It's a new year, and that means a new legislative session in Colorado. With hundreds of bills on the docket, there are bound to be some hot topics that will spark spirited debates. Let's take a look at some of the key issues that state legislators will be tackling in 2024.
Taxing Short-Term Rentals Like Hotels
One of the bills that will be introduced this year aims to raise the tax on properties used as short-term rentals for more than 90 days per year. Sponsored by Denver Democrat Chris Hansen, the legislation would classify certain short-term rentals as lodging properties, subjecting them to a higher property tax rate. The goal is to target investors who buy up housing stock and rent it out on a short-term basis, essentially turning them into disguised hotel rooms. While this proposal may not receive much Republican support, proponents argue that it's a necessary measure to address the impact of short-term rentals on communities.
Fully Funding Education
Another important issue on the agenda for the 2024 session is fully funding Colorado's schools and eliminating the budget stabilization factor. This factor, which was implemented during the Great Recession, has resulted in a reduction in state funding to school districts over the past 14 years. Governor Jared Polis has proposed an additional $564 million to pay off the budget stabilization factor deficit and fully fund public and charter schools. This bipartisan effort aims to address the long-standing underfunding of education in the state.
The Land-Use Debate is Coming Back to the Capitol
The land-use debate took center stage in last year's legislative session with a bill aimed at creating statewide affordable housing. Although that bill didn't pass, it is expected to make a return in smaller, separate pieces of legislation this year. Democrats are taking an incremental approach, aiming to get as much of the bill passed as possible. Some of the key aspects that may be addressed include removing minimum parking requirements, lifting occupancy limits, incentivizing accessory dwelling units, and creating plans to address the most urgent housing needs in each region of the state. Additionally, both Democrat and Republican lawmakers are eager to address the construction defect laws that have hindered condo development and impacted the affordable housing market.
Getting One Step Closer to a Front Range Rail
Transportation is always a hot topic, and this year is no different. State Senator Steve Fenberg, who represents Boulder County, is introducing a bill to position Colorado to receive federal funding for a rail system along the Front Range. The goal is to finally fulfill the promise of a rail line from Denver to Boulder and expand it from Pueblo to Fort Collins. By joining the Federal Railroad Administration's Corridor Identification and Development Program, Colorado has already taken a step in the right direction. With Fenberg's proposed bill, the hope is to conduct further research and bring this visionary project closer to reality.
Another transportation bill expected to be introduced this session involves increasing vehicle registration fees for cars over 3,500 pounds, primarily SUVs and trucks. The additional revenue generated from these fees would be used to fund multimodal safety projects in Colorado's largest counties.
As the 2024 legislative session gets underway, it's clear that there are several significant issues on the agenda. From short-term rentals to education and transportation, lawmakers will be engaged in passionate debates to shape the future of Colorado. Stay tuned to see how these discussions unfold and what decisions are made that will impact the lives of Coloradans.