, the office shall notify the state treasurer, and the state treasurer shall transfer an amount equal to the amount of the shortfall from the moneys that the state treasurer transferred to the procurement technical assistance fund pursuant to paragraph (a) of subsection (8) of this section for the then-current contract year to the general fund. (II) The office shall ensure that by December 1 of the third contract year, the qualified entity is projected to provide at least a cumulative amount of six hundred thousand dollars of the state's investment for the first through third contract years, of which amount at least one hundred twenty thousand dollars is in the form of cash. If, based on the office's review, the qualified entity is not projected to satisfy such requirements, the office shall notify the members of the house of representatives and senate committees with jurisdiction over business issues, and the general assembly may determine whether to continue the annual appropriation to the office for the purposes of the procurement technical assistance program. This subsection (4)(d)(II) does not apply to any contract year of a contract that is renewed pursuant to subsection (3)(b) of this section. rs of the house of representatives and senate committees with jurisdiction over business issues, and the general assembly may determine whether to continue the annual appropriation to the office for the purposes of the procurement technical assistance program. This subsection (4)(d)(II) does not apply to any contract year of a contract that is renewed pursuant to subsection (3)(b) of this section. (5) Qualified entity's contract requirements. (a) In addition to the minimum amount that the qualified entity is required to contribute to the state's investment in each contract year, the qualified entity is required to perform the following in each contract year: (I) Provide procurement technical assistance to at least one hundred businesses that are either new or active clients of the qualified entity; (II) Provide procurement technical assistance in the form of counseling to businesses for at least one thousand five hundred hours; and (III) Sponsor or participate in at least sixty-five events to inform the business community of the services and assistance that the procurement technical assistance program provides. (b) On or before October 1 of each contract year, the qualified entity shall report the following information to the office: (I) The number of new and active businesses that the qualified entity served, the number of counseling hours it provided, and the number of events that it attended during the prior contract year; (II) Whether the qualified entity obtained at least two hundred thousand dollars in gifts, grants, or donations toward its share of the total state's investment during the prior contract year, whether the qualified entity obtained the required minimum amount of such contributions in cash pursuant to subparagraph (II) of paragraph (c) of subsection (4) of this section, and what portion of the gifts, grants, and donations the qualified entity used during the prior contract year; and (III) Any other information requested by the office. (6) Reporting. In each contract year, the office shall include in the annual report submitted to the general assembly pursuant to section 24-48.5-101 (7) the information that the qualified entity provided to the office pursuant to paragraph (b) of subsection (5) of this section. (7) Memorandum of understanding. The minority business office, the small business development center, and the qualified entity shall enter into a memorandum of understanding to address the following issues in connection with the procurement technical assistance program: (a) The nature and delivery of the programs and services that will be offered by the qualified entity through the procurement technical assistance program and the method by which those programs will be aligned with the programs offered by the small business development center and the minority business office; (b) A schedule for periodic meetings between the directors of the qualified entity, the small business development center, the minority business office, and any other relevant entities within the office at the state and regional levels; (c) A method for tracking the cross-referral of clients between the qualified entity, the small business development center, and the minority business office; (d) A method for coordinating and organizing the joint participation of the qualified entity, the small business development center, and the minority business office at outreach events and through other marketing opportunities; (e) A plan for the qualified entity, the small business development center, and the minority business office to share locations, where possible, throughout Colorado; and (d) A method for coordinating and organizing the joint participation of the qualified entity, the small business development center, and the minority business office at outreach events and through other marketing opportunities; (e) A plan for the qualified entity, the small business development center, and the minority business office to share locations, where possible, throughout Colorado; and (f) Anything else deemed necessary and appropriate by the qualified entity, the small business development center, and the minority business office. (8) Fund. (a) The procurement technical assistance cash fund is created in the state treasury. The fund consists of: (I) (A) Except as otherwise provided in subsection (8)(a)(I)(B) of this section, two hundred twenty thousand dollars that the state treasurer is required to transfer from the general fund to the fund on July 1, 2015, and July 1 of the next nineteen years thereafter, plus any additional amount the general assembly provides pursuant to subsection (4)(b) of this section. (B) For the 2020-21 and 2021-22 state fiscal years, one hundred seventy-five thousand dollars that the state treasurer is required to transfer from the general fund to the fund on July 1, 2020, and on July 1, 2021. (II) Any moneys that the general assembly appropriates to the fund. (b) To allow alignment between state and federal fiscal years, the moneys in the fund are continuously appropriated to the office to be used for the procurement technical assistance program. The office may use the moneys in the fund to pay for the costs of administering the procurement technical assistance program; except that the office's administrative expenses for the program in a fiscal year shall not exceed nine percent of the moneys transferred to the fund in a fiscal year pursuant to subparagraph (I) of paragraph (a) of this subsection (8). (c) All interest and income derived from the investment and deposit of moneys in the fund are credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall not be credited or transferred to the general fund or another fund. (d) The transfers to the fund from the general fund moneys that are required by subparagraph (I) of paragraph (a) of this subsection (8) must be included for informational purposes in the annual general appropriation act.

C.R.S. § 24-48.5-122 Local business mobile application software - creation - legislative declaration - definitions

24-48.5-122. Local business mobile application software - creation - legislative declaration - definitions. (1) The general assembly hereby finds, determines, and declares that the Colorado office of economic development is directed to contract for the development of local business mobile application software in order to: (a) Assist consumers in the state who wish to find and patronize local businesses; (b) Allow such businesses to publicize their Colorado affiliations; and (c) Consistent with the office's duties, promote economic growth through the expansion of businesses in the state. (2) As used in this section, unless the context otherwise requires: (a) "Local business" means a business that is owned, located, or headquartered in, or manufactures in, Colorado. (b) "Office" means the Colorado office of economic development created in this part 1. (3) (a) The office shall contract for the creation, management, operation, and maintenance within the office of mobile application software to be known as the "By Colorado App", which software enables users to learn about local businesses that elect to participate in the software. (b) The software developed pursuant to paragraph (a) of this subsection (3) must be operational on or before January 1, 2015. (c) The office shall make the local business mobile application software searchable by the types of goods or services offered, location, the type of Colorado affiliation described under paragraph (a) of subsection (2) of this section that qualifies the businesses as a "local business", and any other factors the office deems appropriate. (d) The office shall make the data in the local business mobile application database available to other application developers. In so doing, the office shall take all appropriate steps to maintain the security of the database and the information used therein. (e) The office may register a trademark with the United States patent and trademark office or file a trademark with the Colorado secretary of state for the "By Colorado App" developed under this section. (4) The office is authorized to accept and expend gifts, grants, and donations for information technology costs incurred in creating, managing, operating, and maintaining the mobile application software developed pursuant to this section. The general assembly finds that the implementation of this section is not entirely dependent on the receipt of any gifts, grants, and donations.

C.R.S. § 24-48.5-123 Maintain relationship with United States armed forces - legislative declaration

24-48.5-123. Maintain relationship with United States armed forces - legislative declaration. (1) (a) The general assembly hereby finds and declares that: (I) The defense sector is one of the state's largest economic sectors, with an impact exceeding ten billion dollars per year; (II) The United States military presence in the state is directly responsible for the majority of the economic activity in connection with the defense sector; (III) The defense sector, unlike most sectors of the state's economy, is disproportionately impacted by decisions made in Washington, D.C.; (IV) The branches of the United States armed services are facing multiple years of declining budgets and are making important decisions about where to conduct necessary activities and programs; (V) States across the country are placing greater focus on the defense sector and are creating stronger competition for jobs tied to that sector; and (VI) The defense industry is experiencing consolidations and also making decisions about where it will continue to operate. (b) The general assembly further finds and declares that the Colorado office of economic development is able to help the state protect and grow its economy by being fully engaged in supporting the defense sector. (2) In addition to the powers and duties specified in section 24-48.5-101, the Colorado office of economic development shall protect and grow the state's economy by being fully engaged in supporting the defense sector and influencing the defense sector decision-making processes that occur at the federal level. The office shall maintain the state's positive interactions with the United States armed forces by advocating for the state's involvement in current and potential military missions, supporting private Colorado businesses that bid for contracts with the United States armed forces, and assisting the state's congressional delegation in protecting Colorado's current United States armed forces commands from future military base realignments or closures.

C.R.S. § 24-48.5-124 Preserving small businesses through employee ownership - legislative declaration - definitions - repeal

24-48.5-124. Preserving small businesses through employee ownership - legislative declaration - definitions - repeal. (1) The general assembly hereby finds and declares that: (a) In Colorado, nearly one million workers are employed by small businesses which equals about half of our workforce; (b) According to the United States census bureau, nearly sixty-six percent of small businesses are owned by so-called "baby boomers", people who began turning sixty-five years old in 2011; (c) Many small business owners in both urban and rural areas of the state do not have a succession plan for their retirement, and as these business owners retire there will be, nationally, approximately ten trillion dollars in assets up for sale; (d) Studies have shown that employee ownership is one successful solution to this problem because it allows small business owners to strategize an exit that keeps the business and jobs in the community and keeps the business owner's legacy intact; (e) There are over one hundred eighty employee-owned businesses in the state; (f) Encouraging broader use of employee ownership is a highly cost-effective way to retain and create jobs, increase wealth for a broad sector of workers, strengthen communities, and expand economic growth; (g) Local community economies benefit from employee ownership through an enhanced tax base, maintained property values, and higher instances of on-time repayment of loans; (h) Companies that are partially or fully employee-owned and democratically managed offer the following advantages: (I) Owners have a succession plan in place to ensure that the company continues to add value to the communities it serves; (II) Employees are invested in their place of employment and get to enjoy the fruits of their labor; (III) Employee and management goals are aligned, allowing for a stronger and more resilient company; and (IV) Employees have the opportunity to be an entrepreneur without all of the risk; (i) The following statistics indicate the positive attributes of employee ownership: (I) Only one and three-tenths percent of employees at employee-owned companies were laid off in 2014 compared to nine and one-half percent at other companies; (II) Employers at companies that have an employee stock ownership plan contributed seventy-five percent more to each employee's retirement plan compared to companies with traditional plans; (III) The annual sales advantage of an employee- owned company with an average of two hundred employees over a traditional company is nine million dollars; (IV) Employees of employee-owned businesses earn five to twelve percent higher wages than their counterparts at other businesses; (V) After five years, employee-owned businesses are sixty-six percent more likely to still be in business than their counterparts; and (VI) Over a ten-year study, employee-owned businesses had twenty-five percent higher job growth than comparable businesses that were not employee-owned; and (j) Establishing a revolving loan program through the office will be an integral part of the small business loan package needed to incentivize employee ownership. Borrowers will benefit from flexible and favorable terms, resulting in new jobs, new businesses, and a healthier local economy. (2) As used in this section, unless the context otherwise requires: (a) "Employee-owned business nonprofit organization" or "nonprofit" means a nondepository Colorado nonprofit organization that supports and promotes the employee-owned business model. (b) Repealed. (c) "Office" means the Colorado office of economic development created in section 24-48.5-101. (d) "Program" means the revolving loan program created in subsection (4) of this section. ise requires: (a) "Employee-owned business nonprofit organization" or "nonprofit" means a nondepository Colorado nonprofit organization that supports and promotes the employee-owned business model. (b) Repealed. (c) "Office" means the Colorado office of economic development created in section 24-48.5-101. (d) "Program" means the revolving loan program created in subsection (4) of this section. (e) "Technical assistance" means professional services, including accounting, legal, and business advisory services for the transition of an existing business to an employee-owned business. (3) (a) No later than September 1, 2017, the office shall engage with an employee-owned business nonprofit organization to educate the staff at the office on the forms and merits of employee ownership in order for the office to be able to promote employee ownership as specified in section 24-48.5-102 (1)(a). (b) The office may enter into a contract with an employee-owned business nonprofit organization to promote employee ownership as described in subsection (3)(a) of this section if necessary. The selection of the nonprofit must be made following an open and competitive process. (4) (a) (I) Except as provided in subsection (4)(a)(II) of this section, the office shall establish and administer a revolving loan program to assist transitions of eligible Colorado businesses to employee-owned businesses. (II) If the office determines it would be more efficient and effective to contract out the program, the office may enter into a contract with an employee-owned business nonprofit organization, a bank, or a nondepository community development financial institution to establish and administer the program. The selection of such nonprofit, bank, or nondepository community development financial institution must be made following an open and competitive process. (III) The office may work with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, to assist in offering loans under the program. (b) The office shall establish and make public eligibility criteria for the program. The criteria must include requirements related to: (I) The size or net revenues of the business. The criteria must include an annual gross revenues limitation for participation for businesses, which amount may be set at up to or less than fifty million dollars; (II) The number of employees who must be offered the option to participate in an employee-ownership opportunity; and (III) Any other requirements that the office deems necessary to further the purposes of the program. (c) Loans offered as part of the program must be used toward the purchase of the business by the employees, to obtain technical assistance, or for transition purposes and may not be used to pay off other debt, for general operating expenses, or for capital expenditures. The office shall establish and make public requirements for the terms of the loans, including the maximum size of the loans, how the loans must be held, and such other terms as the office deems necessary to further the purposes of the program pursuant to subsection (4)(e) of this section. rposes and may not be used to pay off other debt, for general operating expenses, or for capital expenditures. The office shall establish and make public requirements for the terms of the loans, including the maximum size of the loans, how the loans must be held, and such other terms as the office deems necessary to further the purposes of the program pursuant to subsection (4)(e) of this section. (d) (I) The office may accept and expend gifts, grants, and donations to capitalize the program, and may annually keep the first fifteen percent of the money raised for administration purposes. The office shall transmit all money received through gifts, grants, and donations to the state treasurer, who shall credit the money to the revolving loan program cash fund, which fund is hereby created. The money in the fund is continuously appropriated to the office. All interest and income derived from the investment and deposit of money in the fund remains in the fund. Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year remains in the fund and may not be credited or transferred to the general fund or any other fund. (II) If the office has contracted with a nonprofit, bank, or nondepository community development financial institution, the office may advance money in the form of a grant or payment to the nonprofit, bank, or nondepository community development financial institution prior to loans actually being made. (e) As part of administering the program, the office, or, if contracted out, the nonprofit, the bank, or the nondepository community development financial institution, shall establish an application fee, an origination fee, and closing cost policies, set its own underwriting and risk management policies, and shall determine interest rates, loan terms, and maximum assistance levels in guidelines adopted by the office and posted on its website; except that the program shall be administered with a goal of generating enough return to replenish the program for future loan allocations. (5) This section is repealed, effective July 1, 2025.

C.R.S. § 24-48.5-125 Protecting Colorado call center jobs - definitions

24-48.5-125. Protecting Colorado call center jobs - definitions. (1) As used in this section, unless the context otherwise requires: (a) "Business" means any lawful activity performed by an entity, whether or not engaged in for profit, that contracts with or operates a call center. "Business" also means taxpayer as that term is used in title 39. (b) "Call center" means a business entity or a division of a business entity whose primary purpose includes initiating or receiving telephone communications on behalf of a person for the purpose of initiating sales, including making a telephone solicitation, or providing or receiving information in connection with the provision of services, and that has: (I) At least fifty customer service employees located in the state, not including customer service employees who work less than twenty hours per week; or (II) At least fifty customer service employees located in the state who, in the aggregate, work a total of at least one thousand five hundred hours per week. (c) "Customer service employee" means a person employed by or working on behalf of a call center. (d) "Department" means the department of labor and employment. (2) The department shall annually include as part of its presentation to its committee of reference at a hearing held pursuant to section 2-7-203 (2)(a) of the "State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act" data that it currently collects regarding the call center work force, including tracking call center jobs and wage analysis of customer service employees.

C.R.S. § 24-48.5-126 Small business COVID-19 grant program - legislative declaration - definitions - reporting - repeal

24-48.5-126. Small business COVID-19 grant program - legislative declaration - definitions - reporting - repeal. (Repealed)

C.R.S. § 24-48.5-127 COVID-19 relief for disproportionately impacted businesses - report - legislative declaration - definitions - repeal

24-48.5-127. COVID-19 relief for disproportionately impacted businesses - report - legislative declaration - definitions - repeal. (Repealed)

C.R.S. § 24-48.5-128 Program - marijuana entrepreneurs - social equity licensees - report - marijuana entrepreneur fund - creation - legislative declaration - definitions

24-48.5-128. Program - marijuana entrepreneurs - social equity licensees - report - marijuana entrepreneur fund - creation - legislative declaration - definitions. (1) Legislative declaration. (a) The general assembly finds that: (I) Colorado voters legalized the personal use of marijuana in 2012 and a robust regulatory framework was established to provide important safeguards and guardrails for the new and growing marijuana industry that resulted; (II) From the onset of legalization in Colorado, statute specifically disqualified Coloradans with past marijuana convictions from participating in the regulated marijuana industry and, until recently, those persons were unable to participate in the industry; (III) While the marijuana industry has ballooned into a two billion two hundred million dollar economic engine that employs more than forty thousand people across two thousand eight hundred businesses, very few of all regulated marijuana businesses are owned by Coloradans with past marijuana convictions; (IV) The state is at a critical juncture where it must act to ensure Colorado remains a leader in the marijuana industry and ensure equal opportunity for all Coloradans to participate in this market; and (V) Providing technical and financial support to eligible entrepreneurs and small businesses will help ensure their endeavors get off the ground and succeed, which will benefit the state economy. (b) Therefore, it is beneficial to create a program in the office of economic development to address these concerns and achieve these benefits. (2) Definitions. As used in this section, unless the context otherwise requires: (a) "Office" means the Colorado office of economic development created in section 24-48.5-101. (b) "Program" means the program established in subsection (3)(a) of this section. (c) "Social equity licensee" has the same meaning as set forth in section 44-10-103 (68.5). (3) Loans, grants, and technical assistance. (a) There is created within the office a program to support entrepreneurs in the marijuana industry. The office shall use the money specified in subsection (4) of this section for the following purposes, including any related administrative expenses: (I) Loans to social equity licensees for seed capital and ongoing business expenses, which include but are not limited to rent, leases, local and state application and licensing fees, regulatory adherence, testing of marijuana, equipment, capital improvements, and training and retention of a qualified and diverse workforce; (II) Grants to: (A) Social equity licensees to support innovation and job creation; and (B) Organizations that support marijuana businesses to be used to support innovation and job creation of social equity licensees; (III) Technical assistance for marijuana business owners, which consists of assisting with business plan development, providing consulting services, and supporting existing public or private technical assistance programs. In providing the technical assistance, the office or a technical assistance program provider shall prioritize social equity licensees who have been awarded a loan or grant in accordance with subsection (3)(a)(I) or (3)(a)(II) of this section. consists of assisting with business plan development, providing consulting services, and supporting existing public or private technical assistance programs. In providing the technical assistance, the office or a technical assistance program provider shall prioritize social equity licensees who have been awarded a loan or grant in accordance with subsection (3)(a)(I) or (3)(a)(II) of this section. (b) (I) The office shall establish a process for social equity licensees and organizations to apply for a loan or grant under the program, including application deadlines, the information and documentation required to be submitted to the office to demonstrate eligibility for a loan or a grant, and any other requirements determined by the director to be necessary. (II) The program may be administered directly by the office or one or more partner entities based on the office's determination. This authority includes contracting with an entity to make the grants or loans specified in subsection (3)(a) of this section, and in such case, the office may grant the money to or use other appropriate procurement mechanisms to provide the money to the entity to be used for the grants or loans. (c) The office, in consultation with other relevant state agencies, industry experts, and other stakeholders, shall establish policies setting forth the parameters and eligibility for the program, including: (I) The terms of and eligibility for a loan or grant, in addition to qualifying as a social equity licensee; (II) Caps on the amount of loan or grant; (III) Deadlines for applying for a loan or grant; (IV) Grant requirements and loan repayment terms; and (V) Any other policies necessary to operate the program. (d) The office shall consult with the Colorado economic development commission created in section 24-46-102 about the administration of the program. (4) Funding. (a) The marijuana entrepreneur fund is hereby created in the state treasury. The fund consists of money transferred or appropriated to the fund in accordance with subsection (4)(b) of this section. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the marijuana entrepreneur fund to the fund. Money in the fund is continuously appropriated to the office for the office to use for the program as set forth in this section. (b) On March 21, 2021, the state treasurer shall transfer four million dollars from the marijuana tax cash fund created in section 39-28.8-501 (1) to the marijuana entrepreneur fund created in subsection (4)(a) of this section. For fiscal years commencing on or after July 1, 2022, the general assembly may appropriate money from the marijuana tax cash fund to the marijuana entrepreneur fund. (5) Report. By July 1, 2022, and July 1, 2023, the office shall submit a report to the governor, the business, labor, and technology committee of the senate or its successor committee, and the business affairs and labor committee of the house of representatives or its successor committee detailing how the office is expending money under this section.

