Colorado Code
Article 29 - Severance Tax
§ 39-29-109. Severance Tax Trust Fund - Created - Administration - Distribution of Money - Legislative Declaration - Repeal

(I.5) There is hereby created in the state treasury the severance tax perpetual base fund, also referred to in this subsection (2)(a) as the "fund", which the Colorado water conservation board, also referred to in this subsection (2)(a) as the "board", shall administer. The state treasurer shall transfer money to the fund from the severance tax trust fund, as specified in this section. The fund also includes any money that the general assembly may appropriate or transfer thereto. The money in the fund is continuously appropriated to the board for purposes authorized by this subsection (2)(a).
(II) One-half of the severance tax receipts credited to the fund for fiscal years commencing on or after July 1, 2009, shall be credited to the severance tax perpetual base fund and used as specified in subsection (2)(a)(II.5) of this section; except that the total amount of severance tax receipts credited to the severance tax perpetual base fund during the fiscal year shall not exceed fifty million dollars unless the cap established in subsection (2)(a)(III) of this section is exceeded. The authorization and contract for each project must require repayment of principal and interest to the fund, and money repaid is credited to the severance tax perpetual base fund.
(II.5) The board shall use the money in the fund:

(III) For fiscal years commencing on or after July 1, 2009, the state treasurer shall transfer the moneys credited to the fund that are not credited to either the severance tax perpetual base fund or the severance tax operational fund to the small communities water and wastewater grant fund created in section 25-1.5-208 (4), C.R.S.; except that the maximum amount of moneys annually credited to the small communities water and wastewater grant fund shall not exceed ten million dollars.
(IV) to (XIII) Repealed.
(XIV) Notwithstanding any provision of this paragraph (a) to the contrary, on July 1, 2015, the state treasurer shall transfer five hundred thousand dollars from the fund to the Colorado water conservation board construction fund, created in section 37-60-121 (1)(a), C.R.S., for use by the Colorado water conservation board, created in section 37-60-102, C.R.S., to continue the watershed restoration program.
(XV) and (XVI) Repealed.
(XVII) Notwithstanding any provision of this paragraph (a) to the contrary, an amount equal to nineteen million one hundred thousand dollars in the fund is restricted from being used for any purpose whatsoever, until such time that the joint budget committee, by a majority vote, releases the restriction on some or all of the money.
(XVIII) Notwithstanding any provision of this subsection (2)(a) to the contrary, on June 30, 2018, the state treasurer shall transfer eleven million four hundred twenty-five thousand dollars from the fund to the general fund.
(XIX) to (XXI) Repealed.
(XXII) (A) Notwithstanding any other provision of this subsection (2)(a) to the contrary, on July 1, 2020, the state treasurer shall transfer forty-five million five hundred thousand dollars from the fund to the general fund.
(B) The general assembly hereby declares that the transfer specified in subsection (2)(a)(XXII)(A) of this section is necessary as a result of the precipitous decrease in general fund revenues and that it is the intent of the general assembly to transfer an equal amount back to the fund as soon as possible.

(II) Repealed.
(III) The fund also includes amounts that were transferred to natural resources and energy grant programs under section 39-29-109.3 and that were transferred back to the fund in accordance with subsection (2)(c)(V) of this section and sections 24-33-111 (2)(a)(I)(C), 33-10.5-108 (3), 37-60-126 (12)(a)(V), and 37-75-107 (3).

(A) Competitive grants for environmental compliance and feasibility studies;
(B) Technical assistance regarding permitting, feasibility studies, and environmental compliance;
(C) Studies or analyses of structural, nonstructural, consumptive, and nonconsumptive water needs, projects, or activities; and
(D) Structural and nonstructural water projects or activities.
(II) On or before October 31 of each year, commencing with the year 2010, the board shall consult with the interbasin compact committee to produce the annual report required by section 37-75-105 (4), C.R.S., regarding how moneys in the fund were allocated in the previous twelve-month period.
(III) and (IV) Repealed.
(V) On April 30, 2021, the state treasurer shall transfer three million nine hundred ninety-six thousand four hundred ten dollars from the fund to the severance tax operational fund created in subsection (2)(b)(I) of this section.
(VI) (A) The state treasurer shall transfer five million dollars from the general fund to the fund. By July 1, 2023, the board shall award pursuant to subsection (2)(c)(I) of this section all of the money transferred by this subsection (2)(c)(VI).
(B) This subsection (2)(c)(VI) is repealed, effective September 1, 2025.

