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Legislative Year: 2019 Change
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Bill Detail: HB19-1245

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Title Affordable Housing Funding From Vendor Fee Changes
Status Governor Signed (05/17/2019)
Bill Subjects
  • Fiscal Policy & Taxes
  • Housing
House Sponsors M. Weissman (D)
Senate Sponsors M. Foote (D)
J. Gonzales (D)
House Committee Finance
Senate Committee Finance
Date Introduced 03/15/2019
Description

The state treasurer is required to credit an amount equal to the
increase in sales taxes attributable to the vendor fee changes that result

from the bill to the housing development grant fund, which the division
of housing in the department of local affairs (division) uses to make
grants and loans to improve, preserve, or expand the supply of affordable
housing in the state. The division is required to annually award at least
1/3 of this money for affordable housing projects for households whose
annual income is less than or equal to 30% of the area median income.
The increase in sales taxes attributable to the vendor fee changes
that result from the bill are excluded from the definition of state sales tax
increment revenue for purposes of the Colorado Regional Tourism Act
so that the increase is payable to the state and not an applicable financing
entity.
A retailer who collects state sales tax is currently allowed to retain
3 1/3% of the state sales taxes collected as compensation for the retailer's
expenses incurred in collecting and remitting the tax (vendor fee).
Beginning January 1, 2020, the bill increases the vendor fee to 4% and
establishes a $1,000 monthly cap on the vendor fee. This limit applies
regardless of the number of the retailer's locations. A vendor with
multiple locations is required to register all locations under one account
with the department of revenue. The changes to the state vendor fee do
not apply to a local government that imposes a sales tax and permits a
vendor fee that is based on the state's vendor fee.
The sales and use tax revenue that is deposited in the housing
development grant fund for the state fiscal year 2019-20 is reduced by a
specified amount to cover the department of revenue's expenses to make
the IT changes necessary to implement the bill, which results in a
corresponding increase in the general fund. In turn, this amount is
appropriated from the general fund to the department of revenue for this
purpose.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (08/21/2019) (most recent)  
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