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Colorado Revised Statutes Title 24. Government State § 24-30-2305. Inflation reduction act elective pay--central submission of applications--cash fund--definition

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) In addition to the powers, duties, and functions of the office specified in section 24-30-2303, the office shall review and coordinate state agencies' elective pay applications and work with the office of the state controller to coordinate central submissions of elective pay applications. The office shall advise and provide technical assistance to state agencies on all aspects of elective pay to the extent feasible. State agencies shall submit elective pay applications directly to the office of the state controller.

(2)(a) The inflation reduction act elective pay cash fund, referred to in this section as the “cash fund”, is created in the state treasury. The cash fund consists of money received by the state or state agencies pursuant to the elective pay provisions of the federal “Inflation Reduction Act of 2022”, Pub.L. 117-169, 136 Stat. 1818 (2022), all of which must be deposited into the cash fund, and any other money that the general assembly may appropriate or transfer to the cash fund.

(b) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the cash fund to the cash fund. Any unexpended and unencumbered money remaining in the cash fund at the end of a fiscal year shall remain in the cash fund.

(c) Money in the cash fund is continuously appropriated to the department to be used for the purposes specified in this part 23.

(3) The department may solicit, accept, and expend gifts, grants, and donations for the purposes specified in this part 23. The department shall credit any gifts, grants, and donations to the cash fund.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 24. Government State § 24-30-2305. Inflation reduction act elective pay--central submission of applications--cash fund--definition - last updated January 01, 2025 | https://codes.findlaw.com/co/title-24-government-state/co-rev-st-sect-24-30-2305/

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