Merge Department Of Revenue Division Of Motor Vehicles Cash Funds
The licensing services cash fund (fund) consists mainly of fees charged for the issuance of drivers' licenses, driving permits, and state identification cards. The department of revenue (department) uses the fund primarily to fund the issuance of those documents.
The Colorado DRIVES vehicle services account (DRIVES account) of the highway users tax fund consists mainly of vehicle title and registration fees and specific ownership tax transaction fees. The department uses the DRIVES account for the development and operation of the department's driver and motor vehicles services software platform commonly known as Colorado DRIVES.
Effective July 1, 2022, the act merges the fund into the DRIVES account, which involves:
- Repealing the fund and requiring all money in the fund to be credited to the DRIVES account;
- Requiring all fees that had been credited to the fund to instead be credited to the DRIVES account; and
- Requiring all functions that had been funded from the fund to instead be funded from the DRIVES account.
The act also requires DRIVES account investment earnings to be credited to the account.
(Note: This summary applies to this bill as enacted.)