C.R.S. § 24-48.5-129 Outdoor recreation industry office - creation - duties - legislative declaration

24-48.5-129. Outdoor recreation industry office - creation - duties - legislative declaration. (1) (a) The general assembly hereby finds and declares that: (I) Colorado's outdoor recreation industry is vital to Colorado's diverse economy and the general welfare of Coloradans; (II) The continued growth and health of the outdoor recreation economy requires the state's coordination, promotion, and support; (III) Colorado's natural beauty, including twenty-two million acres of public land, one hundred five thousand three hundred forty-four miles of rivers, six hundred ninety peaks over thirteen thousand feet high, as well as prairies, mountain valleys, and desert canyons, form the backbone of the outdoor recreation industry and provide diverse recreation opportunities that improve Coloradans' health, enhance Coloradans' quality of life, and strengthen Colorado's economy; (IV) Since the governor formed the outdoor recreation industry office in the office of economic development in 2015, the outdoor recreation industry office has: (A) Coordinated resources and industry promotion and informed policy; (B) Engaged federal, tribal, state, and local governments and economic development organizations to attract, retain, and expand businesses and market the outdoor recreation economy; (C) Promoted workforce training programs, skill mastery, and lifelong learning opportunities; and (D) Facilitated public-private partnerships to enhance public outdoor recreational access, infrastructure improvements, and conservation efforts; (V) Colorado's outdoor recreation industry office supports and grows the economic value of Colorado's natural assets, which draw millions of visitors each year, generate billions of dollars in tax revenue, and employ over half a million Coloradans; and (VI) Colorado's outdoor recreation industry builds the economy in lesser-known ways, such as aiding employee recruitment and retention, driving development near recreation opportunities, fostering product manufacturing and entrepreneurialism, attracting telecommuters and retirees, and bringing high-tech and advanced industries to Colorado. (b) The general assembly, therefore, declares it to be the policy of Colorado to continue to: (I) Cultivate and promote the state's coordinated development of the outdoor recreation industry in Colorado; (II) Protect and conserve our public lands, waters, air, and climate; and (III) Partner with the outdoor recreation industry to ensure that the industry serves as a good steward of Colorado's unique natural beauty and assets. (c) The general assembly further finds and declares that the state must partner with the outdoor industry to promote efforts that increase diversity, equity, and inclusion in the outdoors and must ensure all Coloradans can partake in and benefit from Colorado's many outdoor recreation opportunities. (d) The general assembly further finds and declares that cultivation and development of the outdoor recreation industry requires a unified and collaborative statewide effort, and the outdoor recreation industry office, as codified by this section shall, to the extent possible, serve as the state's primary coordinating body to work with relevant federal, state, and local governments and nongovernmental organizations to promote and support the outdoor recreation industry. (2) The outdoor recreation industry office is hereby created within the office of economic development. The director of the outdoor recreation industry office is designated by and shall report to the director of the office of economic development. (3) The outdoor recreation industry office shall: (a) Serve as Colorado's central coordinator of outdoor recreation industry matters, which includes resource development, industry promotion, and connection with the constituents, businesses, and communities that rely on the health of Colorado's outdoor recreation economy; by and shall report to the director of the office of economic development. (3) The outdoor recreation industry office shall: (a) Serve as Colorado's central coordinator of outdoor recreation industry matters, which includes resource development, industry promotion, and connection with the constituents, businesses, and communities that rely on the health of Colorado's outdoor recreation economy; (b) Make recommendations that inform the governor's policy on outdoor recreation industry matters, including policy on business issues unique to the outdoor recreation industry; (c) Coordinate and support the outdoor recreation industry in Colorado by promoting economic development, conservation, stewardship, education, workforce training, and public health and wellness; and (d) Address the chronic and systemic inequities that prevent underserved youth and communities from engaging in meaningful outdoor recreation experiences and career pathways in the outdoor recreation industry.

C.R.S. § 24-48.5-130 Small business accelerated growth program - creation - funding - reports - definitions - repeal

24-48.5-130. Small business accelerated growth program - creation - funding - reports - definitions - repeal. (1) As used in this section, unless the context otherwise requires: (a) "Business development support" means the performance of strategic small business high-growth programs that assist with marketing, operations and finance, access to capital, exporting, search engine optimization, and other programs to be identified by the office. (b) "Eligible business" means a business that: (I) Has been doing business in the state for more than a year; and (II) Has nineteen or fewer employees, including the business owner. (c) "Enterprise zone" means an area designated as an enterprise zone pursuant to section 39-30-103. (d) "Historically underutilized business zone" means an area designated by the United States small business administration as a historically underutilized business zone under the United States small business administration's HUBZone program. (e) "Office" means the Colorado office of economic development created in section 24-48.5-101. (f) "Program" means the small business accelerated growth program created in subsection (2) of this section. (g) "Rural jump-start zone" means an area designated as a rural jump-start zone pursuant to section 39-30.5-104 (6). (h) "State opportunity zone" means a census tract designated by the office as an opportunity zone. (i) "Target area" includes a state opportunity zone, an enterprise zone, a historically underutilized business zone, a rural jump-start zone, or a tier one transition community. (j) "Tier one transition community" means a coal transition community that the director of the office of just transition, with the concurrence of the executive directors of the department of labor and employment and the department of local affairs, determines has already experienced or is at risk of experiencing significant economic disruption, the proximate cause of which is either the closure or conversion of a coal-fueled electrical power generating plant in Colorado or in a contiguous state or a sustained and likely permanent decline in broader coal markets due to similar closures or conversions nationally and globally. (2) There is created within the office the small business accelerated growth program. The purpose of the program is to provide business development support through existing infrastructure or trained and certified private contractors to the eligible businesses selected to participate in the program. (3) On or before September 1, 2021, the office shall develop and administer a marketing initiative for the program in coordination with the minority business office created in section 24-49.5-102, the small business development center created in section 24-48.5-102, local chambers of commerce, and other local and regional economic development entities to promote the program to eligible businesses in target areas. (4) On or before October 1, 2021, the office shall publish, on the office's website, criteria for an eligible business to participate in the program and a process for an eligible business to apply to participate in the program. section 24-48.5-102, local chambers of commerce, and other local and regional economic development entities to promote the program to eligible businesses in target areas. (4) On or before October 1, 2021, the office shall publish, on the office's website, criteria for an eligible business to participate in the program and a process for an eligible business to apply to participate in the program. (5) On or before October 31, 2023, the office shall select certain eligible businesses to participate in the program. The office shall give priority for participation in the program to eligible businesses that are located in a target area. A participating eligible business has one year from the date the office selects the business to use the program's business development support. On or before December 31, 2023, the office shall give a total of one million three hundred fifty thousand dollars in grants from the Colorado startup loan fund created in section 24-48.5-127 (9)(a) to participating eligible businesses demonstrating need and success under the program. Money transferred to the fund in accordance with section 24-48.5-127 (9)(e) is continuously appropriated to the office until December 31, 2023, for the purpose of making the grants. (6) The general assembly may appropriate money from the general fund or from any other available source to the office for the purposes of this section and for administrative costs associated with the program. Any unexpended and unencumbered money from an appropriation made for the purposes of this section for the 2020-21 state fiscal year remains available for expenditure by the office until December 31, 2023, without further appropriation. On January 1, 2024, the state treasurer shall transfer any unexpended and unencumbered money remaining from the original appropriation to the general fund. The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this section. (7) By July 1, 2022, and by July 1 every year until July 1, 2024, the office shall submit a report to the governor, the business, labor, and technology committee of the senate or its successor committee, and the business affairs and labor committee of the house of representatives or its successor committee detailing how the office is expending the money appropriated for purposes of this section, providing information about the eligible businesses that are selected to participate in the program, and the office's success in promoting the program in target areas. (8) This section is repealed, effective July 1, 2025.

C.R.S. § 24-48.5-131 Colorado startup loan program - fund - creation - policies - report - legislative declaration - definitions - repeal

24-48.5-131. Colorado startup loan program - fund - creation - policies - report - legislative declaration - definitions - repeal. (1) The general assembly hereby finds and declares that: (a) The COVID-19 pandemic has had devastating economic and health consequences across the state; (b) The COVID-19 pandemic has affected entrepreneurs in multiple ways. Many were forced to close their business permanently, others temporarily closed or downsized, and some had their credit impacted due to no fault of their own. (c) Entrepreneurs affected by the COVID-19 pandemic need access to capital to restart, restructure, or scale up their businesses; (d) As communities recover from the COVID-19 pandemic, there is also an opportunity to support entrepreneurs trying to start new businesses who demonstrate strong character and a successful business plan but have lacked meaningful access to traditional sources of capital; (e) Startup and small businesses create jobs, often to a greater degree than large businesses, and support a healthy and diverse economy; (f) There is a well-functioning network of respected community development financial institutions and other nonprofit lenders across Colorado that are committed to the health of Colorado's economy and provide assistance to businesses and entrepreneurs that can demonstrate a successful business plan but may have lacked meaningful access to traditional sources of capital; (g) Creating a revolving startup loan fund to provide capital to entrepreneurs can help Colorado communities and businesses recover from the COVID-19 pandemic while also supporting long-term economic growth in the state; (h) Pursuant to 31 C.F.R. 35.6 (b)(6), providing assistance in the form of loans and grants to entrepreneurs and small businesses to respond to the negative economic impacts of the COVID-19 pandemic is an eligible use of money received by the state under the "American Rescue Plan Act of 2021", Pub.L. 117-2; (i) By providing entrepreneurs and businesses who face barriers in establishing borrower relationships with traditional lenders to access capital, a startup loan program can provide financial support to unserved or underserved populations; (j) Community development financial institutions and other nonprofit lenders across Colorado provide critical financial support to unserved and underserved populations with more flexible loan criteria not regularly offered by traditional financial institutions, and their customers often obtain loans from traditional financial institutions after they grow their businesses over time; (k) Community development financial institutions and other nonprofit lenders across Colorado have experience and expertise in evaluating loan applications and in determining which loan criteria an applicant meets; (l) Community development financial institutions and other nonprofit lenders across Colorado use their expertise and existing relationships to refer applicants to traditional lenders if the applicants meet typical traditional lending criteria and traditional lenders will provide more favorable loan terms to the applicant; (m) A startup loan program will assist underserved entrepreneurs and businesses in making connections with community development financial institutions and other nonprofit lenders which provides an opportunity for businesses and entrepreneurs to develop their first borrower relationships with financial institutions that can provide access to capital and lead these businesses to eventually becoming customers of traditional lending institutions like banks; and (n) A revolving loan fund ensures that these funds are evergreen and recycled many times across multiple businesses, thereby supporting new entrepreneurs far into the future. (2) As used in this section, unless the context otherwise requires: (a) "Administrator" means an entity or entities that the office contracts with pursuant to subsection (3)(b) of this section to administer the program. nd (n) A revolving loan fund ensures that these funds are evergreen and recycled many times across multiple businesses, thereby supporting new entrepreneurs far into the future. (2) As used in this section, unless the context otherwise requires: (a) "Administrator" means an entity or entities that the office contracts with pursuant to subsection (3)(b) of this section to administer the program. (b) "Eligible business" means a business that meets the eligibility criteria established by the office in policies adopted pursuant to subsection (5) of this section. (c) "Fund" means the Colorado startup loan program fund established in subsection (9) of this section. (d) "Office" means the Colorado office of economic development created in section 24-48.5-101. (e) "Program" means the Colorado startup loan program created in subsection (3) of this section. (3) (a) The office shall establish the Colorado startup loan program as a revolving loan and grant program in accordance with the requirements of this section and the policies established by the office pursuant to subsection (5) of this section. The program may provide loans and grants to eligible businesses seeking capital assistance to start or restart a business or to restructure an existing business. (b) The office shall contract with a business nonprofit organization, bank, nondepository community development financial institution, or business development corporation or other entity as determined by the office to administer the program. If the office contracts with an entity or entities to administer the program, the office shall use an open and competitive process to select the entity or entities. A contract with an administrator may include an administration fee established by the office at an amount reasonably calculated to cover the ongoing administrative costs of the office in overseeing the program. The office may advance money to an entity under a contract in preparation for issuing loans and grants and administering the program. The office shall not have any direct lending authority to make loans to small businesses. (c) At least fifty percent of the money appropriated to the program pursuant to subsection (9)(c) of this section must be encumbered by June 30, 2022. (4) A contract with an administrator may require the administrator to repay all lending capital that is not committed to loans or grants under the program and all principal and interest that is repaid by borrowers under the program at the end of the contract period if, in the judgment of the office, the administrator has not performed successfully under the terms of the contract. The office may redeploy money repaid under this subsection (4) as grants or loans under the program or through another administrator. (5) (a) The office or an administrator shall establish and publicize policies for the program. At a minimum, the policies must address: (I) The process and deadlines for applying for and receiving a loan or grant under the program, including the information and documentation required for the application; (II) Eligibility criteria for businesses applying to the program; (III) Maximum assistance levels for loans and grants; (IV) Loan terms, including interest rates and repayment terms; (V) Reporting requirements for recipients; (VI) Program fees, including the application fee, origination fee, and closing costs policies; (VII) Underwriting and risk management policies; and (VIII) Any additional policies necessary to administer the program. ng to the program; (III) Maximum assistance levels for loans and grants; (IV) Loan terms, including interest rates and repayment terms; (V) Reporting requirements for recipients; (VI) Program fees, including the application fee, origination fee, and closing costs policies; (VII) Underwriting and risk management policies; and (VIII) Any additional policies necessary to administer the program. (b) The policies required by this subsection (5) shall be developed and implemented with a goal of generating enough return to replenish the program for future loan allocations. (6) (a) In determining the eligibility of applicants and the size and terms of loans and grants, the office or an administrator shall consider: (I) The need of an existing business to restructure, redefine its business model, or recapitalize as a result of the COVID-19 pandemic; (II) The ability of a new business to fill gaps left in a community or industry by closures resulting from the COVID-19 pandemic; (III) The financial losses or other impacts resulting from the COVID-19 pandemic that may inhibit an entrepreneur from obtaining capital through traditional sources; (IV) Whether the applicant or the community served by the applicant's business faces other barriers to accessing capital from traditional sources or is otherwise underserved; (V) The applicant's financial need and the likelihood the business would need to be supported by a nontraditional lender, including whether the applicant's credit standing was negatively affected by the COVID-19 pandemic, the applicant's expenses ratios, and the applicant's repayment ability over an extended time period or with adjusted rates as demonstrated through projections and business plans; and (VI) Any technical assistance the applicant is receiving to help the applicant validate the applicant's business plans. (b) To the extent practicable, the program may prioritize applications from eligible businesses that have completed a business development program offered by the office. (c) If an administrator determines that an applicant would likely be eligible for a loan from a traditional financial institution and could receive more favorable loan terms through a traditional financial institution, the administrator shall notify the applicant in a timely manner and refer the applicant to a traditional commercial lender such as a bank. (7) The office shall work with the minority business office created in section 24-49.5-102, small business development centers, community development financial institutions, and stakeholder partners to promote the program to businesses owned by women, veterans, and minorities and to businesses located in rural counties and other communities that are underserved or disadvantaged. On or before September 1, 2021, the office shall develop and administer a marketing initiative for the program in coordination with the minority business office created in section 24-49.5-102, the small business assistance center created in section 24-48.5-102, local chambers of commerce, and other local and regional economic development entities to promote the program to eligible businesses and target communities. The marketing initiative shall be conducted in the top spoken languages in those communities. (8) (a) The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this section. The office shall transmit all money received through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund. target communities. The marketing initiative shall be conducted in the top spoken languages in those communities. (8) (a) The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this section. The office shall transmit all money received through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund. (b) The office may expend, deploy, or leverage money received from federal government programs that support loans and investments for small business to make loans and grants under the program or to otherwise market, promote, or support loans and grants under the program, if allowed under federal law. (9) (a) The Colorado startup loan program fund is hereby created in the state treasury. The fund consists of money transferred to the fund in accordance with subsection (9)(d) of this section, any other money that the general assembly appropriates or transfers to the fund, and any gifts, grants, or donations credited to the fund pursuant to subsection (8)(a) of this section. (b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund, except as otherwise provided in section 24-75-226 (4)(c)(II). (c) Money transferred to the fund pursuant to subsection (9)(d) of this section is continuously appropriated to the office for the purposes specified in this section. The office may expend up to two percent of the money in or awarded by the fund on an annual basis to pay for its direct and indirect costs in implementing and administering this section. (d) On July 7, 2021, the state treasurer shall transfer thirty million dollars from the general fund to the Colorado startup loan program fund created in subsection (9)(a) of this section. (e) On July 7, 2021, the state treasurer shall transfer one million three hundred fifty thousand dollars from the general fund to the Colorado startup loan program fund created in subsection (9)(a) of this section. The money transferred in accordance with this subsection (9)(e) is reserved for grants or loans awarded under the Colorado startup loan program to businesses that demonstrate need and success under a small business accelerated growth program administered by the office. (f) The general assembly may appropriate money from the economic recovery and relief cash fund created in section 24-75-228 (2)(a) to the Colorado startup loan program fund created in subsection (9)(a) of this section. Money appropriated in accordance with this subsection (9)(f) is continuously appropriated to the office to provide loans and grants under the program to entrepreneurs and small businesses to respond to the negative economic impacts of the COVID-19 pandemic in accordance with any requirements set forth in section 24-75-226. (10) On or before November 1, 2022, and on or before November 1 of each year thereafter, the office shall submit a report detailing the expenditure of money appropriated to the program to the governor and to the house of representatives business affairs and labor committee and the senate business, labor, and technology committee, or their successor committees. Notwithstanding the requirement in section 24-1-136 (11)(a)(I), the requirement in this subsection (10) to submit the report continues indefinitely. At a minimum, the report must include information for the past fiscal year concerning: (a) The number of businesses applying to the program, including a breakdown of the number of applicants that are owned by women, minorities, or veterans; (b) The percentage of applicants funded and the average rate of funding under the program, including a breakdown of the percentage of applicants funded and the average rate of funding for businesses that are owned by women, minorities, or veterans; (c) The geographic distribution of the applicants for and recipients of loans and grants; and cants that are owned by women, minorities, or veterans; (b) The percentage of applicants funded and the average rate of funding under the program, including a breakdown of the percentage of applicants funded and the average rate of funding for businesses that are owned by women, minorities, or veterans; (c) The geographic distribution of the applicants for and recipients of loans and grants; and (d) Information on the type and size of businesses that applied for and received funding under the program.

C.R.S. § 24-48.5-132 Innovative housing incentive program - report - legislative declaration - definitions

24-48.5-132. Innovative housing incentive program - report - legislative declaration - definitions. (1) The general assembly finds and declares that: (a) Colorado is experiencing a lack of affordable housing at critical levels. The state continues to attract new residents and jobs, but with this growth has come ever-increasing housing prices, placing unsustainable demands on our limited housing stock. These underlying issues have only been exacerbated by the COVID-19 pandemic. (b) The general assembly approved House Bill 21-1329, enacted in 2021, which directed the executive committee of the legislative council to create a task force to meet during the 2021 interim and issue a report with recommendations to the general assembly and the governor on policies to create transformative changes in the area of housing; (c) By subsequent executive committee resolution, the affordable housing transformational task force and subpanel (task force), made up of legislators, executive branch members, and nonlegislative members including industry experts, was formed to provide funding and policy recommendations to: (I) Address the issue of affordable housing; (II) Achieve the goals outlined by the committee that were developed in accordance with section 24-75-229 (6); and (III) Support Coloradans and their housing needs; and (d) The task force recommended that the general assembly create a program to provide direct funding for innovative housing businesses through grants that reimburse operating expenses, incentives for per-unit development, and loans for factory development to further grow the innovative housing industry in the state and create jobs in the industry, to increase the supply of affordable housing units in the state, and to lower the cost of affordable housing for local governments and organizations. (2) As used in this section, unless the context otherwise requires: (a) "Coal transition community" has the same meaning as set forth in section 8-83-502 (1). (b) "Division" means the division of housing created in section 24-32-704. (c) "Fund" means the innovative housing incentive program fund created in subsection (5) of this section. (d) "Innovative housing business" means a new or existing business in Colorado with five hundred or fewer employees that: (I) Manufactures one or more manufactured homes, as defined in section 24-32-3302 (20); or (II) Manufactures housing in any other manner that the office determines to be innovative and eligible for funding including, but not limited to, prefabricated panelized construction, which may include structural insulated panels or insulating concrete forms, 3D-printed housing, kit homes installed on a permanent foundation, or tiny homes installed on a permanent foundation. (e) "Office" means the Colorado office of economic development created in section 24-48.5-101. (f) "Program" means the innovative housing incentive program created in subsection (3) of this section. tion, which may include structural insulated panels or insulating concrete forms, 3D-printed housing, kit homes installed on a permanent foundation, or tiny homes installed on a permanent foundation. (e) "Office" means the Colorado office of economic development created in section 24-48.5-101. (f) "Program" means the innovative housing incentive program created in subsection (3) of this section. (g) (I) "Tiny home" means a structure that: (A) Is permanently constructed on a vehicle chassis; (B) Is designed for long-term residency; (C) Includes electrical, mechanical, or plumbing services that are fabricated, formed, or assembled at a location other than the site of the completed home; (D) Is not self-propelled; and (E) Has a square footage of not more than four hundred square feet. (II) "Tiny home" does not include: (A) A manufactured home; (B) A recreational park trailer as defined in section 24-32-902 (8); (C) A recreational vehicle as defined in section 24-32-902 (9); (D) A semitrailer as defined in section 42-1-102 (89); or (E) An intermodal shipping container. (3) (a) There is created within the office the innovative housing incentive program to support innovative housing businesses through funding from grants and loans and the growth of affordable housing. The office shall use the money specified in subsection (5) of this section for the purposes set forth in subsections (3)(b) and (4) of this section, in addition to any related administrative expenses. (b) In addition to the provisions set forth in subsection (4) of this section, the office shall establish a process for innovative housing businesses to apply for a grant or a loan under the program, including application deadlines, the information and documentation required to be submitted to the office to demonstrate eligibility for a grant or a loan, and any other requirements determined by the director of the office to be necessary. The office shall consult with the division, industry experts, and stakeholders to establish the process outlined in this subsection (3)(b). The office may contract with one or more third parties to administer the program. (4) (a) The office may award grants for operating expenses on a basis of no more than twenty percent of demonstrated operating expenditures and in an amount not less than fifty thousand dollars; except that, for an innovative housing business located in a coal transition community the amount shall be not less than seventy-five thousand dollars. The office may consult with the division, industry experts, and stakeholders to consider other areas warranting an amount not less than seventy-five thousand dollars, including but not limited to concentrated areas with limited economic opportunity and inadequate or poor-quality housing. Grants awarded for operating expenses may be used for operating expenses including, but not limited to, payroll, inventory, or materials. h the division, industry experts, and stakeholders to consider other areas warranting an amount not less than seventy-five thousand dollars, including but not limited to concentrated areas with limited economic opportunity and inadequate or poor-quality housing. Grants awarded for operating expenses may be used for operating expenses including, but not limited to, payroll, inventory, or materials. (b) (I) Except as otherwise provided in subsection (4)(b)(III) of this section, the office may award grants for performance-based, per-unit incentives for units manufactured by an innovative housing business and installed in Colorado. Grants for performance-based, per-unit incentives may be used directly by the innovative housing business or may be passed on to any supply chain participant as a reduced cost or benefit for that participant. (II) The office shall establish the incentives for which a unit manufactured by an innovative housing business may qualify, which may vary, and may include as consideration for a base incentive different levels of affordability to the end user, with additional cumulative incentives for installation in certain areas of the state as identified by the office, resiliency criteria, compliance with international energy conservation code requirements, or energy efficiency such as pre-wiring for solar improvements, home energy rating system score of fifty or less, and near net-zero energy efficiency. The office, in consultation with the division, industry experts, and other stakeholders, may determine other opportunities for additional incentives. In order to identify certain areas of the state eligible for additional cumulative incentives pursuant to this subsection (4)(b)(II), the office may consider whether the area has limited economic opportunity or inadequate or poor-quality housing, whether the area has a lack of housing inventory, especially workforce housing, due to population migration from urban areas, and other relevant data as determined by the office. (III) An innovative housing business is not eligible to receive any grant for performance-based, per-unit incentives set forth in this subsection (4)(b) for units installed in a mobile home park, as defined in section 38-12-201.5 (6), that is owned by a for-profit entity or for-profit individuals. (c) (I) The office may award loans to fund a new privately owned housing factory or the expansion of an existing privately owned housing factory located in the state by an innovative housing business that produces a percentage of affordable housing units that are installed in the state. The office may establish loans, or a portion of loans, awarded through the program as revolving loans. (II) In consultation with the division, the office shall: (A) Establish a fair and rigorous open competition process among eligible applicants to award loans; and (B) Review loan applications and the approval of loan awards, which may include negotiations with an applicant. (III) Parameters and eligibility to be considered for a loan under the program may include, but are not limited to: (A) An applicant's willingness to dedicate a portion of its production for purchase by nonprofit or public housing agencies at a reduced price or margin or a portion of its production for purchase by individuals or organizations providing affordable home ownership opportunities, including opportunities that promote long-term affordability; (B) An applicant's operational capability and financial viability and sustainability; (C) The level of subsidy required by the applicant in the interest rate structure, the degree to which the loan is forgivable, position in the capital stack, or other terms of the loan; (D) An applicant's commitment to production of affordable housing units within the proposed factory; (E) The economic impact of the proposed factory in the community where it will be located, including job creation; or e level of subsidy required by the applicant in the interest rate structure, the degree to which the loan is forgivable, position in the capital stack, or other terms of the loan; (D) An applicant's commitment to production of affordable housing units within the proposed factory; (E) The economic impact of the proposed factory in the community where it will be located, including job creation; or (F) An applicant's commitment to production of energy efficient units within the proposed factory. (IV) The office and the division shall collaborate on reviewing loan applications and the approval of loan awards. In connection with the review of loan applications and awards, the office shall solicit input from a stakeholder group that includes representatives from the office, the division, geographically diverse industry experts, affordable housing experts, and other relevant stakeholders. (V) The office may contract with a third-party entity, such as the Colorado housing and finance authority created in section 29-4-704 (1), to administer program loans. If the office contracts with the Colorado housing and finance authority, the office may do so without a competitive procurement process. Loan terms and agreements shall be set by the third-party entity in accordance with the terms agreed to in the loan application review and negotiation process. (5) (a) The innovative housing incentive program fund is hereby created in the state treasury. The fund consists of money transferred to the fund in accordance with subsection (5)(e) of this section, any other money that the general assembly appropriates or transfers to the fund, and any gifts, grants, or donations credited to the fund pursuant to subsection (5)(b) of this section. (b) The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this section. The office shall transmit all money received through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund. (c) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund. (d) Money in the fund is continuously appropriated to the office for purposes specified in this section. The office may expend up to two percent of the money transferred to the fund pursuant to subsection (5)(e) of this section on an annual basis to pay for its direct and indirect costs in implementing and administering this section. (e) On July 1, 2022, the state treasurer shall transfer forty million dollars of money from the affordable housing and home ownership cash fund, created in section 24-75-229 (3)(a), that originates from the general fund to the fund. (6) (a) On or before September 1, 2022, and on or before September 1 of each year thereafter, innovative housing businesses participating in the program shall provide an annual report to the office. The report shall include: (I) The number of units the innovative housing business built in the year; (II) The number of units built by the innovative housing business and installed in the state; (III) The number of net new jobs in the state created by the innovative housing business; and (IV) Any other information required or requested by the office. (b) On or before November 1, 2022, and on or before November 1 of each year thereafter, the office shall submit a report detailing the expenditure of money from the fund to the general assembly. At a minimum, the report must include information for the past fiscal year concerning: (I) The number of innovative housing businesses applying to the program; (II) The percentage of applicants funded and average rate of funding under the program, including detail on what type of housing the innovative housing businesses that receive funding manufacture; and (III) The geographic distribution of the applicants for and recipients of grants and loans. he past fiscal year concerning: (I) The number of innovative housing businesses applying to the program; (II) The percentage of applicants funded and average rate of funding under the program, including detail on what type of housing the innovative housing businesses that receive funding manufacture; and (III) The geographic distribution of the applicants for and recipients of grants and loans. (c) Notwithstanding the requirement in section 24-1-136 (11)(a)(I), the requirement to submit the reports required in this subsection (6) continues indefinitely.

C.R.S. § 24-48.5-133 Rural opportunity office - creation - duties - legislative declaration

24-48.5-133. Rural opportunity office - creation - duties - legislative declaration. (1) (a) The general assembly hereby finds and declares that: (I) Rural Colorado is crucially important to the culture and economy of the entire state; however, rural communities face economic challenges that are not experienced in more urban areas; (II) Rural communities do not benefit from the economies of scale or diversification found in larger, metropolitan regions; (III) Most rural communities are missing foundational data, strategies, capacity, and connections to planning and implementation resources to help them respond, innovate, and diversify from a prevalence of single-industry economies; (IV) An extended support system that provides consistent economic development education, technical assistance, and implementation funding is desperately needed in rural Colorado where local leadership positions turn over more rapidly than in urban areas; (V) Every rural community is different, and outreach and programming needs to be customized to an individual community's needs, conditions, and capacity; (VI) Rural economic development and business support require personal connections in addition to targeted programs to support long-term resilience; (VII) There is a demonstrated need in the state for a centralized office to help connect communities with the wide range of rural-focused recovery programming resulting from state and federal stimulus efforts; (VIII) Since the rural opportunity office began its work in the office of economic development in 2019, the rural opportunity office has: (A) Provided critical community-specific support to the state's rural areas and built important individual connections with rural stakeholders; (B) Provided support to the state's rural partners by connecting them to relevant programs provided by the office of economic development and aligned state, federal, nonprofit, and private partner agencies and organizations and facilitated collaboration with state agencies regarding rural issues; and (C) Provided feedback to improve state programs that provide assistance to rural Colorado and informed the development of new initiatives, policy decisions, and legislation that influences rural economic development statewide; (b) Therefore, the general assembly finds and declares it to be the policy of the state to continue to: (I) Increase the economic resiliency of rural Colorado with coordinated, on-the-ground outreach to rural communities across the state; (II) Increase access to specific and customized education, technical assistance, and implementation funding provided to rural communities; and (III) Coordinate messaging and relationship building with rural communities to increase access to the office of economic development and other state and federal programs to benefit the health and vitality of rural Colorado. (c) The general assembly further finds and declares that the rural opportunity office, as codified by this section, is the division within the office of economic development that is best situated to effectively curate and present to rural stakeholders the full scope of the programs available through the office, the state, and federal partners to foster and promote rural prosperity in the state. (2) The rural opportunity office is hereby created within the office of economic development. The director of the rural opportunity office is designated by and shall report to the director of the office of economic development. (3) The rural opportunity office shall: of the programs available through the office, the state, and federal partners to foster and promote rural prosperity in the state. (2) The rural opportunity office is hereby created within the office of economic development. The director of the rural opportunity office is designated by and shall report to the director of the office of economic development. (3) The rural opportunity office shall: (a) Serve as Colorado's central coordinator of rural economic development matters with certain staff physically located in rural communities across Colorado. In particular, the rural opportunity office shall coordinate the programs and initiatives available to rural communities through the office, connect rural communities to grant writing technical support opportunities, and provide support and coordination with other state agencies and programs that deal with rural economic development matters, including the just transition office created in section 8-83-503 (1). (b) Work with coal transitioning communities to explore unique business and economic development opportunities, including working with coal transitioning communities and state agencies to access federal, state, and local funding sources for those unique business and economic development opportunities. The director and coal transitioning communities may work in coordination with state agencies, including but not limited to the just transition office created in section 8-83-503 (1), the division of local government in the department of local affairs, federal agencies, and community nonprofits. (c) Make recommendations that inform the governor's policy on rural economic development matters, including policy on economic development issues unique to rural communities; (d) Measure the success of program outreach and conduct research to determine whether Colorado's rural communities receive more statewide funding as a result of the efforts of the rural opportunity office; and (e) In coordination with county commissioners, municipal officials, local chambers of commerce and economic development organizations, institutions of higher education, private industry, an employee organization representing rail workers, and any local organizations dedicated to increased rail usage, pursue opportunities for new, early stage, and existing businesses and support business and industry development and economic diversification in coordination with workforce training opportunities and existing state and federal programs that are designed for coal transition communities.

C.R.S. § 24-48.5-134 Advanced manufacturing and STEM industries task force - creation - duties - definition - repeal

24-48.5-134. Advanced manufacturing and STEM industries task force - creation - duties - definition - repeal. (1) As used in this section, unless the context otherwise requires: (a) "Office" means the office of economic development created in section 24-48.5-101. (b) "Task force" means the advanced manufacturing and STEM industries task force created in subsection (2)(a) of this section. (2) (a) The advanced manufacturing and STEM industries task force is created in the office. The task force consists of the following members: (I) Two members of the house of representatives, one appointed by the speaker of the house of representatives and one appointed by the minority leader of the house of representatives; (II) Two members of the senate, one appointed by the president of the senate and one appointed by the minority leader of the senate; (III) Two representatives of the office with experience in the administration of the advanced industries acceleration grant program, created in section 24-48.5-117 (3), or other business funding and incentives, appointed by the director of the office; (IV) At least four industry representatives from businesses supported by the advanced industries acceleration grant program, which may include advanced manufacturing, aerospace, bioscience, electronics, energy and natural resources, infrastructure engineering, or technology and information businesses, appointed by the director of the office; and (V) The director of the office or the director's designee. (b) Members of the task force shall elect one member to serve as chairperson. (c) Members of the task force shall serve without compensation other than reimbursement for reasonable and actual expenses incurred to attend meetings. (3) (a) The task force shall meet at least twice during the 2023 interim period to: (I) Study the effectiveness of existing financial incentives, support, resources, and development strategies for advanced manufacturing and other science, technology, engineering, and math (STEM) companies in Colorado; (II) Examine other states' statutes, regulations, and policies intended to attract and promote the development of advanced manufacturing and other STEM companies; and (III) Identify any recommended legislation or changes in administrative rules or policies to make Colorado's advanced manufacturing and other STEM industries more nationally competitive. (b) The task force shall report its findings to the general assembly and the governor in accordance with section 24-1-136 (9). The report shall be submitted no later than December 1, 2023, and shall contain the task force's recommendations for all issues on which two-thirds or more of its members agree. A minority report of any issues included in the report must be included at the request of one or more of the dissenting members. (c) The office shall provide such services as the task force may request, including: (I) Administrative assistance, meeting space, and other necessary facilities and support services; (II) Postage and printing; (III) Arranging for, coordinating, and keeping records of meetings; and (IV) Preparation and distribution of notices, agendas, minutes, and reports. (d) The office may, in the discretion of the director, contract with an independent facilitator to support the task force, including by assisting in drafting the report required by subsection (3)(b) of this section. (4) This section is repealed, effective July 1, 2025.

C.R.S. § 24-48.5-135 Employee ownership office - creation - duties

24-48.5-135. Employee ownership office - creation - duties. (1) The employee ownership office is created within the office of economic development. The director of the office of economic development designates and supervises the director of the employee ownership office. (2) The employee ownership office shall: (a) Support the development and advancement of employee-owned businesses, especially by providing technical support to small business owners looking to transition into employee ownership models through the office of economic development; (b) Provide support and coordination with other state agencies and programs that deal with employee ownership matters; and (c) Measure the success of program outreach and conduct research to determine whether Colorado's small business owners experience increased growth, stability, or viability of their businesses and additional employee engagement in employee ownership structures as a result of the efforts of the employee ownership office.

C.R.S. § 24-48.5-301 Creative industries division - creative industries cash fund - creation - definition

24-48.5-301. Creative industries division - creative industries cash fund - creation - definition. (1) There is hereby created within the Colorado office of economic development the creative industries division, which shall be referred to in this part 3 as the "division". The director of the division shall be the person who is appointed director of the council on creative industries by the director of the Colorado office of economic development. The division shall be comprised of the council on creative industries and the art in public places program, and the director of the division shall oversee such council and program. (2) (a) There is hereby created in the state treasury the creative industries cash fund, referred to in this section as the "fund". The fund consists of: (I) Repealed. (II) Money transferred to the fund in accordance with section 44-30-701 (2)(a)(V); (II.5) Repealed. (III) Moneys credited to the fund by the state treasurer for purposes of the art in public places program pursuant to section 24-48.5-312 (8); (IV) Money appropriated to the fund by the general assembly, including, but not limited to, money appropriated for the purpose of providing need-based funding for infrastructure development within creative districts as authorized by section 24-48.5-314 (5)(b); (V) Any gifts, grants, or donations from private or public sources that the division is hereby authorized to seek and accept; (VI) to (VIII) Repealed. (IX) Any money transferred to the fund pursuant to subsection (4) of this section. (b) The money in the fund shall be annually appropriated to the division for the operation of the division, and for the following: (I) For purposes of the council on creative industries, including the administration of the council; (II) Repealed. (III) For the purchase of works of art pursuant to the art in public places program, taking into consideration the artist's preliminary site visit, the design fee, the total costs of construction and installation of the work of art, jury expenses, and program administration in compliance with the provisions of section 24-48.5-312 (6); (IV) For need-based funding for infrastructure development in creative districts as authorized by section 24-48.5-314 (5)(b), to the extent that the general assembly appropriates money to the fund for that purpose; (V) and (VI) Repealed. (c) (I) All money not expended or encumbered, and all interest earned on the investment or deposit of money in the fund, shall remain in the fund and shall not revert to the general fund or any other fund at the end of any fiscal year. Except as otherwise provided in subsection (2)(c)(II) of this section, any money not expended or encumbered from any appropriation at the end of any fiscal year shall remain available for expenditure in the next fiscal year without further appropriation. (II) Any money credited to the fund for the purposes of the art in public places program pursuant to subsection (2)(a)(III) of this section that is not expended or encumbered at the end of any fiscal year shall remain available for expenditure in the next two fiscal years without further appropriation. (3) As used in this part 3, "infrastructure development" includes, but is not limited to: (a) Installation and maintenance of temporary and permanent art in public spaces; (b) Professional services related to the development of a creative district, including strategic plan development and architectural, engineering, and design services; (c) Support of networking, resource, and professional development and branding and marketing skill development training; and (d) Community engagement and coalition-building strategies. (4) On July 1, 2024, the state treasurer shall transfer five hundred thousand dollars from the general fund to the fund.

C.R.S. § 24-48.5-302 Council on creative industries - legislative declaration

24-48.5-302. Council on creative industries - legislative declaration. (1) The general assembly finds and declares: (a) That encouragement and support of the arts and humanities, while primarily a matter for private and local initiative, is also an appropriate matter of concern to the state government; (b) That many of our citizens lack the opportunity to view, enjoy, or participate in living theatrical performances, musical concerts, operas, dance and ballet recitals, art exhibits, examples of fine architecture, and the performing and visual arts generally; (c) That, with increasing leisure time, the practice and enjoyment of the arts and humanities are of increasing importance; (d) That many of our citizens possess talents of an artistic and creative nature that cannot be utilized to their fullest extent under existing conditions; (e) That the general welfare of the people of the state will be promoted by giving further recognition to the arts and humanities as a vital part of our culture and heritage and as an important means of expanding the scope of our community life; (f) That it is desirable to establish a council on creative industries and to provide such recognition and assistance as will encourage and promote the state's artistic and cultural progress; (g) That it is the policy of the state to cooperate with private patrons, private and public institutions, and professional and nonprofessional organizations concerned with the arts and humanities to ensure that the role of the arts and humanities in the life of our communities will continue to grow and to play an ever more significant part in the welfare and educational experience of our citizens and to establish the paramount position of this state in the nation and in the world as a cultural center; (h) That all activities undertaken by the state in carrying out the policy set out in this section shall be directed toward encouraging and assisting, rather than in any way limiting, the freedom of artistic expression that is essential for the well-being of the arts and humanities.

C.R.S. § 24-48.5-303 Council on creative industries - establishment of council - members - term of office - chair - compensation

24-48.5-303. Council on creative industries - establishment of council - members - term of office - chair - compensation. (1) There is hereby established within the division a council on creative industries, referred to in this part 3 as the "council". The council shall consist of eleven members, including the chair, to be appointed by the governor. The members of the council shall be broadly representative of the major fields of the arts and humanities and related creative industries and shall be appointed from among private citizens who are widely known for their competence and experience in connection with the arts and humanities and related creative industries, as well as their knowledge of community and state interests. In making these appointments, the governor shall seek and consider those recommended for membership by persons or organizations involved in civic, educational, business, labor, professional, cultural, ethnic, and performing and creative arts fields, as well as those with knowledge of community and state interests. At least one such person from each area designated shall be a member of the council, the membership to include both men and women. (2) Members appointed to the council, except the chair, shall hold office for terms of three years, commencing on July 1 of the year of appointment. Members of the council, except the chair, are not eligible to serve for more than two consecutive terms nor be eligible for reappointment to the council during the three-year period following the expiration of the second of two consecutive terms. Members of the council shall hold office until the expiration of the appointed terms or until successors are duly appointed. Any vacancy occurring on the council other than by expiration of term shall be filled by the governor by the appointment of a qualified person for the unexpired term. (3) The governor shall appoint a chair of the council who is a person widely recognized for his or her knowledge, experience, and interest in the arts and humanities, as well as his or her knowledge of community and state interests. The chair shall serve at the pleasure of the governor, but not longer than six consecutive years, and shall not be eligible for reappointment during the three-year period following the expiration of such six-year period. The chair shall advise the governor with respect to the development in the arts and humanities in the state of Colorado. If any vacancy occurs in the office of the chair, the governor shall fill within sixty days the vacancy by the appointment of a qualified person in the same manner in which the original appointment was made. (4) Except as otherwise provided in section 2-2-326, C.R.S., members of the council shall serve without compensation, but each member shall be reimbursed for his or her necessary traveling and other expenses incurred in the performance of his or her official duties.

C.R.S. § 24-48.5-304 Council on creative industries - meetings of council - quorum

24-48.5-304. Council on creative industries - meetings of council - quorum. The council shall meet at the call of the chair, but not less than twice during each calendar year. Five members of the council shall constitute a quorum. All meetings of the council shall be open and public, and all persons shall be permitted to attend any meeting of the council. The chair shall vote only in case of a tie on any question voted on by the council.

C.R.S. § 24-48.5-305 Council on creative industries - powers of the council

24-48.5-305. Council on creative industries - powers of the council. (1) The council has the powers necessary to carry out the duties imposed upon it by this part 3, including, but not limited to, the power: (a) To employ such administrative, technical, and other personnel, subject to the constitution and state personnel system laws of this state, as may be necessary for the performance of its powers and duties; (b) To hold hearings, make and sign any agreements, and perform any acts that may be necessary, desirable, or proper to carry out the purposes of the council; (c) To request from any department, division, board, bureau, commission, or other agency of the state such reasonable assistance and data as will enable it properly to carry out its powers and duties under this part 3; (d) To appoint such advisory committees as it deems advisable and necessary to the carrying out of its powers and duties under this part 3; (e) To accept, on behalf of the state of Colorado, and expend any federal funds granted by act of congress or by executive order for all or any of the purposes of the council; except that the council may expend such funds only upon appropriation by the general assembly if the federal funds require matching state contributions or capital outlay or create a commitment for future state funding; (f) To accept any gifts, grants, donations, or bequests for all or any of the purposes of the council; (g) To propose methods and processes to encourage private and public initiatives that recognize and enhance the role that the arts and humanities play in creative industries; (h) To advise and consult with national foundations and other local, state, and federal departments and agencies on methods by which to coordinate and assist existing resources and facilities, with the purpose of fostering artistic and cultural endeavors toward the use of the arts and humanities both nationally and internationally, in the best interest of Colorado.

C.R.S. § 24-48.5-306 Council on creative industries - duties of the council

24-48.5-306. Council on creative industries - duties of the council. (1) The duties of the council shall be: (a) To stimulate and encourage throughout the state the study and development of the arts and humanities, as well as public interest and participation therein; (b) To take such steps as may be necessary and appropriate to encourage public interest in the cultural heritage of our state and to expand the state's cultural resources; (c) To encourage and assist freedom of artistic expression essential for the well-being of the arts and humanities; (d) To assist the communities and organizations within the state in originating and creating their own cultural and artistic programs; (e) To make such surveys as may be deemed advisable of public and private institutions engaged within the state in artistic and cultural activities, including, but not limited to, humanities, music, theater, dance, painting, sculpture, photography, architecture, and allied arts and crafts, and to make recommendations concerning the appropriate methods to encourage participation in and appreciation of the arts and humanities in order to meet the legitimate needs and aspirations of persons in all parts of the state; (f) To submit a report to the governor not later than ninety days after the end of each fiscal year and at such other times as the governor requests or the council deems appropriate.

C.R.S. § 24-48.5-307 Council on creative industries - interference by council prohibited

24-48.5-307. Council on creative industries - interference by council prohibited. In carrying out its duties and powers under this part 3, the council shall never by action, directly or indirectly, interfere with the freedom of artistic expression of the established or contemplated cultural programs in any local community or institution, nor shall it make any recommendations that might be interpreted to be a form of censorship.

C.R.S. § 24-48.5-308 State council on the arts cash fund - creation - repeal

24-48.5-308. State council on the arts cash fund - creation - repeal. (Repealed)

C.R.S. § 24-48.5-309 Film, television, and media - definitions

24-48.5-309. Film, television, and media - definitions. (Repealed)

C.R.S. § 24-48.5-311 Film, television, and media - performance-based incentive for film production in Colorado - Colorado office of film, television, and media operational account cash fund - creation

24-48.5-311. Film, television, and media - performance-based incentive for film production in Colorado - Colorado office of film, television, and media operational account cash fund - creation. (Repealed)

C.R.S. § 24-48.5-312 Art in public places program - allocations from capital construction costs - guidelines - fund created - definitions

24-48.5-312. Art in public places program - allocations from capital construction costs - guidelines - fund created - definitions. (1) (a) The state of Colorado, in recognition of its responsibility to create a more humane environment of distinction, enjoyment, and pride for all of its citizens and in recognition that public art is a resource that stimulates the vitality and economy of the state's communities and that provides opportunity for artists and other skilled workers to practice their crafts, declares it to be a matter of state policy that, when appropriate, a portion of each capital construction appropriation be allocated for the acquisition of works of art to be placed in public places. (b) There is hereby established an art in public places program to be administered by the council; except that, on and after July 1, 2010, the program shall be administered by the director of the division. All works of art purchased and commissioned under the art in public places program shall become a part of the state art collection developed, administered, and operated by the council. All works of art purchased or commissioned under this section prior to March 19, 1987, shall be considered a part of the state art collection to be administered by the council. (2) As used in this section, unless the context otherwise requires: (a) "Architect" means the person or firm designing the public construction project. "Architect" includes architects, landscape architects, interior designers, and other design professionals. (b) "Artist" means a practitioner in the visual arts generally recognized by peers or critics as a professional who produces works of art. "Artist" does not include the architect of a public building under construction or any member of the architect's firm. (b.5) "Capital construction" has the same meaning as in section 24-30-1301 (2)(a), (2)(b), and (2)(c). (c) "Public construction project" means a capital construction project subject to the provisions of section 24-30-1303 (3). (d) "Works of art" means all forms of original creations of visual art including, but not limited to: (I) Sculpture, in any material or combination of materials, whether in the round, bas-relief, high relief, mobile, fountain, kinetic, or electronic; (II) Painting, whether portable or permanently fixed, as in the case of murals; (III) Mosaics; (IV) Photographs; (V) Crafts made from clay, fiber and textiles, wood, glass, metal, plastics, or any other material, or any combination thereof; (VI) Calligraphy; (VII) Mixed media composed of any combination of forms or media; (VIII) Unique architectural stylings or embellishments, including architectural crafts; (IX) Environmental landscaping; and (X) Restoration or renovation of existing works of art of historical significance. lay, fiber and textiles, wood, glass, metal, plastics, or any other material, or any combination thereof; (VI) Calligraphy; (VII) Mixed media composed of any combination of forms or media; (VIII) Unique architectural stylings or embellishments, including architectural crafts; (IX) Environmental landscaping; and (X) Restoration or renovation of existing works of art of historical significance. (3) (a) (I) (A) Except as provided in subsections (3)(a)(III) and (3)(a)(IV) of this section, each appropriation for a capital construction project must include as a nondeductible item an allocation of not less than one percent of the state funded portion of the total construction costs to be used for the acquisition of works of art. (B) An appropriation for professional services may include planning for acquisition of works of art as required under sub-subparagraph (A) of this subparagraph (I). Such appropriation may be applied to the funding specified in sub-subparagraph (A) of this subparagraph (I). (II) (A) Except as provided in subsection (3)(a)(III) of this section, commencing after August 11, 2010, any capital construction project that is the subject of a financed purchase of an asset or certificate of participation agreement, as defined in section 24-82-801 (4), that provides for payments from money that has been appropriated in full or in part by the state must include as a nondeductible item in the project budget an allocation of not less than one percent of the state-funded portion of the total construction costs to be used for the acquisition of works of art. (B) An appropriation for professional services may include planning for acquisition of works of art as required under sub-subparagraph (A) of this subparagraph (II). Such appropriation may be applied to the funding specified in sub-subparagraph (A) of this subparagraph (II). (III) The requirements specified in this subsection (3)(a) do not apply to: (A) Capital construction appropriations covered by section 24-48.5-313; (B) Agricultural facilities where livestock are housed or agricultural products are grown; (C) Capital construction appropriations for controlled maintenance as defined in section 24-30-1301 (4); (D) Any financed purchase of an asset or certificate of participation agreements entered into by the state treasurer on behalf of the state pursuant to article 43.7 of title 22; (E) Any construction by the Colorado department of public health and environment for cleanup and redevelopment of contaminated sites; (F) Any state appropriation for charter school capital construction pursuant to part 4 of article 30.5 of title 22, C.R.S.; (G) Capital construction appropriations for capital renewal as defined in section 24-30-1301 (3); and (H) Any capital construction projects that the capital development committee, in consultation with the council, agrees do not meet the original purpose of the requirement specified in this paragraph (a), and determines by affirmative vote that the project meets one of the exceptions allowed in sub-subparagraphs (A) to (G) of this subparagraph (III). newal as defined in section 24-30-1301 (3); and (H) Any capital construction projects that the capital development committee, in consultation with the council, agrees do not meet the original purpose of the requirement specified in this paragraph (a), and determines by affirmative vote that the project meets one of the exceptions allowed in sub-subparagraphs (A) to (G) of this subparagraph (III). (IV) For purposes of this section, the state funded portion of the total construction costs for a capital construction project includes appropriations from the revenue loss restoration cash fund created in section 24-75-227 (2)(a) to a state agency or institution of higher education for the capital construction project. For appropriations made for the 2022-23 fiscal year only, a state agency or institution of higher education that received an appropriation for a capital construction project is not required to allocate not less than one percent of the state funded portion of the total costs of a capital construction project for the acquisition of works of art in accordance with subsection (3)(a)(I)(A) of this section. A state agency or an institution of higher education that opts not to allocate a portion of the total construction costs for the acquisition of works of art in accordance with subsection (3)(a)(I)(A) of this section may use the money that would otherwise be allocated for such purposes for any other costs associated with the capital construction project. (a.5) The general assembly hereby finds and declares that exceptions from the requirements specified in paragraph (a) of this subsection (3) must be determined by the general assembly, through the capital development committee, not by individual state agencies, institutions of higher education, or the council. (b) If the allocation provided for in paragraph (a) of this subsection (3) is equal to or greater than one thousand dollars, the council shall select a jury as described in paragraph (a) of subsection (6) of this section. (c) If the allocation provided for in subsection (3)(a) of this section is less than one thousand dollars, the council may, at its discretion, either select a jury or direct that the funds be held within the creative industries cash fund described in subsection (8) of this section for the acquisition of works of art for the state agency for which the capital construction project is to be constructed. Whenever the funds for any state agency equal or exceed one thousand dollars, the council shall select a jury as described in subsection (6)(a) of this section. (d) The works of art acquired under this part 3 shall be placed in a publicly accessible location within the state agency for which the capital construction project is to be constructed. A collection of works of art may be selected for placement within the state agency and, at the discretion of the state agency and the council, made available for loan, circulation, and exhibition in other public facilities. (4) The office of state planning and budgeting is responsible for insuring compliance with the provisions of subsection (3) of this section. (5) The administration of the art in public places program includes supervision of the jury process that convenes to select the site and the artwork, contracting, purchase, commissioning, and reviewing of design, execution, and placement. Acceptance of works of art shall be the responsibility of the council. These activities shall be conducted in consultation with the executive directors of the respective state agencies. The administration of the art in public places program shall not include bearing the costs of maintaining or insuring the works of art. Such costs shall be the responsibility of the respective state agencies. (6) All works of art acquired with funds allocated under subsection (3) of this section shall be contracted for separately from all other items in the original construction plans pursuant to the following guidelines: art in public places program shall not include bearing the costs of maintaining or insuring the works of art. Such costs shall be the responsibility of the respective state agencies. (6) All works of art acquired with funds allocated under subsection (3) of this section shall be contracted for separately from all other items in the original construction plans pursuant to the following guidelines: (a) Selection of artists shall be by the jury method. The council shall select jury members and convene juries. Jury recommendations shall be presented to the council for review and final approval. Any significant changes in the design or construction of the work of art occurring after such final approval of the artist shall be subject to the approval of both the jury and the council. The council shall determine which changes shall be considered significant for the purposes of this paragraph (a). Each jury shall contain at least the following: (I) A representative from the contracting state agency for which the capital construction project is to be constructed; (II) The architect; (III) A professional artist; (IV) A representative from each community in which a capital construction project is to be constructed; (V) A member of the council; (VI) A representative from the contracting state agency who is a tenant or future tenant of the capital construction site; (VII) A member of the state house of representatives to be appointed by the speaker of the house; and (VIII) A member of the state senate to be appointed by the president of the senate. (b) Residents of Colorado shall be the participants of this program except for artists from other states and territories who have achieved national recognition in their specific forms of expression. (c) Jury members who are not state employees shall be reimbursed for actual and necessary travel expenses incurred in fulfilling their duties under this section. Such expenses shall be deducted from the one percent allocation for art. (7) Repealed. (8) For the 2010-11 fiscal year and each fiscal year thereafter, all moneys allocated for the acquisition of works of art pursuant to subsection (3) of this section shall be transmitted to the state treasurer, who shall credit the same to the creative industries cash fund created in section 24-48.5-301. (9) Nothing in this section shall be construed to preclude the placement of works of art in public places other than those placed pursuant to this section.

C.R.S. § 24-48.5-313 Art in public places - works of art in correctional and juvenile facilities

24-48.5-313. Art in public places - works of art in correctional and juvenile facilities. (1) Each capital construction appropriation for a correctional facility shall include as a nondeductible item an allocation of not less than one-tenth of one percent of the capital construction costs to be used for a prison inmate art fund. The moneys in such fund shall be used for materials to allow inmates to create works of art to be included in the construction of or to be placed permanently in such facility. The department of corrections shall administer by rule a competitive program among the inmates of such facility in order to determine which art projects and inmates shall receive an incentive award not to exceed two hundred dollars each. The council shall appoint one of its members to serve in an advisory capacity to the department of corrections on the implementation of this subsection (1). (2) For the purposes of subsection (1) of this section, "correctional facility" means any state facility in which persons are or may be lawfully held in custody as a result of conviction of a crime. (3) (a) On and after January 1, 1998, each capital construction appropriation for a juvenile correctional facility shall include as a nondeductible item an allocation of not less than one-tenth of one percent of the capital construction costs to be used for a juvenile art fund. The moneys in such fund shall be used for materials to allow juveniles housed by the department of human services to create works of art to be included in the construction of or to be placed permanently in juvenile facilities. The council shall appoint one of its members to serve in an advisory capacity to the department of human services on the implementation of this subsection (3). (b) As used in this subsection (3), "juvenile correctional facility" means any facility operated by or under contract with the department of human services pursuant to section 19-2.5-1502.

