Governor Jared Polis is set to sign some of the most significant bills from the 2024 legislative session into law this week, aiming to make Colorado one of the “10 safest states” in the country.
On Thursday, the governor will sign Senate bills 229 and 230, forming agreements with the oil and gas industry and environmental community. SB 230 will impose production fees on oil and gas drilling, with the proceeds directed towards improving transit service, funding passenger rail projects, and wildlife and land remediation services. The fees, ranging from 4 cents to 24 cents per barrel, are expected to generate millions annually.
The signing of gun measures also took place on Wednesday, with Senate Bill 3 allowing the Colorado Bureau of Investigation to investigate illegal activity involving firearms. Another bill signed, House Bill 1348, requires firearms to be stored in a locked container if left unattended inside a vehicle.
Furthermore, Polis signed bipartisan deals on Tuesday with SB 233 and SB 228. SB 233 addresses property taxes, reducing assessment rates for homeowners and multifamily properties. Commercial building assessment rates will also be reduced over three years. This measure is expected to provide $1.3 billion in property tax relief and protect education funding.
SB 228 deals with the Taxpayer’s Bill of Rights refund mechanism, bringing temporary state income tax reduction and reductions in state sales and use tax rates. This bill gives Republicans a long-sought-after win on income tax rate reductions.
These bills mark significant steps towards addressing key issues in Colorado and reflect the collaborative efforts of lawmakers from both parties.
