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Legislative Year: 2024 Change
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Bill Detail: HB24-1453

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Title Relocate Title 24 CLIMBER Act
Status Sent to the Governor (05/17/2024)
Bill Subjects
  • Business & Economic Development
  • State Government
House Sponsors N. Ricks (D)
Senate Sponsors J. Coleman (D)
C. Kolker (D)
House Committee Finance
Senate Committee Finance
Date Introduced 04/15/2024
Summary

The bill relocates the Colorado Loans for Increasing Main Street
Business Economic Recovery Act and renames it the Colorado Loans
for Increasing Main Street Business Economic Resiliency Act
(CLIMBER Act). Specifically, the bill moves the administration of the
CLIMBER Act loan program and insurance premium tax credits from the
department of the treasury (department) to the office of economic
development (office) and transfers the associated powers, duties, and
functions of the administration of the CLIMBER Act from the department
to the office. Along with this relocation, the bill makes the following
changes to the CLIMBER Act:
  • For the small business recovery and resiliency loan
program, removes the requirement that at least 90% of the
money in any prior tranche be invested in small business
loans before the office can provide another tranche to a
loan program or to the Colorado credit reserve;
  • Allows the office to accept and expend gifts, grants,
donations, and federal funds to support the CLIMBER Act
and credits this money to the existing small business
recovery and resiliency fund; and
  • Removes the future repeal of the CLIMBER Act and other
future repeal dates located within the individual provisions
of the CLIMBER Act.
The bill also makes a conforming amendment and repeals the
provisions of law where the CLIMBER Act was previously codified.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (04/17/2024) (most recent)  
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