The proposed bill would amend current statutes to establish the Public Safety Parity Fund (PSPF) aimed at funding salaries for employees of the Department of Public Safety (DPS) and the State Department of Corrections (DOC). It introduces new provisions for the sale of forfeited digital assets, allowing seizing agencies to sell these assets through state-approved platforms, with specific financial allocations: the first $300,000 of proceeds would go to the Anti-Racketeering Revolving Fund, while any excess would be split equally between the Anti-Racketeering Fund and the PSPF. Additionally, the bill mandates that digital assets be stored securely and defines "digital asset" to include virtual currencies and cryptocurrencies.

Furthermore, the bill redirects investment earnings from the Budget Stabilization Fund (BSF) to the PSPF instead of the BSF itself, and it requires the DOC to administer the PSPF, which is subject to legislative appropriation. Starting June 30, 2027, the DOC must allocate 40% of the PSPF to the Parity Compensation Fund, which is designed to enhance recruitment and retention of law enforcement personnel by considering compensation benchmarks from comparable agencies. The bill also makes technical and conforming changes to existing statutes to accommodate these updates.

Statutes affected:
Introduced Version: 13-4315, 35-144, 41-1610.02, 41-1720, 13-2314.01, 35-146, 35-147, 13-2314.03, 13-4310, 35-313, 35-314.02, 35-190, 37-1305