Colorado Code
Part 3 - Colorado Regional Tourism Act
§ 24-46-305. Regional Tourism Project Approval - Director - Commission - Review

(4.5) The total amount of state sales tax increment revenue dedicated to the regional tourism project for the entire duration of the project shall not exceed the total cumulative dollar amount specified by the commission pursuant to paragraph (d) of subsection (3) of this section. The department of revenue shall track the annual and cumulative state sales tax increment revenue remitted to the financing entity for the project and shall notify the commission when cumulative payments approach the limits set by the commission for the commission's concurrence regarding the dollar limits. After the department of revenue has cumulatively remitted such total cumulative dollar amount to the financing entity pursuant to subsection (4) of this section, the department of revenue shall not remit any additional sales tax increment revenue from the state to the financing entity, even if the approved financing term is not completed. The department of revenue shall notify the commission if it is no longer remitting sales tax increment revenue to the financing entity because the financing entity has reached its total cumulative dollar amount of sales tax increment revenue.


Source: L. 2009: Entire part added, (SB 09-173), ch. 434, p. 2408, § 1, effective June 4. L. 2011: (2) amended, (HB 11-1311), ch. 309, p. 1511, § 1, effective June 10. L. 2014: (2)(b) and (3)(d) amended and (2)(c) and (4.5) added, (HB 14-1350), ch. 301, p. 1258, § 4, effective May 31.

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