Source: L. 77: Entire article added, p. 1848, § 1, effective January 1, 1978. L. 79: (1) amended, p. 1508, § 1, effective July 19. L. 83: (3) added, p. 1522, § 9, effective March 22. L. 85: (1) amended, p. 1268, § 9, effective May 30; (4) added, p. 1289, § 1, effective June 6. L. 86, 2nd Ex. Sess.: (1)(b) amended, p. 72, § 4, effective August 14. L. 87: (3) amended, p. 1109, § 5, effective April 22. L. 88: (4) amended, p. 1347, § 1, effective May 17. L. 89: (4) repealed, p. 1517, § 1, effective July 1. L. 90: (5) added, p. 1750, § 2, effective May 2. L. 93: (5) repealed, p. 446, § 2, effective April 19. L. 96: (1) and (3) amended, p. 997, § 1, effective May 23. L. 99: IP(1)(a) amended, p. 926, § 5, effective May 24. L. 2000: (1)(d) added, p. 554, § 1, effective May 16; (1)(c)(I)(D) amended, p. 1750, § 17, effective June 1. L. 2001: (1)(e) added, p. 1, § 1, effective January 17; (1)(c)(I)(D) amended, p. 690, § 26, effective May 30. L. 2002: (1)(f) added, p. 158, § 19, effective March 27; (1)(c)(III) added, p. 307, § 1, effective April 18. L. 2003: (1)(g) added, p. 458, § 19, effective March 5; (1)(h) added, p. 1544, § 7, effective May 1. L. 2004: (1)(i) added, p. 362, § 5, effective April 7. L. 2005: (6) added, p. 413, § 2, effective April 28; (1)(j) added, p. 485, § 1, effective May 5; (1)(c)(III) amended, p. 1483, § 2, effective June 7; (1)(c)(I)(C) amended, p. 692, § 2, effective July 1. L. 2006: (1.5) added, p. 1, § 1, effective February 3; (1)(k) added, p. 1048, § 3, effective May 25; (7) added, p. 1140, § 2, effective May 25; (1)(c)(I)(D) and (1)(c)(III)(A) amended, p. 1283, § 5, effective May 26; (1)(a)(IV) added, p. 1648, § 1, effective June 5; (1)(m), (8), and (8.5) added, pp.1744, 1738, §§ 5, 1, effective June 6; (1)(a)(III) added, p. 1227, § 1, effective July 1; (1)(a)(II) and (1)(c)(I)(C) amended, p. 218, § 17, effective August 7; (1)(l) added, p. 1346, § 2, effective August 7. L. 2007: (8)(a) amended, p. 490, § 1, effective April 16; (1.5)(h)(VI) amended and (1.5)(h)(VII) added, p. 1364, § 4, effective May 29; IP(1)(a) amended, p. 1408, § 3, effective May 30; (1)(k)(III) and (1)(l)(IV) amended and (1)(k)(IV), (1)(k)(V), (1)(k)(VI), and (1)(k)(VII) added, pp. 1595, 1594, §§ 4, 3, effective May 31; (7) amended, p. 1549, § 1, effective May 31; IP(1)(a)(III) amended, p. 1887, § 1, effective June 1; (1)(c)(III)(B) amended, p. 2049, § 98, effective June 1; (1)(c)(III)(B) amended and (1)(c)(III)(C) added, p. 1892, § 3, effective June 1. L. 2008: (1.5)(b)(II), (1.5)(c)(II), (1.5)(d)(I)(B), (1.5)(e)(I)(B), IP(1.5)(h)(I), IP(1.5)(h)(III), (1.5)(h)(IV), IP(1.5)(h)(V), (1.5)(h)(VI), (1.5)(h)(VII), (1.5)(i)(IV), and (8)(a) amended, p. 72, § 13, effective March 18; (1) amended, p. 1336, § 11, effective May 27; entire section R&RE, p. 1861, § 1, effective June 2. L. 2009: (2)(a) amended, (SB 09-208), ch. 149, p. 628, § 34, effective April 20; (2)(a) amended, (SB 09-165), ch. 183, p. 804, § 2, effective April 22; (2)(a)(I)(C), (2)(a)(IV), and (2)(a)(V) added, (SB 09-279), ch. 367, p. 1931, § 