(1)(a) All money received and collected in payment of the tax imposed by this article 28, except license fees received under section 39-28-102 and the money collected pursuant to section 39-28-103.5, shall be transmitted to the state treasurer who shall distribute the money as follows: Fifteen percent to the general fund and eighty-five percent to the old age pension fund.(b) The net revenue that is credited to the old age pension fund created in section 1 of article XXIV of the state constitution in accordance with subsection (1)(a) of this section and section 2 (a) of article XXIV of the state constitution is transferred to the general fund in accordance with section 7 (c) of article XXIV of the state constitution. Of this money or the fifteen percent that is directly credited to the general fund, the state treasurer shall transfer an amount equal to the total revenue that is attributable to the tax imposed under section 39-28-103.3 and the tax increase set forth in section 39-28-103 approved by the voters at the statewide election in November 2020 to the 2020 tax holding fund created in section 24-22-118(1).(2) All moneys received and collected in payment of the tax imposed pursuant to section 39-28-103.5 shall be transmitted to the state treasurer for deposit in the tobacco tax cash fund created in section 24-22-117, C.R.S.Amended by 2020 Ch. 248,§8, as passed by voters in the 11/3/2020 election in Proposition EE, eff. 1/1/2021.L. 64: p. 825, § 10. C.R.S. 1963: § 138-8-10. L. 2005: Entire section amended, p. 909, § 8, effective June 2; entire section amended, p. 925, § 9, effective June 2.
Section 27(2) of chapter 248 (HB 20-1427), Session Laws of Colorado 2020, provides that changes to this section take effect on the date of the governor's proclamation or January 1, 2021, whichever is later, only if, at the November 2020 statewide election, a majority of voters approve the ballot issue referred in accordance with section 39-28-401. The ballot issue, referred to the voters as proposition EE, was approved on November 3, 2020, and was proclaimed by the Governor on December 31, 2020. The vote count for the measure was as follows:
(1) For the old age pension fund, see article XXIV of the state constitution and §26-2-115; for distribution to local governments of an amount from income tax proceeds equal to the cigarette tax, see §39-22-623. (2) For the legislative declaration contained in the 2005 act amending this section, see section 1 of chapter 241, Session Laws of Colorado 2005.