The Colorado DRIVES vehicle services account (DRIVES account) of the highway users tax fund consists mainly of vehicle title and registration fees and specific ownership tax transaction fees. The department uses the DRIVES account for the development and operation of the department's driver and motor vehicles services software platform commonly known as Colorado DRIVES.
Effective July 1, 2022, the bill merges the fund into the DRIVES account, which involves:
- Repealing the fund and requiring all money in the fund to be credited to the DRIVES account;
- Requiring all fees that had been credited to the fund to instead be credited to the DRIVES account; and
- Requiring all functions that had been funded from the fund to instead be funded from the DRIVES account.
The bill also requires DRIVES account investment earnings to be credited to the account.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)