22, effective June 1; (2)(c) amended, (SB 09-106), ch. 386, p. 2089, § 1, effective July 1. L. 2010: (2)(a)(VI) added, (HB 10-1327), ch. 135, p. 451, § 8, effective April 15; (2)(a)(VII) added, (HB 10-1388), ch. 362, p. 1716, § 2, effective June 7; (2)(a)(VIII) added, (HB 10-1250), ch. 381, p. 1782, § 7, effective June 7. L. 2011: (2)(a)(VII) amended, (SB 11-164), ch. 33, p. 94, § 9, effective March 18; (2)(a)(IX) added, (SB 11-226), ch. 190, p. 734, § 6, effective May 19; (2)(a)(IV), (2)(a)(V), and (2)(a)(VI) repealed, (HB 11-1303), ch. 264, p. 1176, § 96, effective August 10. L. 2012, 1st Ex. Sess.: IP(2), (2)(a)(VIII)(A), and (2)(c), amended and (2)(a)(X) and (2)(a)(XI) added, (SB 12S-002), ch. 1, p. 2420, § 19, effective May 19. L. 2013: (1), (2)(a)(II), (2)(a)(III), (2)(a)(VIII)(D), (2)(a)(XI), (2)(b), and IP(2)(c)(I) amended, (2)(a)(I.5) and (2)(a)(XII) added, and (2)(a)(VII) and (2)(a)(IX) repealed, (SB 13-181), ch. 209, p. 868, § 16, effective May 13. L. 2014: (2)(a)(VIII)(B) and (2)(a)(XII)(B) amended and (2)(a)(XIII) added, (HB 14-1333), ch. 356, p. 1660, § 16, effective June 6. L. 2015: (2)(a)(XIV) added, (SB 15-253), ch.192, p. 638, § 14, effective May 14. L. 2016: IP(2) and (2)(a)(XII) amended and (2)(a)(XV) and (2)(a)(XVI) added, (SB 16-174), ch. 163, p. 520, § 16, effective May 16; IP(2) amended and (2)(c)(III) added, (HB 16-1256), ch. 268, p. 1111, § 2, effective June 9; (2)(a)(XVII) added, (SB 16-218), ch. 289, p. 1173, § 5, effective June 10. L. 2017: (2)(a)(XVIII) added, (SB 17-260), ch. 157, p. 536, § 1, effective April 28; (2)(a)(X)(A), (2)(a)(X)(B), (2)(a)(X)(C), (2)(a)(XV), and (2)(a)(XVI) amended and (2)(a)(X)(E), (2)(a)(XIX), and (2)(a)(XX) added, (HB 17-1248), ch. 229, p. 891, § 22, effective May 23. L. 2018: (2)(b) amended and (2)(c)(IV) added, (HB 18-1338), ch. 201, p. 1311, § 14, effective May 4; (2)(a)(XXI) added, (SB 18-218), ch. 336, p. 2016, § 15, effective May 30. L. 2019: (2)(a)(XVI) amended, (SB 19-212), ch. 121, p. 526, § 4, effective April 17; IP(2) and (2)(a)(XVI) amended, (SB 19-221), ch. 417, p. 3669, § 15, effective June 3. L. 2020: (2)(a)(XXII) added, (HB 20-1381), ch. 171, p. 786, § 8, effective June 29; IP(2) and IP(2)(c)(I) amended and (2)(c)(III) repealed, (SB 20-136), ch. 70, p. 297, § 50, effective September 14. L. 2021: (2)(b)(III) and (2)(c)(V) added, (SB 21-220), ch. 81, p. 310, § 5, effective April 30; (2)(a)(I.5), (2)(a)(II), and IP(2)(c)(I) amended and (2)(a)(II.5) added, (SB 21-281), ch. 255, p. 1494, § 4, effective June 18; (2)(c)(VI) added, (HB 21-1260), ch. 331, p. 2141, § 4, effective June 24.

Cross references: (1) For the legislative declaration in SB 07-246, see section 1 of chapter 321, Session Laws of Colorado 2007.
(2) For the legislative declaration in SB 20-136, see section 1 of chapter 70, Session Laws of Colorado 2020.
(3) For the legislative declaration in SB 21-281, see section 1 of chapter 255, Session Laws of Colorado 2021. For the legislative declaration in HB 21-1260, see section 1 of chapter 331, Session Laws of Colorado 2021.