HOUSE BILL 981398
BY REPRESENTATIVES Tool, Agler, Arrington, Chavez, Dean, Epps, Hefley, Kaufman, Lawrence, Leyba, Mace, McElhany Morrison Pfiffner, Reeser, Romero, Salaz, Saliman, Sinclair, Smith, Snyder, Spradley, Tucker, Udall, Veiga, and Zimmerman;
also SENATORS Schroeder, Arnold, Bishop, Chlouber,
Hernandez, Hopper, Martinez, Mutzebaugh, Norton, Perlmutter, Phillips,
Powers, Rupert, and Tanner.
CONCERNING A REDUCTION IN THE RATE OF INTEREST ON
DEFERRED PROPERTY TAXES.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 393.5105
(5), Colorado Revised Statutes, is amended to read:
393.5105. Listing of taxdeferred
property tax as lien interest accrual repeal.
(5) (a) (I) PRIOR TO MAY 1, 1999, interest
shall accrue on deferred taxes at the rate of eight percent per
annum, beginning May 1 of the calendar year in which the deferral
is claimed, until the date on which such taxes are paid. Said
interest shall be compounded annually.
(II) THIS PARAGRAPH (a) IS REPEALED, EFFECTIVE
MAY 1, 1999.
(b) ON AND AFTER MAY 1, 1999, INTEREST
SHALL ACCRUE ON ALL TAXES DEFERRED PURSUANT TO DEFERRALS CLAIMED
PRIOR TO THE 1999 CALENDAR YEAR AT THE RATE OF SEVEN PERCENT PER
ANNUM UNTIL THE DATE ON WHICH SUCH TAXES ARE PAID. INTEREST SHALL
ACCRUE ON ALL TAXES DEFERRED PURSUANT TO DEFERRALS CLAIMED ON
AND AFTER JANUARY 1, 1999, AT THE RATE OF SEVEN PERCENT PER ANNUM,
BEGINNING MAY 1 OF THE CALENDAR YEAR IN WHICH THE DEFERRAL IS
CLAIMED, UNTIL THE DATE ON WHICH SUCH TAXES ARE PAID.
SECTION 2. No appropriation. The
general assembly has determined that this act can be implemented
within existing appropriations, and therefore no separate appropriation
of state moneys is necessary to carry out the provisions of this
act.
SECTION 3. Effective
date. This act shall take effect at 12:01 a.m.
on the day following the expiration of the ninetyday period
after final adjournment of the general assembly that is allowed
for submitting a referendum petition pursuant to article V, section
1 (3) of the state constitution; except that, if a referendum
petition is filed against this act or an item, section, or part
of this act within such period, then the act, item, section, or
part, if approved by the people, shall take effect on the date
of the official declaration of the vote thereon by proclamation
of the governor.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Patricia K. Dicks
CHIEF CLERK OF THE HOUSE ASSISTANT SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO