Gov. Jared Polis is signing some of the most significant bills from the 2024 legislative session into law this week.

On Thursday, the governor will sign Senate bills 229 and 230, which form agreements with the oil and gas industry and environmental community.

SB 230 will impose production fees on oil and gas drilling, depending on the price of a barrel of oil, with the proceeds directed to improve transit service, frequency, and ridership, fund passenger rail projects, and fund wildlife and land remediation services.

The Energy and Carbon Management Commission will adjust the fees quarterly. They range from 4 cents to 24 cents per barrel and are expected to generate about $109 million in 2025-26 and $175 million annually thereafter.

The agreement included some of Colorado’s largest oil companies — Civitas, Chevron, and Oxy — and environmental groups Conservation Colorado, Southwest Energy Efficiency Project, Green Latinos, CoPIRG, Earthworks, Western Resource Advocates, and Healthy Air and Water Colorado.

The two sides agreed to pull ballot measures and other legislation at the state Capitol in exchange for the agreement.

SB 229 limits nitrogen oxide emissions from oil and gas operations between May 1 and Sept. 30, to be regulated by the Department of Public Health & Environment.

Gun measures

On Wednesday, the governor signed two bills into law on firearms, part of his intent to make Colorado one of the “10 safest states” in the country. That signing took place on the day when US News & World Report said Colorado has become the third most dangerous state in the country based on violent and property crimes.

Senate Bill 3 allows the Colorado Bureau of Investigation to investigate illegal activity involving firearms. The law requires collaboration between the CBI and local law enforcement. It targets crimes involving illegal firearms components, such as magazines that exceed the state limit of 15 rounds, ghost guns, and attempts by felons to purchase guns in violation of state law.

Among the bill’s sponsors is Sen. Tom Sullivan, D-Centennial, who has championed some of the prominent gun-related proposals at the state Capitol.

Polis also signed House Bill 1348, which requires firearms to be stored inside a locked container if they are left unattended inside a vehicle. The bill was among the last to pass the General Assembly, partly because of Senate efforts to attach an amendment adding additional penalties for stealing a firearm from a motor vehicle.

Last year, two firearms were stolen from a truck parked at the state Capitol and owned by state Rep. Ron Weinberg, R-Loveland.

According to the Denver Police Department, 846 of the 1,221 guns that were reported as being stolen were stolen from vehicles in 2023. Of those stolen firearms, 61% were stolen without stealing the car itself.

Click here to read more about the debates among lawmakers concerning the bills, both of which faced significant pushback from Republicans and some moderate Democrats.

TABOR and property taxes

On Tuesday, Polis signed the session’s biggest bipartisan deals contained in Senate Bill 233 and Senate Bill 228.

SB 233, which deals with property taxes, reduce the assessment rates for homeowners from 7.06% to 6.8% and the assessed value of homes up to $700,000 by 10%. Multifamily assessment rates would also be reduced from 6.8% to 6.7%.

Commercial building assessment rates, excluded from the 2023 property tax fix that voters rejected, will be reduced from 29% to 25% over three years.

Sponsors claimed the measure will provide $1.3 billion in property tax relief in the 2024 tax year. They added that the measure protects education funding. It includes $10 million to backfill local governments for lost property tax revenues.

The bill was, in part, a response to two ballot measures. One is already on the November ballot, limiting property tax increases to 4% per year. The other measure, still in the petition process, would also lower assessment rates.

SB 233 was sponsored by Speaker Pro tem Rep. Chris deGruy Kennedy, D-Lakewood, and Rep. Lisa Frizell, R-Castle Rock, as well as by Sens. Chris Hansen, D-Denver and Barbara Kirkmeyer, R-Weld County.

SB 228, which deals with the Taxpayer’s Bill of Rights refund mechanism, brings back the temporary state income tax reduction, lowering it from 4.4% to 4.25%, and offers a temporary reduction in state sales and use tax rates, beginning with the 2024-25 TABOR surplus.

The bill gives Republicans a long-sought-after win on income tax rate reductions. Democrats signed on to win Polis’ support on tax credit bills that would provide financial support for low-income families.

SB 228 was sponsored by deGruy Kennedy, House Minority Leader Rose Pugliese, R-Colorado Springs, Senate Minority Leader Paul Lundeen, R-Colorado Springs, and Sen. Kyle Mullica, D-Northglenn.