C.R.S. § 24-48.5-314 Creative districts - creation - certification - powers of coordinator and division - legislative declaration - definitions

24-48.5-314. Creative districts - creation - certification - powers of coordinator and division - legislative declaration - definitions. (1) (a) The general assembly hereby finds, determines, and declares that: (I) A creative district is a well-recognized, designated mixed-use area of a community in which a high concentration of cultural facilities, creative businesses, or arts-related businesses serve as the anchor of attraction. In certain cases, multiple vacant properties in close proximity may exist within a community that would be suitable for redevelopment as a creative district. Creative districts may be found in all sizes of communities, from small and rural to large and urban. Creative districts may be home to both nonprofit and for-profit creative industries and organizations. (II) The arts and culture transcend boundaries of race, age, gender, language, and social status. Creative districts promote and improve their communities in particular and the state more generally in many ways. Specifically, such districts: (A) Attract artists and creative entrepreneurs to a community, thereby infusing the community with energy and innovation, which enhances the economic and civic capital of the community; (B) Create a hub of economic activity that helps an area become an appealing place to live, visit, and conduct business, complements adjacent businesses, and results in the creation of new economic opportunities and jobs in both the cultural sector and other local industries. Cultural resources attract businesses and assist in the recruitment of employees. (C) Are a highly adaptable economic development tool that is able to take a community's unique conditions, assets, needs, and opportunities into account, thereby addressing the needs of large and small and rural and urban areas; (D) Establish marketable tourism assets that highlight the distinct identity of communities, attract in-state, out-of-state, and even international visitors, and become especially attractive destinations for cultural, recreational, and business travelers; (E) Revitalize and beautify neighborhoods, cities, and larger regions, reverse urban decay, promote the preservation of historic buildings, and facilitate a healthy mixture of business and residential activity that contributes to reduced vacancy rates and enhanced property values; and (F) Provide a focal point for celebrating and strengthening a community's unique cultural identity, providing communities with opportunities to highlight existing cultural amenities as well as mechanisms to recruit and establish new artists, creative industries, and organizations. (b) By enacting this section, the general assembly intends that the state provide leadership and a helping hand to local communities desirous of creating their own creative districts by, among other things, certifying districts, offering available incentives to encourage business development, exploring new incentives that are directly related to creative enterprises, facilitating local access to state assistance, enhancing the visibility of creative districts, providing technical assistance and planning help, ensuring broad and equitable program benefits, and fostering a supportive climate for the arts and culture, thereby contributing to the development of healthy communities across the state and improving the quality of life of the state's residents. (2) As used in this section, unless the context otherwise requires: (a) "Coordinator" means the person employed on the professional staff of the division who is responsible for overseeing the duties and responsibilities of the division under this section and performing the specific tasks delegated to such person under this section. tate and improving the quality of life of the state's residents. (2) As used in this section, unless the context otherwise requires: (a) "Coordinator" means the person employed on the professional staff of the division who is responsible for overseeing the duties and responsibilities of the division under this section and performing the specific tasks delegated to such person under this section. (b) "Creative district" or "district" means a land area designated by a local government in accordance with this section that contains either a hub of cultural facilities, creative industries, or arts-related businesses or multiple vacant properties in close proximity that would be suitable for redevelopment as a creative district. (c) "Local government" means a city and county, county, city, or town. (d) "State-certified creative district" means a creative district whose application for certification has been approved by the division pursuant to subsection (4) of this section. (3) (a) A local government may designate a creative district within its territorial boundaries subject to certification as a state-certified creative district by the division pursuant to subsection (4) of this section. (b) In order to receive certification as a state-certified creative district under this section, a district must satisfy the criteria specified in this paragraph (b) and any additional criteria required by the division pursuant to paragraph (a) of subsection (4) of this section. At a minimum, the district must: (I) Comprise a geographically contiguous area; (II) Be distinguished by physical, artistic, or cultural resources that play a vital role in the quality and life of a community, including its economic and cultural development; (III) Be the site of a concentration of artistic or cultural activity, a major arts or cultural institution or facility, arts and entertainment businesses, an area with arts and cultural activities, or artistic or cultural production; and (IV) Be engaged in the promotional, preservation, and educational aspects of the arts and culture of the community and contribute to the public through interpretive, educational, or recreational uses. (c) Notwithstanding the requirements of paragraph (b) of this subsection (3), in special circumstances a creative district may obtain certification by the division if the land area proposed for certification as a district contains multiple vacant properties in close proximity that would be suitable for redevelopment as a creative district. It shall not be a requirement of certification that the proposed district contain any precise mix of for-profit or nonprofit industries or organizations. (d) Two or more local governments may jointly apply for certification of a creative district that extends across a common boundary. ns multiple vacant properties in close proximity that would be suitable for redevelopment as a creative district. It shall not be a requirement of certification that the proposed district contain any precise mix of for-profit or nonprofit industries or organizations. (d) Two or more local governments may jointly apply for certification of a creative district that extends across a common boundary. (4) (a) (I) Not later than July 1, 2012, the coordinator shall create a process for the review of applications submitted by local governments for certification of state-certified creative districts. The application shall be submitted on a standard form developed and approved by the division. The coordinator shall make a recommendation to the division for action on each application for certification. (II) After reviewing an application for certification, the division shall approve or reject the application or send it back to the applicant with a request for changes or additional information. Rejected applicants may reapply without prejudice. (III) Certification shall be based upon the criteria specified in paragraph (b) of subsection (3) of this section as well as any additional criteria required by the division that in its discretion will further the purposes of this section. The division may request that an applicant provide relevant information supporting an application. Any additional eligibility criteria shall be posted by the division on its public website. (IV) If the division approves an application for certification, it shall notify the applicant in writing and shall specify the terms and conditions of the division's approval, including the terms and conditions set forth in the application and as modified by written agreement between the applicant and the division. (b) Upon approval by the division of an application for certification by a local government, a creative district shall become a state-certified creative district with all of the attendant benefits under this section. (c) The division may remove a certification previously granted under this section for failure by a local government to comply with the requirements of this section or any agreement executed thereunder. (5) (a) The coordinator shall: (I) Review applications for certification and make a recommendation to the division for action pursuant to paragraph (a) of subsection (4) of this section; (II) Administer and promote an application process for the certification of creative districts; (III) With the approval of the division, develop standards and policies for the certification of state-certified creative districts in accordance with paragraph (b) of subsection (3) of this section and subparagraph (III) of paragraph (a) of subsection (4) of this section. Any approved standards and policies shall be posted on the division's public website. (IV) Require periodic written reports from any creative district that has received certification as a state-certified creative district for the purpose of reviewing the activities of the district, including the compliance of the district with the policies and standards developed under this section and with the conditions of an approved application for certification; (V) Identify available public and private resources, including any applicable economic development incentives and other tools, that support and enhance the development and maintenance of creative districts and, with the assistance of the division, ensure that such programs and services are accessible to such districts; and (VI) With the approval of the division, develop such additional procedures as may be necessary to administer this section. Any approved procedures shall be posted on the division's public website. ols, that support and enhance the development and maintenance of creative districts and, with the assistance of the division, ensure that such programs and services are accessible to such districts; and (VI) With the approval of the division, develop such additional procedures as may be necessary to administer this section. Any approved procedures shall be posted on the division's public website. (b) In addition to any powers explicitly granted to the division under this section, the division shall have any additional powers that are necessary to carry out the purposes of this section. Where authorized by law, the powers may include offering incentives to state-certified creative districts to encourage business development, including, but not limited to, incentives in the form of need-based funding for infrastructure development in state-certified creative districts, exploring new incentives that are directly related to creative enterprises, facilitating local access to state economic development assistance, enhancing the visibility of state-certified creative districts, providing state-certified creative districts with technical assistance and planning aid, ensuring broad and equitable program benefits, and fostering a supportive climate for the arts and culture within the state; except that, notwithstanding any other provision of this section, a creative district created pursuant to this section shall not be eligible to receive any form of financial incentive that is derived from money allocated to the local government limited gaming impact fund created in section 44-30-1301 (1), without the consent of the applicable eligible local governmental entity or entities, as defined in section 44-30-1301 (1)(b)(II), inside the territorial boundaries of which the creative district is located. (6) The creation of a district under this section may not be used to prohibit any particular business or the development of residential real property within the boundaries of the district or to impose a burden on the operation or use of any particular business or parcel of residential real property located within the boundaries of the district.

C.R.S. § 24-48.5-315 Creative district community loan fund - creation - use of fund - reporting

24-48.5-315. Creative district community loan fund - creation - use of fund - reporting. (1) The creative district community loan fund is created in the state treasury. The principal of the fund consists of moneys appropriated or transferred to the fund by the general assembly, matching moneys leveraged by the division from any community development financial institution, as described in section 38-38-100.3 (20)(j), C.R.S., with which the division enters into a memorandum of understanding regarding loan participation and administration of the fund, and any other moneys leveraged in the fund by any foundation or other public or private person. All interest and income derived from the deposit and investment of the fund and all unexpended and unencumbered moneys remaining in the fund at the end of any fiscal year remain in the fund unless expended as authorized by paragraph (c) of subsection (2) of this section. (2) (a) Subject to annual appropriation by the general assembly and subject to the following limitations, the division may make or participate in loans or loan guarantees from the creative district community loan fund to any person who is developing, constructing, or redeveloping commercial real estate, mixed-use projects, community facilities, or infrastructure such as sidewalk improvements, pathways for wayfaring, and signage, within a state-certified creative district or a proposed creative district that is a candidate for certification that will support the purposes or growth of the district: (I) The maximum amount that the division may loan from the fund for any single project is two hundred fifty thousand dollars; (II) One or more public or private entities must provide matching moneys or in-kind contributions of property, or both, with a total value equal to at least three times the amount loaned by the fund; (III) The division shall give higher priority to a loan or loan guarantee application for a project that is identified in or compatible with a district's strategic plan. (b) The division may retain up to eight percent of the moneys transferred or appropriated by the general assembly to the creative district community loan fund in a fiscal year to offset its administrative costs under this section. (c) Any unexpended and unencumbered moneys from an appropriation made pursuant to this subsection (2) remain available for expenditure by the division in the next fiscal year without further appropriation. (d) The priority of any liens filed in connection with a loan made by, participated in, or guaranteed by the division as authorized by paragraph (a) of this subsection (2) is determined exclusively by the order in which the liens were filed. (3) The office of economic development shall include in its annual report submitted to the general assembly pursuant to section 24-48.5-101 a summary of all loans and loan guarantees made or participated in pursuant to subsection (2) of this section during the preceding fiscal year. The summary must include, at a minimum: (a) The amount of each loan or loan guarantee; (b) A description of the project for which the division made each loan or loan guarantee including a description of the recipient's use of the loan made or guaranteed; (c) A description of any economic impacts, including but not limited to job creation or retention and capital investment or retention in the state resulting from the loan or loan guarantee.

C.R.S. § 24-48.5-316 COVID-19 relief program for arts, cultural, and entertainment artists, crew members, and organizations - definitions - report - repeal

24-48.5-316. COVID-19 relief program for arts, cultural, and entertainment artists, crew members, and organizations - definitions - report - repeal. (Repealed)

C.R.S. § 24-48.5-317 Community revitalization grants - fund - reporting - compliance with federal requirements - legislative declaration - notice to revisor of statutes - definitions - repeal

24-48.5-317. Community revitalization grants - fund - reporting - compliance with federal requirements - legislative declaration - notice to revisor of statutes - definitions - repeal. (1) As used in this section: (a) "Creative districts" has the same meaning as is specified in section 24-48.5-314 (2)(b). (b) "Division of local government" means the division of local government within the department of local affairs created in section 24-32-103. (c) (I) Prior to June 3, 2022, "eligible recipient" means an entity that is eligible to receive a grant through the grant program and includes local governments and for-profit and nonprofit entities and organizations. (II) On and after June 3, 2022, "eligible recipient" means a public entity or a nonprofit entity or organization that is otherwise eligible to receive a grant through the grant program. (d) "Fund" means the community revitalization fund created in subsection (6)(a) of this section. (e) "Grant program" means the community revitalization grant program established in subsection (2) of this section. (f) "Local government" means a county, municipality, city and county, special district, or school district. (2) (a) The community revitalization grant program is hereby established in the division. The purpose of the grant program is to provide state assistance in the form of grant awards to finance various projects across the state that are intended to create or revitalize mixed-use commercial centers. The grant program is intended to support creative projects in these commercial centers that would combine revitalized or newly constructed commercial spaces with public or community spaces including but not limited to such projects as: (I) Flexible live-work or vendor spaces for entrepreneurs, artists, persons employed in creative industries, and artisan manufacturers; (II) Performance spaces; (III) Mixed-use retail and workforce housing partnerships; (IV) Meeting spaces for community events; (V) The renovation or refurbishment of vacant or blighted property for creative industries, economic development, or historic preservation purposes; (VI) Child care centers; and (VII) Projects that are eligible for funding under the space to create Colorado program administered by the division. (b) Repealed. (3) (a) The division shall administer the grant program in consultation with the division of local government. The division may contract out part of its administrative duties under this section to a third-party administrative entity. (b) In connection with the administration of the grant program, the division and the division of local government shall collaborate in creating a process that ensures that grants are only considered and awarded after a fair and rigorous open competition among eligible grant recipients. The division and the division of local government shall also collaborate on the review of grant applications and the approval of grant awards. In connection with the review of grant applications and awards, the division shall solicit input from a stakeholder group that includes representation from the division, the department of local affairs, the Colorado housing and finance authority created in section 29-4-704 (1), a community development financial institution, the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), history Colorado, and other relevant stakeholders, industry partners, housing advocates, and interested parties. (4) On or before December 1, 2024, the director of the division, in consultation with the director of the division of local government, or their designees, shall adopt policies, procedures, and guidelines for the grant program that include without limitation: (a) Procedures and timelines by which an eligible recipient may apply for a grant; (b) Criteria for determining grant eligibility and grant amounts; and re December 1, 2024, the director of the division, in consultation with the director of the division of local government, or their designees, shall adopt policies, procedures, and guidelines for the grant program that include without limitation: (a) Procedures and timelines by which an eligible recipient may apply for a grant; (b) Criteria for determining grant eligibility and grant amounts; and (c) Reporting requirements for grant recipients. (5) (a) In awarding grants, the division shall give preference to projects that: (I) Are located in creative districts or in historic districts; (II) Are located in communities experiencing economic hardship; (III) Will stimulate community and economic development in part through creative industries; (IV) Have demonstrated an ability to commence work within a reasonable amount of time; (V) Demonstrate broad support from local governments and surrounding communities or neighborhoods; (VI) Demonstrate strong evidence of being able to attract additional sources of funding for the project; (VII) Incorporate sustainable affordable housing elements; and (VIII) Demonstrate a public benefit. (b) Notwithstanding any other provision of this section, in the case of any application for a grant from the fund that requests an amount in excess of one hundred thousand dollars, to the extent practicable, the grant award shall not exceed more than fifty percent of the total costs of the project to be funded by the grant. (6) (a) The community revitalization fund is hereby created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (7) of this section; money appropriated to the fund by the general assembly; and any gifts, grants, or donations from any public or private sources, including governmental entities, that the division is hereby authorized to seek and accept. (b) Except as otherwise required by this subsection (6)(b), all money not expended or encumbered, and all interest earned on the investment or deposit of money in the fund, must remain in the fund and shall not revert to the general fund or any other fund at the end of any fiscal year. The money in the fund is continuously appropriated to the division for the purposes of this section. Any money in the fund not expended or encumbered by December 31, 2022, reverts to the general fund; except that all money in the fund not expended or encumbered by December 31, 2022, that was transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), reverts to the economic recovery and relief cash fund. (7) On June 16, 2021, or as soon as practicable thereafter, the state treasurer shall transfer sixty-five million dollars from the general fund to the fund. On July 1, 2022, the state treasurer shall transfer to the fund four million four hundred seventy-eight thousand forty-two dollars from the economic recovery and relief cash fund created in section 24-75-228 (2)(a) that originate from the general fund and fourteen million eight hundred thousand dollars from the affordable housing and home ownership cash fund created in section 25-75-229 (3)(a) that originate from the general fund. The division shall use the money transferred pursuant to this subsection (7) only for: (a) Making grants to eligible recipients pursuant to the grant program; and (b) The costs of administering the grant program as may be incurred by the division, the division of local government, or any third-party entity in administering the same. Not more than four percent of the money appropriated to the division for purposes of this section may be used to cover the total administrative costs the division, the division of local government, and any third-party entity may incur in administering the grant program. All such administrative costs must be paid out of the money transferred to the fund pursuant to this subsection (7). ng the same. Not more than four percent of the money appropriated to the division for purposes of this section may be used to cover the total administrative costs the division, the division of local government, and any third-party entity may incur in administering the grant program. All such administrative costs must be paid out of the money transferred to the fund pursuant to this subsection (7). (c) (I) The general assembly finds and declares that the grant program is an important government service that expedites economic recovery and revitalizes important economic infrastructure. (II) The division, with respect to expenditures made from money transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), and any eligible recipient that receives a grant that includes money transferred to the fund from the economic recovery and relief cash fund shall comply with the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5). (III) To be eligible to receive a grant that includes money transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), and that will be used wholly or partly to fund a capital project, a grant applicant must submit to the division a written justification as set forth in 31 CFR 35.6 (b)(4) for the capital expenditure; except that this requirement does not apply if the division determines that the written justification is not required based on how the expenditures authorized under this section will be reported to the United States department of the treasury. (8) (a) On or before November 1, 2024, and on or before November 1, 2026, the division shall publish a report summarizing the use of all of the money that was awarded as grants under the grant program in the preceding fiscal year. At a minimum, the report shall specify the amount of grant money distributed to each grant recipient and a description of each grant recipient's use of the grant money. The report must be posted on the website of the office of economic development created in section 24-48.5-101. (b) In its presentation to the joint committees of reference pursuant to section 2-7-203, the office of economic development, created in section 24-48.5-101, shall summarize the information contained in the report published by the division pursuant to subsection (8)(a) of this section. (9) This section will be repealed if all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended. The director of the division shall notify the revisor of statutes in writing of the date when the condition specified in this subsection (9) has occurred by e-mailing the notice to revisorofstatutes.ga@coleg.gov. This section is repealed, effective upon the date identified in the notice that all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended, or, if the notice does not specify that date, upon the date of the notice to the revisor of statutes.

C.R.S. § 24-48.5-318 Allocation of funding for tier III cultural facilities serving historically marginalized and under-resourced communities - repeal

24-48.5-318. Allocation of funding for tier III cultural facilities serving historically marginalized and under-resourced communities - repeal. (Repealed)

C.R.S. § 24-48.5-401 Short title

24-48.5-401. Short title. The short title of this part 4 is the "Regional Talent Development Initiative Act".

C.R.S. § 24-48.5-402 Legislative declaration

24-48.5-402. Legislative declaration. (1) The general assembly finds and declares that: (a) This part 4 is intended to respond to the negative economic impacts caused by the COVID-19 pandemic and resulting public health emergency by providing assistance, aid, and supports to unemployed workers, populations disproportionately impacted by the public health emergency, and impacted industries, small businesses, and nonprofit organizations; (b) Money allocated to the state pursuant to the "American Rescue Plan Act of 2021" and transferred to the workers, employers, and workforce centers cash fund created in section 24-75-231 may be used for the purposes of this part 4; and (c) The grant program and related services described in this part 4 are important government services.

