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HB20-1380

Move Tobacco Litigation Settlement Moneys General Fund

Concerning the redirection of a portion of tobacco litigation settlement moneys to the general fund.
Session:
2020 Regular Session
Subjects:
Liquor, Tobacco, & Marijuana
State Revenue & Budget
Bill Summary

The act redirects a portion of tobacco litigation settlement moneys (settlement moneys) to the general fund for state fiscal year (FY) 2020-21 by:

  • Transferring $20 million of settlement moneys received during FY 2019-20 to the general fund and offsetting the $20 million reduction in the amount of such settlement moneys available for allocation in FY 2020-21 to the programs that receive settlement moneys by allocating to the programs in FY 2020-21 $20 million of settlement moneys to be received by the state in FY 2020-21 that would otherwise be allocated in FY 2021-22;
  • Removing $2,000,130 of settlement moneys received in excess of projections during FY 2019-20 from the base amount used to calculate the statutory allocations of settlement moneys to various programs;
  • Reducing the statutory allocations of settlement moneys:
  • For the tobacco settlement defense account of the tobacco litigation settlement cash fund (litigation account) from 2.5% to 0.75% of the settlement moneys; and
  • For the state dental loan repayment program by $160,717;
  • Requiring all settlement moneys received during FY 2019-20 that are not allocated for state fiscal year 2020-21 under the modified statutory allocation formula to be transferred to the general fund on July 1, 2020;
  • Requiring additional July 1, 2020, transfers to the general fund of settlement moneys previously credited to cash funds that receive statutory allocations of settlement moneys as follows:
  • $8 million from the tobacco settlement defense account;
  • $4,237,375 from the nurse home visitor program fund; and
  • $3 million from the Colorado state veterans trust fund.
    (Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/29/2020 Signed Act PDF
    06/19/2020 Final Act PDF
    06/06/2020 Rerevised PDF
    06/05/2020 Revised PDF
    06/03/2020 Reengrossed PDF
    06/01/2020 Engrossed PDF
    05/26/2020 Introduced PDF

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. J. McCluskie, Rep. K. Ransom
Sen. D. Moreno, Sen. R. Zenzinger

Sponsor

Rep. D. Esgar
Sen. B. Rankin

Co-sponsor

Rep. D. Roberts

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