Section 20 of article X of the state constitution (TABOR) defines "fiscal year spending" as not including either "damage awards" or "property sales". Although TABOR does not define either "damage award" or "property sale", the TABOR implementing statutes do. The act clarifies both of these definitions for state fiscal years commencing on or after July 1, 2024.
The act clarifies that "damage award", as used for the purpose of determining whether specific money received by the state is subject to the TABOR limitation on state fiscal year spending, includes certain fines and monetary penalties imposed by the state.
The act also clarifies that "property sale", as used for the purpose of determining whether specific money received by the state is subject to the TABOR limitation on state fiscal year spending, includes certain specified types of sales by the state.
(Note: This summary applies to this bill as enacted.)