C.R.S. § 24-48.5-403 Definitions

24-48.5-403. Definitions. As used in this part 4, unless the context otherwise requires: (1) "American Rescue Plan Act of 2021" means the federal "American Rescue Plan Act of 2021", Pub.L. 117-2, as the act may be subsequently amended. (2) "Applicant" means a collaboration of entities that: (a) Includes industry and educational entities and may also include local governments, institutions of higher education, and nonprofit and for-profit entities and organizations; and (b) Applies for a grant from the grant program. (3) "COVID-19" means the coronavirus disease caused by the severe acute respiratory syndrome coronavirus 2, also known as SARS-CoV-2. (4) "Departments" means: (a) The department of labor and employment created in section 24-1-121; (b) The department of higher education created in section 24-1-114; and (c) The department of education created in section 24-1-115. (5) "Evidence-based" means that an initiative is: (a) Proven, as specified in section 2-3-210 (3)(a)(V); (b) Evidence-informed, as specified in section 2-3-210 (3)(a)(I); or (c) Promising, as specified in section 2-3-210 (3)(a)(IV). (6) "Fund" means the regional talent development initiative grant program fund created in section 24-48.5-406. (7) "Grant program" means the regional talent development initiative grant program created in section 24-48.5-405. (8) "Intermediary" means: (a) A nonprofit entity that has a proven record of connecting education providers, employers, or other civic organizations to develop career pathways and address workforce development needs; or (b) A post-secondary education provider that addresses economic and workforce development needs. (9) "Office" means the Colorado office of economic development created in section 24-48.5-101. (10) "Program administrator" means: (a) The office; (b) A state agency designated pursuant to section 24-48.5-405 (1)(a)(II)(B); or (c) One or more third parties with whom the office contracts pursuant to section 24-48.5-405 (1)(a)(II)(B). (11) "Selection committee" means the selection committee appointed pursuant to section 24-48.5-405 (5) to review and make recommendations on grant applications. (12) "Steering committee" means the steering committee established pursuant to section 24-48.5-404. (13) "Third-party administrator" means one or more third parties with whom the office contracts pursuant to section 24-48.5-405 (1)(a) to serve as the program administrator.

C.R.S. § 24-48.5-404 Steering committee - creation - duties

24-48.5-404. Steering committee - creation - duties. (1) The office shall assemble a steering committee for purposes of supporting the program administrator in implementing and administering the grant program, including developing an application process and establishing grant application selection and prioritization criteria. The steering committee must consist of no fewer than five and no more than eight members, at least one of whom must represent a rural area of the state. Members of the steering committee must be business, civic, education, and nonprofit professionals and include at least one representative of a two-year institution of higher education and at least one representative of a four-year institution of higher education. (2) In coordination with the program administrator, the steering committee shall: (a) Engage professional and support staff, including consultants, third-party contractors, intermediaries, and office staff, to assist the program administrator and the steering committee in performing their activities; (b) Establish a process for entities to apply for grants to fund talent development initiatives; (c) Develop grant application selection and prioritization criteria that are transparent, are evidence-based, are regionally equitable, encourage innovation, and are based on the goals specified in section 24-48.5-405 (1)(c); and (d) Outline a clear and transparent evaluation process.

C.R.S. § 24-48.5-405 Regional talent development initiative grant program - creation - administration - eligibility - application review - report

24-48.5-405. Regional talent development initiative grant program - creation - administration - eligibility - application review - report. (1) (a) (I) There is created in the office the regional talent development initiative grant program. The office, in collaboration with the departments and the steering committee, shall identify regions throughout the state, using the map of regional offices of the division of local government in the department of local affairs as a guide, to inform the selection of applicants. (II) (A) Except as provided in subsection (1)(a)(II)(B) of this section, the office shall administer the grant program. (B) The director of the office may designate another state agency, or the office may contract with one or more third parties, to administer the program. (III) The steering committee and the selection committee appointed pursuant to subsection (5) of this section shall support and advise the program administrator in implementing and administering the grant program pursuant to this part 4. The office is responsible for making grant award decisions in accordance with this section. (b) The purpose of the grant program is to provide grants to applicants in identified regions in order to create or expand talent development initiatives across the state that meet regional labor market needs and the grant program goals specified in subsection (1)(c) of this section. (c) In prioritizing grant applications and awarding grants, the office, in collaboration with the departments and the selection committee, shall strive to meet the following grant program goals: (I) To meet workforce development needs in identified regions of the state as the regions work to recover from the negative economic impacts of the COVID-19 pandemic; (II) To create intentional pathways between kindergarten through twelfth grade education, higher education, and employment that allow learners and earners to transition more easily into and out of each system and that ensure a highly skilled and well-educated workforce; (III) To provide more opportunities for regional learners and earners to be more economically mobile and earn a living wage in an in-demand, high-skill, high-wage occupation; (IV) To address workforce shortages in infrastructure and building trades by creating more opportunities for workforce development projects in these trades; and (V) To elevate evidence-based workforce training and relevant programs or services where participants from communities that have been historically underrepresented, underserved, or underresourced in Colorado are able to earn a living wage and are connected to employment opportunities. (2) The program administrator, with direction from the steering committee, shall: (a) Contract with a third party, which may include a philanthropic foundation, to conduct a statewide landscape analysis that identifies statewide needs, opportunities, and challenges based on existing or previous grant opportunities to address the same issues and challenges that the grant program will address; (b) Establish a process for entities to apply for: (I) Grants to fund talent development initiatives, which application process must be available no later than December 1, 2022; and (II) Technical assistance to be provided to entities before submitting a grant application; (c) Establish at least two grant application deadlines, which may include a planning phase and a funding phase; and (d) Establish policies setting forth the parameters and eligibility for the grant program. (3) To be eligible for a grant, an applicant must, at a minimum, include with its grant application: (a) A detailed proposal and operations plan for a talent development initiative to serve a particular region and that meets the goals specified in subsection (1)(c) of this section; nd a funding phase; and (d) Establish policies setting forth the parameters and eligibility for the grant program. (3) To be eligible for a grant, an applicant must, at a minimum, include with its grant application: (a) A detailed proposal and operations plan for a talent development initiative to serve a particular region and that meets the goals specified in subsection (1)(c) of this section; (b) Information about how the proposed talent development initiative meets the economic development goals of the region or the needs of the region as determined pursuant to an industry-led or other assessment of the economic development needs of the region, including the most recent Colorado talent pipeline report prepared pursuant to section 24-46.3-103; (c) Proposed metrics and data to be tracked to evaluate the success of the proposed initiative; (d) Information about how the proposed initiative will be sustainable after the grant concludes; and (e) If an applicant is applying for a grant for an initiative described in subsection (4)(a)(II) of this section, information supporting the assertion that the initiative is evidence-based and can be scaled to meet additional demands. (4) In developing the grant application selection criteria pursuant to section 24-48.5-404 (2)(c), the steering committee shall: (a) Provide for at least two categories of grant awards that differentiate between initiative types, which may include: (I) Seed funding for innovative ways to meet the goals specified in subsection (1)(c) of this section; and (II) Expansion funding for initiatives that are evidence-based and can be scaled to meet additional demands; (b) Provide for additional consideration for rural and lower-wealth applicants due to their unique needs; (c) Prioritize applicants that: (I) Contribute significant matching funds from philanthropic, business, and other types of organizations and interest areas to meet the grant program goals; or (II) Propose projects that aim to meet urgent state needs in critical workforce shortage areas such as health care and early childhood and kindergarten through twelfth grade education; and (d) Provide for consideration of initiatives that are evidence-based and can be scaled to meet additional demands. For an initiative that is classified as evidence-based pursuant to section 24-48.5-403 (5), this includes a plan to evaluate the initiative's effect on earnings and other outcomes using one of the methodologies described in section 2-3-210 (3)(a)(I), (3)(a)(II), (3)(a)(IV), or (3)(a)(V), or other similar measures. (5) (a) The program administrator, with advice from the steering committee, shall appoint a selection committee consisting of members who have expertise and experience as employers, in education, or in other relevant areas. (b) The selection committee shall review grant applications in accordance with the processes and criteria specified in and developed pursuant to this section and shall make grant award recommendations to the office based on those processes and criteria. The office shall make final determinations and award grants based on the criteria specified in and developed pursuant to this section. (6) (a) The steering committee shall establish requirements for each grant recipient to collect and share information about the implementation and progress of the talent development initiative for which the grant recipient received a grant award. ses and criteria. The office shall make final determinations and award grants based on the criteria specified in and developed pursuant to this section. (6) (a) The steering committee shall establish requirements for each grant recipient to collect and share information about the implementation and progress of the talent development initiative for which the grant recipient received a grant award. (b) By November 1, 2023, and by each November 1 thereafter, the office, in collaboration with the steering committee, shall publish a report summarizing the use of the money that was awarded as grants under the grant program in the immediately preceding state fiscal year. The report must specify or identify, at a minimum: (I) The amount of grant money distributed to each grant recipient; (II) A description of each grant recipient's use of the grant money; (III) The amount of grants awarded in and number of grant recipients from each region of the state; (IV) Information regarding the specific outcome measures identified in the grant applications; (V) The lessons learned, promising practices, evidence-based standards of program outcomes, and metrics, as determined and outlined by the steering committee; and (VI) Any other information regarding the grant program the office determines appropriate to include in the report. (c) The office and any person that receives money from the office, including the program administrator, shall comply with the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5).

C.R.S. § 24-48.5-406 Regional talent development initiative grant program fund - repeal

24-48.5-406. Regional talent development initiative grant program fund - repeal. (1) (a) There is created in the state treasury the regional talent development initiative grant program fund. The fund consists of money transferred to the fund pursuant to this subsection (1) and money transferred to the fund from the ARPA refinance state money cash fund pursuant to section 24-75-226.5. Three days after May 26, 2022, the state treasurer shall transfer ninety-one million dollars from the workers, employers, and workforce centers cash fund created in section 24-75-231 (2)(a) to the fund as follows: (I) Eighty-nine million one hundred twenty-three thousand one hundred eighty-four dollars from money the state received from the federal coronavirus state fiscal recovery fund under section 9901 of Title IX, subtitle M of the "American Rescue Plan Act of 2021"; and (II) One million eight hundred seventy-six thousand eight hundred sixteen dollars from money that originated from the general fund. (a.5) (I) On July 1, 2024, the state treasurer shall transfer three million eight hundred thousand dollars from the general fund to the fund for use for achieving the goal set forth in section 24-48.5-405 (1)(c)(IV). (II) Of the amount transferred to the fund pursuant to subsection (1)(a.5)(I) of this section, not more than seven percent may be used for the administrative costs incurred by the office and the selection committee in administering the regional talent development initiative grant program. (III) This subsection (1)(a.5) is repealed, effective July 1, 2028. (b) The money in the fund is continuously appropriated to the office for use in accordance with this part 4. (2) Of the amount transferred to the fund pursuant to subsection (1) of this section, not more than seven percent may be used for the administrative costs incurred by the office, the departments, the steering committee, and the program administrator in administering the grant program. (3) The office and any person that receives money from the office, including a grant recipient, the program administrator, a consultant, a contractor, or an intermediary, shall adhere to the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5).

C.R.S. § 24-48.5-407 Repeal of part

24-48.5-407. Repeal of part. This part 4 is repealed, effective July 1, 2028.

C.R.S. § 24-48.5-501 Definitions

24-48.5-501. Definitions. As used in this part 5, unless the context otherwise requires: (1) "Eligible student" means a student who is eligible for a scholarship as described in section 24-48.5-502 (4). (2) "In-demand or high-priority postsecondary pathways" means the postsecondary pathways identified by the office pursuant to section 24-48.5-502 (2)(b). (3) "Office" means the Colorado office of economic development created in section 24-48.5-101. (4) "Program" means the universal high school scholarship program created in section 24-48.5-502. (5) "Regional entity" means an entity that receives a grant pursuant to the regional talent development initiative grant program described in part 4 of this article 48.5. (6) "Registered apprenticeship" means an apprenticeship registered with the United States department of labor or the state apprenticeship agency established in section 8-15.7-102. (7) "Service provider" means a provider included in the eligible training provider lists disseminated by the department of labor and employment pursuant to section 8-83-225 (1)(c), a provider included in the Colorado state apprenticeship resource directory created pursuant to section 8-83-308, a public or private institution of higher education operating in Colorado, or an entity approved as a service provider pursuant to section 24-48.5-502 (2)(c).

C.R.S. § 24-48.5-502 Universal high school scholarship program - established - administration - cash fund - eligibility

24-48.5-502. Universal high school scholarship program - established - administration - cash fund - eligibility. (1) (a) There is established in the office the universal high school scholarship program to provide scholarships that offset a student's costs associated with postsecondary education, a registered apprenticeship, or training or education related to an in-demand or high-priority postsecondary pathway, at a service provider. (b) The office shall administer the program or may contract with one or more vendors to administer the program. The office or vendor shall: (I) Manage a statewide scholarship application process and all related functions, including screening for student eligibility; (II) Award scholarships for the 2024-25 academic year to eligible students as described in section 24-48.5-503 and distribute the scholarship money to the service provider that has enrolled the student for postsecondary education or accepted the student for training; (III) Manage a statewide communications campaign in partnership with regional entities to advertise the program, recruit applicants, and provide technical support to students applying for a scholarship or navigating postsecondary options; (IV) Verify student enrollment by collecting a report from each service provider on the status of every scholarship recipient in the provider's program of study, which must include whether each student completed the program of study, transferred to another service provider, dropped out of or remains enrolled in the program of study, or has another status identified by the office, and any other information requested by the office, which must, where available, include demographic information about scholarship recipients; and (V) Monitor, or contract with a vendor to monitor, service providers to ensure that service providers comply with all program rules and requirements. (2) (a) The office shall develop policies and procedures necessary to administer the program. The policies and procedures must include: (I) An application process and deadlines, criteria for identifying scholarship recipients in accordance with the award priorities described in section 24-48.5-503 (1)(a), and a schedule for awarding scholarships and distributing scholarship money; (II) Guidelines for determining the amount of each scholarship award; (III) A list of entities identified by the regional talent development initiative grant program described in part 4 of this article 48.5 that the office determines are service providers pursuant to subsection (2)(c) of this section; and (IV) A list of in-demand or high-priority postsecondary pathways. (b) The office shall identify postsecondary pathways that are in-demand or high-priority, both statewide and in specific regions of the state. In determining in-demand or high-priority postsecondary pathways, the office shall consider the top jobs listed in the most recent Colorado talent report prepared pursuant to section 24-46.3-103 and the most recent version of the statewide and regional top jobs list published by the Colorado department of higher education. mand or high-priority, both statewide and in specific regions of the state. In determining in-demand or high-priority postsecondary pathways, the office shall consider the top jobs listed in the most recent Colorado talent report prepared pursuant to section 24-46.3-103 and the most recent version of the statewide and regional top jobs list published by the Colorado department of higher education. (c) The office shall establish a process to review and approve as service providers organizations that are not a public or private institution of higher education operating in Colorado and are not included in the eligible training provider lists or the Colorado state apprenticeship resource directory. In order to be approved as a service provider, an organization must be identified by a regional entity and offer programs for in-demand or high-priority postsecondary pathways. (3) (a) The universal high school scholarship cash fund, referred to in this subsection (3) as the "cash fund", is created in the state treasury. The cash fund consists of money transferred to the cash fund pursuant to subsection (3)(b) of this section and any other money that the general assembly may appropriate or transfer to the cash fund. In accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the cash fund to the general fund. Subject to annual appropriation by the general assembly, the office may expend money from the cash fund for purposes of this part 5. (b) On September 1, 2023, the state treasurer shall transfer twenty-five million dollars from the general fund to the cash fund. (c) The state treasurer shall transfer all unexpended and unencumbered money in the cash fund on December 30, 2026, to the general fund. (d) For state fiscal year 2023-24, the general assembly shall appropriate twenty-five million dollars from the cash fund for the program. Any unexpended or unencumbered money appropriated pursuant to this subsection (3)(d) remains available for expenditure for the same purpose in the 2024-25 state fiscal year without further appropriation. Except as otherwise permitted in this subsection (3), the office shall use the money for scholarship awards. (e) The office shall use two million five hundred thousand dollars of the money appropriated for the program for postsecondary and career advising as described in section 24-48.5-504. (f) The office may, on or before December 31, 2023, allocate money from the program appropriation for the direct and indirect costs associated with the administration of the program; except that expenditures for administrative costs shall not exceed six percent of the total appropriation. The office shall use the money described in this subsection (3)(f) that was not allocated for administrative costs on or before December 31, 2023, for scholarship awards. (4) A student is eligible for a scholarship if the student: (a) During the 2023-24 academic year, graduated from a Colorado high school or was awarded a high school equivalency credential awarded by the Colorado department of education; (b) Is a degree-seeking student who completes the free application for federal student aid or the Colorado application for state financial aid; except that the office shall waive the requirement of completing the free application for federal student aid or the Colorado application for state financial aid if the degree-seeking student attests that the student is unable to meet this requirement; and (c) Repealed. (d) Submits an application for a scholarship pursuant to the program. (5) (a) Scholarship money may only be used at a service provider. (b) A service provider shall comply with the program policies and procedures and with all reporting requirements described in this section. A service provider shall submit to monitoring by the office or vendor conducted pursuant to subsection (1)(b) of this section. Submits an application for a scholarship pursuant to the program. (5) (a) Scholarship money may only be used at a service provider. (b) A service provider shall comply with the program policies and procedures and with all reporting requirements described in this section. A service provider shall submit to monitoring by the office or vendor conducted pursuant to subsection (1)(b) of this section. (c) The office, or a vendor contracted to administer the program, may remove service providers from the scholarship if the service provider is determined to be out of compliance with program rules and requirements.

C.R.S. § 24-48.5-503 Program scholarship award - selection criteria - amount - use of award

24-48.5-503. Program scholarship award - selection criteria - amount - use of award. (1) (a) The office or vendor shall accept and review scholarship applications and award scholarships in accordance with the office's program policies and procedures. The office or vendor shall award scholarships to: (I) Eligible students who intend to enroll or train at a service provider to pursue an in-demand or high-priority postsecondary pathway, including students who intend to enroll full-time and those who intend to enroll part-time; and (II) After awarding scholarships to all eligible students described in subsection (1)(a)(I) of this section, to eligible students who intend to enroll or train at a service provider in a program of study that is not aligned to an in-demand or high-priority postsecondary pathway. (b) The office or vendor shall not require a student to demonstrate financial need to receive a scholarship and shall not consider an eligible student's financial need in determining scholarship awards. (2) (a) The office or vendor awarding scholarships shall determine the amount of each scholarship award consistent with program policies and procedures, up to a maximum of one thousand five hundred dollars; except that the amount of money distributed to the service provider pursuant to subsection (3)(b) of this section must not be greater than the student's total cost of tuition, fees, books, and equipment. (b) Scholarship money is distributed to the service provider for use by the student. (3) (a) A student may use a scholarship award for tuition, fees, books, and equipment at a service provider. (b) Scholarship money must be expended no later than July 31, 2025. On August 1, 2025, a service provider shall return all unused scholarship money to the office.

C.R.S. § 24-48.5-504 Postsecondary and career advising

24-48.5-504. Postsecondary and career advising. (1) The office shall contract with one or more vendors to provide postsecondary and career advising to Colorado high school students who may be less likely to pursue a postsecondary education. (2) The office shall identify schools to receive postsecondary advising support. The office may use multiple criteria to identify schools, including declines in postsecondary participation by high school graduates, student population size, economic need, geographic location, or any other criteria as determined by the office. The office shall make efforts to identify a diversity of schools in rural and urban areas of the state to receive postsecondary advising support. The office shall contact schools eligible for advising pursuant to the program and with the school's, and in if applicable, the school district's, permission, designate vendors to provide advising in the school. (3) A vendor shall provide one-on-one advising to students, including those who intend to pursue a two-year or four-year degree, workforce or technical training, or a military pathway. The advising must include informing students about in-demand or high-priority pathways, including in-demand occupations by region.

C.R.S. § 24-48.5-505 Service provider report - program report

24-48.5-505. Service provider report - program report. (1) On or before July 31, 2025, each service provider that received program scholarship money on behalf of a student shall report to the office, for each student, the student's status in the student's program of study at the service provider and any other information requested by the office. (2) (a) In its annual report before the house and senate committees of reference pursuant to section 2-7-203, the office shall include information about the program, including, if available: (I) The number of students who have received a scholarship; (II) A list of service providers; (III) The total amount of money received by each service provider and the number of students enrolled with or receiving training from each provider; (IV) The postsecondary pathway being pursued by each scholarship recipient, aggregated by pathway; (V) Employment outcomes of scholarship recipients; (VI) A detailed statement of the costs incurred by the office and any vendor that contracted with the office to administer the program; and (VII) Any other information regarding the scholarship program the office determines is appropriate to include in the report. (b) Notwithstanding section 24-1-136 (11)(a)(I), the reporting requirement described in this subsection (2) continues until December 31, 2026.

C.R.S. § 24-48.5-506 Repeal of part

24-48.5-506. Repeal of part. This part 5 is repealed, effective December 31, 2026.

C.R.S. § 24-48.5-601 Short title

24-48.5-601. Short title. The short title of this part 6 is the "Colorado Loans for Increasing Main Street Business Economic Resiliency Act" or "CLIMBER Act".

C.R.S. § 24-48.5-602 Legislative declaration

24-48.5-602. Legislative declaration. (1) The general assembly hereby finds and declares that: (a) There are nearly one hundred forty thousand small businesses with employees in Colorado; (b) Small businesses in Colorado make up a disproportionately larger share of the economy of the state compared to the United States as a whole; (c) Small businesses collectively employed over one million Coloradans before the public health crisis caused by COVID-19 began; (d) The COVID-19 pandemic has harmed public health and economic conditions across the entire world, including the state of Colorado, across metropolitan regions, small towns, and rural communities, and has had a particularly deep negative financial impact on small businesses, their employees, and their home communities; (e) The wide-ranging and continuing health and economic impacts of the COVID-19 pandemic are unprecedented in recent history and create unique challenges for the state; (f) The health, safety, and welfare of the people of the state depend on the recovery of the state's economy, including the small businesses that make up a significant share of that economy; (g) On March 27, 2020, the president of the United States signed the federal "Coronavirus Aid, Relief, and Economic Security Act", also known as the "CARES Act", Pub.L. 116-136, to provide necessary federal funding for COVID-19 response and recovery; (h) The CARES Act, along with other federal laws and programs, provided many critical resources for small businesses, but those resources are not expected to be sufficient to sustain the large and diverse small business community in the state as it recovers from the COVID-19 crisis and the resulting ongoing economic hardships; (i) The governor's council on economic stabilization and growth, made up of volunteers from the private, public, and philanthropic sectors with diverse backgrounds from across Colorado, has recommended that the state seed the establishment of a fund of over one hundred million dollars to stimulate loans from lending institutions doing business in Colorado to Colorado small businesses to support the state's recovery and resiliency from the effects of the COVID-19 pandemic; (j) There is a well-functioning network of respected lending institutions across the state who are committed to the health of Colorado's economy and want to contribute their expertise and community relationships to support the success of Colorado's small business community; (k) The state will rely on those lending institutions as essential partners in a small business recovery loan program; and (l) Authorizing the creation of a small business recovery and resiliency loan program seeded by money provided by the state will support Colorado small businesses affected by the COVID-19 crisis, assist in the overall economic recovery of the state, and support resiliency for small businesses as new challenges emerge. (2) The general assembly further finds and declares that: (a) While the loan program authorized by this part 6 will be predominately capitalized by private sector investments, the limited use of state money obtained through the sale of insurance premium tax credits that will result in future state tax expenditures incurred for the purpose of supporting the program will, under the current economic conditions, result in the formation of more private capital at better terms for small business borrowers than would otherwise be available; (b) The loan program, if successful, has the potential to help small businesses survive the crisis caused by the COVID-19 pandemic, protect jobs across the state, and support resiliency for small businesses as new challenges emerge, which in turn will generate and sustain tax revenues to both the state and local governments; er terms for small business borrowers than would otherwise be available; (b) The loan program, if successful, has the potential to help small businesses survive the crisis caused by the COVID-19 pandemic, protect jobs across the state, and support resiliency for small businesses as new challenges emerge, which in turn will generate and sustain tax revenues to both the state and local governments; (c) Preserving jobs with small businesses will also reduce public expenditures on safety net programs and other forms of assistance needed by those who have become unemployed as a result of the crisis caused by COVID-19; (d) The state money contributed to the loan program therefore serves an important and discrete public purpose in securing the state's economic and overall recovery from the crisis caused by COVID-19 and in ensuring the state's resiliency among small businesses as new challenges emerge; and (e) Supporting the state's recovery from the crisis caused by COVID-19 and ensuring the state's resiliency among small businesses as new challenges emerge is the primary purpose of the loan program and outweighs any benefit to private individuals or entities. (3) The general assembly further finds and declares that: (a) The insurance premium tax credits authorized by this part 6 as a method to provide money to the loan program are available only to insurance companies that incur premium tax liability in the state; (b) The tax credits can only be used by an insurance company to offset tax liability actually incurred by the insurance company; (c) The tax credits are not refundable and do not impose an obligation of payment in any future year upon the state; (d) The use of proceeds from the sale of insurance premium tax credits to seed the loan program allows the state to accomplish this important public purpose through the use of future tax expenditures and therefore: (I) Does not require the state to borrow money, extend or pledge the state's credit, or obligate the state to make future payments from state revenues; and (II) Does not otherwise create any multiple-fiscal year direct or indirect district debt or other financial obligation whatsoever for purposes of section 20 (4)(a) of article X of the state constitution.

C.R.S. § 24-48.5-603 Definitions

24-48.5-603. Definitions. As used in this part 6, unless the context otherwise requires: (1) "Colorado credit reserve" means the Colorado credit reserve program described in section 24-46-104 (1)(n). (2) "Contract" means a contract entered into by the office of economic development in accordance with section 24-48.5-605 (1). (3) "Department" means the department of the treasury. (4) "Eligible borrower" means a business that, as determined by the oversight board: (a) Has its principal place of business in the state; (b) Has at least one but fewer than one hundred employees; (c) Can demonstrate that it had at least one year of positive cash flow as determined by the oversight board; and (d) Can demonstrate that it has a current debt-service coverage ratio of at least one-to-one or a higher level as determined by the oversight board. (5) "Loan program" means the small business recovery and resiliency loan program established in accordance with section 24-48.5-605. (6) "Loan program manager" means an entity the office of economic development contracts with to establish and administer the loan program in accordance with section 24-48.5-605 (2). (7) "Office" means the Colorado office of economic development created in section 24-48.5-101. (8) "Oversight board" means the small business recovery and resiliency loan program oversight board created in section 24-48.5-604. (9) "Premium tax liability" means the liability imposed by section 10-3-209 or 10-6-128, or, in the case of a repeal or reduction by the state of the liability imposed by section 10-3-209 or 10-6-128, any other tax liability imposed upon an insurance company by the state. (10) "Qualified taxpayer" means an insurance company authorized to do business in Colorado that has premium tax liability owing to the state and that purchases a tax credit under this part 6. "Qualified taxpayer" also includes an insurance company that receives or assumes a tax credit transferred in accordance with section 24-48.5-606 (7)(e) or 24-48.5-607 (6), or that receives or assumes a tax credit as an affiliate of a qualified taxpayer or transferee. For purposes of this part 6, "affiliate" has the same meaning as set forth in section 10-3-801 (1). (11) "Small business recovery and resiliency fund" or "fund" means the small business recovery and resiliency fund established in section 24-48.5-608. (12) "Small business recovery tax credit" or "tax credit" means the tax credit created in section 24-48.5-606. (13) "Tax credit sale proceeds" or "sale proceeds" means the money or other liquid asset acceptable to the state treasurer that a qualified taxpayer pays to the department and that is deposited in the small business recovery and resiliency fund.

C.R.S. § 24-48.5-604 Small business recovery and resiliency loan program oversight board - creation - report

24-48.5-604. Small business recovery and resiliency loan program oversight board - creation - report. (1) The small business recovery and resiliency loan program oversight board is hereby created in the division of business funding and incentives within the office to help establish and oversee the terms and conditions of a contract or contracts through which the office may provide first loss capital to a loan program or the Colorado credit reserve. This section does not prohibit a loan program manager of a specific loan program or the Colorado credit reserve from establishing a separate investment advisory committee for that loan program. (2) (a) The oversight board consists of five members, as follows: (I) The state treasurer or the state treasurer's designee; (II) The director of the minority business office created in section 24-49.5-102, on behalf of the office of economic development, or the director's designee; (III) One member appointed by the speaker of the house of representatives; (IV) One member appointed by the president of the senate; and (V) One member appointed by the governor. (b) The appointing authorities shall make their initial appointments to the oversight board no later than July 31, 2020. (c) The members appointed pursuant to subsection (2)(a) of this section must have substantial private sector experience in commercial banking or capital market activities and must have obtained executive-level positions in these industries. (d) The chair of the governor's council on economic stabilization and growth and the co-chairs of the council's financial services committee shall consult with and provide recommendations on initial appointments to the appointing authorities. (3) Each member of the oversight board who is appointed pursuant to subsection (2) of this section serves at the pleasure of the official who appointed the member. The term of appointment is three years. An appointed member may serve multiple terms. In the event of a vacancy in an appointed position on the oversight board, a new member must be appointed in the same manner as provided in subsections (2)(a)(III) to (2)(a)(V) of this section for the unexpired portion of the term. (4) Each member of the oversight board serves without compensation but is entitled to reimbursement for actual, reasonable, and necessary expenses incurred in the performance of the member's duties on the oversight board. (5) The state treasurer, or the state treasurer's designee, serves as the chair of the oversight board. (6) The oversight board shall meet at least once every quarter. The chair may call such additional meetings as are necessary for the oversight board to complete its duties. (7) The oversight board is a state public body subject to part 4 of article 6 of this title 24. In addition to any other requirements, the oversight board shall hold meetings open to the public, publish the agenda for each meeting in advance, keep and publish minutes from each meeting, provide advance notification of meeting times to banking trade associations and other groups that request notification, and receive written and public testimony at each meeting. (8) The oversight board's activities with regard to a contract or contracts for the provision of state money for a loan program established in accordance with section 24-48.5-605 include, at a minimum: (a) Consulting with the office and the division of business funding and incentives within the office on the selection of a loan program manager; (b) In consultation with lending industry leaders and representatives of small businesses, determining specific terms applicable to a loan program as required in section 24-48.5-605, which terms must be designed in good faith to procure the participation of lending institutions and be consistent with regulatory requirements and underwriting criteria, including the duration of the geographic restriction of money in a loan program; industry leaders and representatives of small businesses, determining specific terms applicable to a loan program as required in section 24-48.5-605, which terms must be designed in good faith to procure the participation of lending institutions and be consistent with regulatory requirements and underwriting criteria, including the duration of the geographic restriction of money in a loan program; (c) Providing guidance and input throughout the implementation of a loan program; (d) Establishing and publishing targets for the percentage of loans supported by a loan program that are made to businesses owned by women, minorities, and veterans and to businesses located in rural counties. In establishing the targets required by this subsection (8)(d), the oversight board shall consult with the minority business office within the office of the governor and with the division of business funding and incentives within the office. (e) Regularly reviewing progress in achieving the targets established pursuant to subsection (8)(d) of this section and making adjustments to a loan program to help achieve the targets if needed; and (f) Providing such additional oversight and creating policies and procedures as may be necessary to ensure that the program complies with the requirements of this part 6 and fulfills its purposes of supporting the state's recovery from the COVID-19 pandemic by assisting Colorado small businesses in recovering from the crisis caused by COVID-19 and of ensuring resiliency among small businesses as new challenges emerge. (9) The oversight board shall consult with small businesses in establishing the criteria for eligible borrowers pursuant to section 24-48.5-603 (4). (10) The oversight board shall adopt a conflict of interest policy for its members to prevent those who serve on the board from profiting or otherwise benefiting from eligible loans. (11) A member of the oversight board may assist in raising money or investments for a loan program without compensation. (12) (a) The oversight board shall submit a written report on the implementation of the loan program to the joint budget committee. The oversight board shall submit its first report on or before November 30, 2020, and shall submit the report each six months thereafter for a period of two years. After the report submitted November 30, 2022, the oversight board shall submit the report annually, on or before November 30 of each year. The oversight board shall also submit the report once each year in fiscal years 2020-21 and 2021-22 to the business affairs and labor committee of the house of representatives and the business, labor, and technology committee of the senate, or any successor committees. Notwithstanding the requirement in section 24-1-136 (11)(a)(I), the requirement to submit the report required in this subsection (11) continues until this section is repealed. ort once each year in fiscal years 2020-21 and 2021-22 to the business affairs and labor committee of the house of representatives and the business, labor, and technology committee of the senate, or any successor committees. Notwithstanding the requirement in section 24-1-136 (11)(a)(I), the requirement to submit the report required in this subsection (11) continues until this section is repealed. (b) The report must include, at a minimum, information on the following: (I) The number and size of loans made; (II) The geographic distribution of loans made; (III) The distribution of loans made by business sector; (IV) The demographics of the owners of the businesses receiving loans, including the number of businesses owned by women, minorities, and veterans; (V) The number of loans made to rural businesses; (VI) The size of the businesses receiving loans; (VII) The number of people employed by the businesses receiving loans; (VIII) Distributions or revenue received by the state from the program; (IX) The financial performance of the fund; (X) The default rates for loans made by the program; (XI) Borrower interest rates on the loans and an explanation of how the rates comply with the requirements of section 24-48.5-605 (4)(b)(V); and (XII) Any other information requested by the chair of the joint budget committee, or by the business affairs and labor committee of the house of representatives or the business, labor, and technology committee of the senate, or any successor committees. (c) The oversight board shall make a presentation to a joint meeting of the business affairs and labor committee of the house of representatives and the business, labor, and technology committee of the senate, or any successor committees, at least once each fiscal year or more often if requested by the chairs of the committees. (13) (Deleted by amendment, L. 2024).

C.R.S. § 24-48.5-605 Small business recovery and resiliency loan program - creation - requirements - oversight

24-48.5-605. Small business recovery and resiliency loan program - creation - requirements - oversight. (1) (a) The office is authorized to enter into a contract or contracts to establish a small business recovery and resiliency loan program in accordance with this part 6. (b) The purpose of the loan program is to support the state's recovery from the economic crisis caused by COVID-19 through leveraging private investment to support Colorado small businesses recovering from the crisis caused by COVID-19 by making loans, acquiring participation interest in loans, leveraging private small business lending through the Colorado credit reserve program, or other activities that accomplish the same purpose. The loan program is also designed to support resiliency for small businesses as new challenges emerge. The loan program may only make loans directly if federal or state bank regulators prohibit the banking industry from originating loans for the loan program. (2) The office may contract with the Colorado housing and finance authority created in part 7 of article 4 of title 29 or with a bank, nonprofit organization, nondepository community development financial institution, business development corporation, certified public accountant firm, or fund manager to administer a loan program. If the office contracts with an entity other than the Colorado housing and finance authority to administer a loan program, the office shall use an open and competitive process to select the entity. The office shall consult with the oversight board in selecting and contracting with a loan program manager. (3) (a) Notwithstanding any restriction on the investment of state money set forth in section 24-36-113 or in any other provision of law, subject to the availability of money in the small business recovery and resiliency fund and the requirements of this part 6, the office may provide first loss capital to a loan program or programs or to the Colorado credit reserve from the small business recovery and resiliency fund. (I) and (II) (Deleted by amendment, L. 2024). (b) The money provided under this subsection (3) must be provided in tranches of ten million dollars or less. (4) Any contract for the administration of a loan program must include the following terms in order to receive money provided by the office pursuant to subsection (3) of this section: (a) Except for money contributed to the Colorado credit reserve, the money from the small business recovery and resiliency fund provided by the office in a single tranche may not be committed pursuant to a contract relating to a loan program until money is committed pursuant to a contract relating to a loan program from other sources at a ratio of at least four dollars from other sources for each one dollar provided by the state from the small business recovery and resiliency fund. If a loan program manager does not secure sufficient investments from other sources to meet this requirement within the time allowed by a contract, the money provided by the state must be returned to the small business recovery and resiliency fund. at a ratio of at least four dollars from other sources for each one dollar provided by the state from the small business recovery and resiliency fund. If a loan program manager does not secure sufficient investments from other sources to meet this requirement within the time allowed by a contract, the money provided by the state must be returned to the small business recovery and resiliency fund. (b) Except for money contributed to the Colorado credit reserve, once the money in a tranche is matched in accordance with subsection (4)(a) of this section, it must be used to make loans or purchase participation interest in loans for working capital, including the purchase of equipment, to eligible borrowers, or other activities that accomplish the same purpose. The oversight board shall consult with lending industry leaders and representatives of small businesses with regard to subsections (4)(b)(I) to (4)(b)(VI) of this section. Each loan must be subject to the following terms: (I) The loan must be in an amount of at least ten thousand dollars but not more than five hundred thousand dollars, as determined by the oversight board; (II) The loan must have a maximum initial maturity of up to ten years, based on the need of the eligible borrower, with no penalty for prepayment, as determined by the oversight board. The originating lender may extend the term for purposes of restructuring the loan; (III) The principal must be amortized over the term of the loan or a longer period, as determined by the oversight board; (IV) Principal and interest payments may be deferred for up to one year, as determined by the oversight board, with the unpaid interest being capitalized. Deferrals must be limited to circumstances of hardship created by the COVID-19 pandemic or based on ongoing economic conditions. (V) The loan must carry an interest rate that is lower than would otherwise be available on a risk-adjusted basis from a commercial lender or that bears terms that are not otherwise available from a commercial lender, as determined by the oversight board; and (VI) The eligible borrower may provide a personal guarantee, collateral, or other security as determined by the oversight board, which may be subordinate to existing debt. (c) (I) To ensure geographic equity, each tranche of loan funding must be subject to an initial period of time in which a portion of the money is allocated to each county on a basis proportional to the county's share of small businesses relative to the state, the county's share of small business employees relative to the state, the county's share of small business personal property relative to the state, or other similar metrics as determined by the oversight board, or based on a formula established under subsection (4)(c)(IV) of this section. The money allocated to each county must be reserved for applications from eligible borrowers located in that county for the initial period of time. For the purposes of this subsection (4)(c), an eligible borrower is considered to be located in the county in which it has its principal place of business, as reflected in its most recent filing with the secretary of state or subject to such other documentation as the oversight board establishes. The oversight board shall determine the amount of time in which the money in each tranche is subject to a geographic restriction under this subsection (4)(c)(I). (II) Once the time period established by the oversight board under subsection (4)(c)(I) of this section has passed, all money remaining in the tranche is available to eligible borrowers on a statewide basis. (III) For money contributed to the Colorado credit reserve, the oversight board may waive the requirements of this subsection (4)(c) or establish alternative geographic distribution requirements or targets. ime period established by the oversight board under subsection (4)(c)(I) of this section has passed, all money remaining in the tranche is available to eligible borrowers on a statewide basis. (III) For money contributed to the Colorado credit reserve, the oversight board may waive the requirements of this subsection (4)(c) or establish alternative geographic distribution requirements or targets. (IV) For any tranche of loan funding, the oversight board may, in its discretion, establish an alternative formula for the allocation of money to counties for purposes of subsection (4)(c)(I) of this section that accounts for how affected each county has been by the COVID-19 pandemic and its impacts or based on ongoing economic conditions. (d) (I) A loan program manager shall make every effort to achieve benchmarks published by the oversight board pursuant to section 24-48.5-604 (8)(d) for the percentage of loans supported by the program that are made to businesses owned by socially and economically disadvantaged individuals, including businesses owned by women, minorities, and veterans, and to businesses located in rural counties. A loan program manager shall consult with the minority business office within the office of the governor and the division of business funding and incentives within the office to develop an outreach strategy for marketing the loan program to businesses owned by women, minorities, and veterans and businesses located in rural counties. (II) For money contributed to the Colorado credit reserve, the oversight board may waive the requirements of this subsection (4)(d) or may establish alternative benchmarks for the percentage of loans supported by the program that are made to businesses owned by socially and economically disadvantaged individuals, including businesses owned by women, minorities, and veterans, and to businesses located in rural counties. (e) A loan program manager shall work with the division of business funding and incentives within the office to align the program with other access to capital programs in the state. (5) If the money in a tranche is not fully invested in small business loans as determined by the oversight board in the time period allowed under a contract, the portion of the unused money provided by the state must be returned to the small business recovery and resiliency fund. (6) Distributions or revenue paid to the state pursuant to a contract under this section must be deposited in the small business recovery and resiliency fund. (7) The loan program manager shall report on the implementation of the loan program to the oversight board at least quarterly, within one month after the end of each calendar quarter, or more often if requested by the oversight board. The report must include the information necessary to allow the oversight board to provide the reports required in section 24-48.5-604 (12), and any additional information requested by the board.

C.R.S. § 24-48.5-606 Small business recovery tax credits - authorization to issue - terms - report

24-48.5-606. Small business recovery tax credits - authorization to issue - terms - report. (1) A qualified taxpayer may purchase small business recovery tax credits from the department in accordance with this section and may apply the tax credits against its premium tax liability in accordance with section 24-48.5-607. (2) (a) The department is authorized to issue tax credit certificates to qualified taxpayers equal to the lesser of a total face value of up to forty million dollars or total sales proceeds of up to thirty million five hundred thousand dollars in fiscal year 2020-21. (b) The department is authorized to issue tax credit certificates to qualified taxpayers equal to the lesser of a combined total face value of up to twenty-eight million dollars or combined total sales proceeds of up to twenty-one million dollars in fiscal years 2021-22 and 2022-23. (c) The department may contract with an independent third party to conduct or consult on a bidding process among qualified taxpayers to purchase the tax credits. (d) The department shall consult with insurance companies in advance of issuing any tax credits in accordance with this section. (3) An insurance company authorized to do business in Colorado seeking to purchase tax credits must apply to the department in the manner prescribed by the department. (4) Using procedures adopted by the department or, if applicable, by an independent third party, each insurance company that submits an application shall make a timely and irrevocable offer, contingent only upon the department's issuance to the insurance company of the tax credit certificates, to make a specified purchase payment amount to the department on dates specified by the department. The offer must include all of the following: (a) The requested amount of tax credits, which must not be less than any minimum amount established in procedures by the department or, if applicable, the independent third party; (b) The qualified taxpayer's proposed tax credit purchase amount for each tax credit dollar requested. The minimum proposed tax credit purchase amount must be either: (I) The percentage of the requested dollar amount of tax credits that the department or, if applicable, the independent third party determines to be consistent with market conditions as of the offer date; or (II) If no amount is established by the department or the independent third party pursuant to subsection (4)(b)(I) of this section, seventy-five percent of the requested dollar amount of tax credits; and (c) Any other information that the department or, if applicable, the independent third party requires. (5) The department shall provide written notice to each insurance company that submits an application indicating whether or not the insurance company has been approved as a purchaser of tax credits and, if so, the amount of tax credits allocated and the date by which payment of the tax credit sale proceeds must be made. (6) On receipt of payment of the sale proceeds, the department shall issue to each qualified taxpayer a tax credit certificate. The tax credit certificate must state all of the following: (a) The total amount of premium tax credits that the qualified taxpayer may claim; (b) The amount that the qualified taxpayer has paid or agreed to pay in return for the issuance of the tax credit certificates and the date of the payment; (c) The dates on which the tax credits will be available for use by the qualified taxpayer; (d) Any penalties or other remedies for noncompliance; (e) The procedures to be used for transferring or assuming the tax credits in accordance with subsection (7)(e) of this section or section 24-48.5-607 (6), or between affiliates; (f) The serial number of the tax credit certificate; and the payment; (c) The dates on which the tax credits will be available for use by the qualified taxpayer; (d) Any penalties or other remedies for noncompliance; (e) The procedures to be used for transferring or assuming the tax credits in accordance with subsection (7)(e) of this section or section 24-48.5-607 (6), or between affiliates; (f) The serial number of the tax credit certificate; and (g) Any other requirements deemed necessary by the department as a condition of issuing the tax credit certificate. (7) (a) The department shall not issue a tax credit certificate to any qualified taxpayer that fails to provide the tax credit sale proceeds within the time specified by the department. (b) A qualified taxpayer that fails to provide the tax credit sale proceeds within the time specified by the department is subject to a penalty equal to ten percent of the amount of the purchase price that remains unpaid. The penalty must be paid to the department within thirty days after demand. (c) The department may offer to reallocate the defaulted tax credits among other qualified taxpayers so that the result after reallocation is the same as if the initial allocation had been performed without considering the tax credit allocation to the defaulting qualified taxpayer. (d) If the reallocation of tax credits under subsection (7)(c) of this section results in the payment by another qualified taxpayer of the amount of tax credit sale proceeds not paid by the defaulting qualified taxpayer, the department may waive the penalty imposed under subsection (7)(b) of this section. (e) A qualified taxpayer that fails to pay the tax credit sale proceeds within the time specified by the department may avoid the imposition of the penalty by transferring the allocation of tax credits to a new or existing qualified taxpayer within thirty days after the due date of the defaulted installment. Any transferee of an allocation of tax credits of a defaulting qualified taxpayer under this subsection (7) shall agree to pay the tax credit sale proceeds within five days after the date of the transfer. (8) The tax credit sale proceeds provided by a qualifying taxpayer in return for a tax credit certificate must be deposited in the small business recovery and resiliency fund. (9) (a) The department shall provide a report to the division of insurance in the department of regulatory agencies for each fiscal year in which it issues tax credit certificates pursuant to this part 6 within thirty days after the issuance of the credits. The report must include: (I) The name and identifying number issued by the national association of insurance commissioners, or any successor organization, of each qualified taxpayer to which the department issued a tax credit certificate; (II) The total amount of the tax credit allocated to the qualified taxpayer; and (III) The serial number of the tax credit certificate issued to the qualified taxpayer. (b) The department shall maintain records of each tax credit certificate issued, transferred, or assumed that are sufficient to allow the division of insurance in the department of regulatory agencies to verify the issuance and ownership of the credit.

C.R.S. § 24-48.5-607 Use of small business recovery tax credits - carry over

24-48.5-607. Use of small business recovery tax credits - carry over. (1) For a tax credit certificate issued in fiscal year 2020-21: (a) The qualified taxpayer may claim up to fifty percent of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2025; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2025; and (b) The qualified taxpayer may claim the remaining amount of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2026; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2026. (2) For a tax credit certificate issued in fiscal year 2021-22 or fiscal year 2022-23: (a) The qualified taxpayer may claim up to fifty percent of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2023; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2023; and (b) The qualified taxpayer may claim the remaining amount of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2024; except that a taxpayer may not reduce the taxpayer's estimated tax payments in proportion to such credit prior to July 1, 2024. (3) (a) The total credit to be applied by a qualified taxpayer in any one year must not exceed the premium tax liability of the qualified taxpayer for the taxable year. If the qualified taxpayer cannot use the entire amount of the tax credit for the taxable year in which the taxpayer is eligible for the credit, the excess may be carried over to succeeding taxable years and used as a credit against the premium tax liability of the taxpayer for those taxable years; except that: (I) For a credit issued in fiscal year 2020-21, the credit may not be carried over to any taxable year that begins after December 31, 2031; and (II) For a credit issued in fiscal year 2021-22 or 2022-23, the credit may not be carried over to any taxable year that begins after December 31, 2029. (b) Any amount of the credit that is not timely claimed expires and is not refundable. (4) A qualified taxpayer claiming a credit under this part 6 shall submit the tax credit certificate with its tax return. (5) A qualified taxpayer claiming a tax credit under this part 6 will not be required to pay any additional or retaliatory tax as a result of claiming the credit. (6) If a qualified taxpayer holding an unclaimed tax credit is part of a merger, acquisition, or line of business divestiture transaction, the tax credit may be transferred to and assumed by the resulting entity if the resulting entity is an insurance company authorized to do business in Colorado that has premium tax liability. The qualified taxpayer that originally purchased the credit and the resulting entity shall notify the department in writing of the transfer or assumption of the credit in accordance with procedures adopted by the department. The department shall provide a copy of the notice to the division of insurance in the department of regulatory agencies and shall maintain a record of the transfer or assumption of the tax credit. The transfer or assumption of the tax credit does not affect the time schedule for claiming the tax credit as provided in this section.

C.R.S. § 24-48.5-608 Small business recovery and resiliency fund

24-48.5-608. Small business recovery and resiliency fund. (1) The small business recovery and resiliency fund is hereby created in the state treasury. The fund consists of: (a) Tax credit sale proceeds received from qualified taxpayers and deposited in the fund pursuant to section 24-48.5-605; (b) Distributions, revenue, or money returned to the state from a loan program established pursuant to section 24-48.5-605 and deposited in the fund; (c) Any other money that the general assembly may appropriate or transfer to the fund; and (d) Any gifts, grants, donations, or federal funds received pursuant to subsection (7) of this section. (2) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the small business recovery and resiliency fund to the fund. (3) Money in the fund is continuously appropriated to the office for the purposes specified in this part 6. The office may expend money in the fund to pay for its direct and indirect costs in implementing and administering this part 6. (4) to (6) (Deleted by amendment, L. 2024). (7) The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 6. The office may accept and expend any federal money made available for any purpose consistent with the provisions of this part 6. The office shall transmit all money received through gifts, grants, donations, or federal money to the state treasurer, who shall credit the money to the small business recovery and resiliency fund.

C.R.S. § 24-48.5-609 Transfer of functions - continuity of existence

24-48.5-609. Transfer of functions - continuity of existence. (1) On September 1, 2024, the powers, duties, and functions of the department in connection with the small business recovery and resiliency loan program pursuant to the former part 2 of article 36 of this title 24 are transferred to the office pursuant to this section. (2) (a) On and after September 1, 2024, the officers and employees of the department whose powers, duties, and functions concern the small business recovery and resiliency loan program and whose employment is deemed necessary to carry out the small business recovery and resiliency loan program are transferred to the division of business funding and incentives within the office and become employees thereof. (b) Any employees who are transferred to the office pursuant to this subsection (2) and who are classified employees in the state personnel system shall retain all rights to the personnel system and retirement benefits pursuant to the laws of the state, and their services shall be deemed to have been continuous. All transfers and any abolishment of positions in the state personnel system shall be made and processed in accordance with state personnel system laws and regulations. (3) On or before September 1, 2024, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the department pertaining to the powers, duties, and functions transferred to the office are transferred to and become the property of the office. (4) Whenever the department or the state treasurer is referred to or designated by a contract or other document in connection with the powers, duties, and functions transferred to the office pursuant to this section, such reference or designation will be deemed to apply to the office, as applicable. All contracts entered into by the department or the state treasurer prior to September 1, 2024, in connection with the small business recovery and resiliency loan program are hereby validated, with the office succeeding to all the rights and obligations of such contracts. Any appropriations of money from prior fiscal years open to satisfy obligations incurred pursuant to such contracts are transferred and appropriated to the office for the payment of such obligations. (5) All policies and guidelines of the department in connection with the powers, duties, and functions transferred to the office pursuant to this section continue to be effective until revised, amended, repealed, or nullified pursuant to law. (6) The relocation of the CLIMBER Act from the department to the office pursuant to this part 6 does not affect the validity of any agreements entered into by or tax credit certificates issued by the state treasurer or the department pursuant to the authority contained in part 2 of article 36 of title 24 as it existed prior to September 1, 2024.

C.R.S. § 24-48.5-701 Short title

24-48.5-701. Short title. The short title of this part 7 is the "Regional Talent Summit Act".

C.R.S. § 24-48.5-702 Legislative declaration

24-48.5-702. Legislative declaration. (1) The general assembly finds and declares that: (a) This part 7 is intended to strengthen regional talent development pipelines to meet workforce demand; (b) The state has an opportunity to fulfill demand for workers, which will allow the state to meet its strategic goals and generate high-quality careers; and (c) The grant program and related services described in this part 7 are important government services. (2) Therefore, the general assembly creates the regional talent summit grant program to address these needs.

C.R.S. § 24-48.5-703 Definitions

24-48.5-703. Definitions. As used in this part 7, unless the context otherwise requires: (1) "Applicant" means an entity that: (a) Has the capacity to host regional talent summits across the state that convene to understand regional labor market needs in each region of the state or has the capacity to convene, facilitate, and report on regional talent summit findings; and (b) Applies for a grant from the grant program. (2) "Fund" means the regional talent summit grant program fund created in section 24-48.5-705. (3) "Grant program" means the regional talent summit grant program created in section 24-48.5-704. (4) "Office" means the Colorado office of economic development created in section 24-48.5-101. (5) "Program facilitator" means an applicant to which the office awards a grant and with which the office contracts pursuant to section 24-48.5-704 (2)(a). (6) "Regional host" means an applicant that has been granted an award to support the costs of hosting a regional talent summit. (7) "Regional talent summit" means a convening of state and regional stakeholders to discuss the economic and workforce needs of their region and the programs and resources that might address those needs. (8) "Selection committee" means the selection committee appointed pursuant to section 24-48.5-704 (4)(a) to review and make recommendations about applicants, to select and award a grant to the regional host, and to select and award a grant to the program facilitator.

C.R.S. § 24-48.5-704 Regional talent summit grant program - creation - administration - eligibility - application review - report

24-48.5-704. Regional talent summit grant program - creation - administration - eligibility - application review - report. (1) (a) There is created in the office the regional talent summit grant program. The office shall administer the grant program. The selection committee appointed pursuant to subsection (4) of this section is responsible for making grant award decisions in accordance with this section. (b) (I) The purpose of the grant program is to provide grants to the program facilitator to use to convene and facilitate regional summits and develop a report on the findings of the regional talent summits and to one or more regional hosts to use to support seven regional talent summits. (II) The office shall require the regional hosts and the program facilitator to complete all regional talent summits on or before July 1, 2025. (III) The office shall require the program facilitator to submit its comprehensive tactical plan to the office on or before December 1, 2025. (c) In prioritizing grant applications and awarding grants, the office, in collaboration with the selection committee, shall strive to meet the following grant program goals: (I) For a grant for a program facilitator: (A) To understand workforce development needs in regions of the state; (B) To generate a landscape analysis for each identified region that includes job projections and an overview of educational pathways; (C) To gather insight from employers about critical workforce and training needs; (D) To create regional goals for addressing talent needs; (E) To develop comprehensive tactical plans; and (F) To submit the workforce plans generated by the program facilitator as a result of the regional talent summits by December 1, 2025, to the office. The office shall provide the workforce plans to the state workforce development council which shall publish the plans in the Colorado talent report prepared pursuant to section 24-46.3-103 (3) and shall coordinate with local entities and across state agencies to support regional goals. (II) For a grant for a regional host: (A) To secure a facility to host the regional summit; (B) To determine relevant partners to attend the regional summit; and (C) To gather insight from regional employers about workforce training needs. (2) The office, through the selection committee, shall: (a) Award a grant to and execute a contract with a program facilitator. The office shall require the program facilitator to: (I) Work with the office, the department of labor and employment, the department of education, local data experts, and the department of higher education to generate a landscape analysis for each identified region that includes job protections and an overview of educational pathways; (II) Work with regional hosts to plan regional talent summits; (III) Facilitate a summit for regional attendees to identify regional economic goals and workforce development needs; (IV) Create alignment between business, education, workforce, and community partners for workforce development; and (V) Develop comprehensive tactical plans informed by the resources and needs of each region that set two-year goals and five-year goals for developing more career pathways in high-need fields in each region including a landscape analysis for each region of the state that identifies regional workforce needs, opportunities, and challenges. (b) Award a grant to one or more regional hosts. The office shall require the regional hosts to: (I) Secure a facility to host each regional summit; (II) Determine relevant business, education, workforce, and community partners to participate in each regional summit; and (III) Gather insight from regional employers about critical workforce and training needs. (c) Establish a process for an applicant to apply for a grant to fund the development of regional talent summits, which application process must be completed no later than November 1, 2024; and ermine relevant business, education, workforce, and community partners to participate in each regional summit; and (III) Gather insight from regional employers about critical workforce and training needs. (c) Establish a process for an applicant to apply for a grant to fund the development of regional talent summits, which application process must be completed no later than November 1, 2024; and (d) Establish policies setting forth the parameters and eligibility for the grant program. (3) To be eligible for a grant, an applicant must, at a minimum, include with its grant application: (a) A detailed proposal and operations plan that meets the goals specified in subsection (1)(c) of this section; and (b) Information about how the proposed regional talent summit will address the economic development goals of each region. (4) (a) The office shall appoint a selection committee consisting of members who represent the office, the Colorado workforce development council, local workforce development practitioners, local education providers, institutions of higher education, education-related community-based organizations, and the statewide chamber of commerce. (b) The selection committee shall review grant applications in accordance with the processes and criteria specified in and developed pursuant to this section and shall make final determinations and award grants based on these processes and criteria. (c) (I) The selection committee shall consider regional diversity, community engagement, local partnerships, and event capacity when selecting one or more regional hosts. (II) Members of the selection committee serve without compensation but are entitled to reimbursement for actual and necessary expenses incurred in the discharge of the members' duties.

C.R.S. § 24-48.5-705 Regional talent summit grant program fund

24-48.5-705. Regional talent summit grant program fund. (1) (a) There is created in the state treasury the regional talent summit grant program fund. (b) On July 1, 2024, the state treasurer shall transfer two hundred thousand dollars from the general fund to the fund for grants to a program facilitator and one or more regional hosts. (c) The money in the fund is continuously appropriated to the office for use in accordance with this part 7. (2) The office may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this part 7.

C.R.S. § 24-48.5-706 Repeal of part

24-48.5-706. Repeal of part. This part 7 is repealed, effective July 1, 2030.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-24.docxFetched: 10/6/2026

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