All Roll Calls
Yes: 153 • No: 65
ColoradoSB25-0812025 Regular SessionSenate
Treasurer's Office
Sponsored By: Emily Sirota (Democratic), Jeff Bridges (Democratic), Judy Amabile (Democratic), Shannon Bird
Signed by Governor
State Government
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 5 benefits, 1 costs, 1 mixed.
Colorado gains digital security financing option
The State Treasurer can use security token offerings, a form of digital securities, to finance state capital needs. The Treasurer can also adopt rules for this financing tool. The law names no specific project or funding amount and provides no direct household payment.
Infrastructure bonds carry no state repayment promise
BUILDA can sell bonds to finance its work, with repayment periods up to 30 years. Bond payments come only from its Bonding Fund and related pledged accounts, not state taxes or appropriations. These bonds are not state debt or a state liability. Public entities can invest only when the bonds meet public-money investment rules.
New financing for Colorado infrastructure projects
The law creates BUILDA, a public authority, and a revolving fund to finance selected projects ready to begin. Eligible projects include transportation, transit communities, courthouses, utilities, energy, recycling, schools, water, housing, and digital or community development infrastructure. Applicants must follow authority rules; selection favors pension investment matches, local hiring, apprenticeships, labor agreements, and under-represented communities. Startup money can include gifts, grants, donations, and borrowing; borrowed money must be repaid within a reasonable time after revenues arrive. No total financing amount is set. An 11-member board chaired by the Treasurer oversees BUILDA, with appointments and its first meeting required by January 1, 2026. Public records rules and annual audits apply, and annual reports are due September 30, starting in 2026.
Worker standards shape infrastructure project choices
BUILDA must work with under-represented communities and organizations and use responsible contracting and labor practices. It must follow state and federal prevailing-wage and apprenticeship rules wherever those laws apply. When those rules are not required, BUILDA must favor projects that voluntarily follow Colorado's wage and apprenticeship standards. This preference does not make those standards mandatory for every project.
Colorado tax exemptions for infrastructure bonds
BUILDA's income, property, bonds, and other covered obligations are exempt from Colorado taxes and assessments. The exemptions also cover bond interest, transfers, income from these securities, and related legal documents. The bonds are exempt from specified Colorado securities-law rules. These state exemptions do not guarantee federal tax-free treatment.
Infrastructure borrowers face fees and loan limits
BUILDA can charge state agencies and other borrowers or service users reasonable fees to cover costs and maintain reserves. The law sets no fee amount or direct household charge. After a loan is fully repaid, BUILDA must close it. The authority cannot use that closed loan as equity for another project.
State financing fund gains broader flexibility
The Treasurer sets contributions from covered state borrowing to the State Public Financing Cash Fund, within federal tax limits. The law removes the old contribution cap: the lesser of $100,000 or 2% of principal proceeds. The fund can reimburse verifiable issuance and ongoing compliance costs without bond counsel approval. Its money remains available without a new annual appropriation, and unused balances carry forward.
Sponsors & Cosponsors
Sponsors
Emily Sirota
Democratic • House
Jeff Bridges
Democratic • Senate
Judy Amabile
Democratic • Senate
Shannon Bird
Affiliation unavailable
Cosponsors
Andrew Boesenecker
Democratic • House
Brianna Titone
Democratic • House
Chad Clifford
Democratic • House
Jennifer Bacon
Democratic • House
Junie Joseph
Democratic • House
Julie McCluskie
Democratic • House
Karen McCormick
Democratic • House
Lorena Garcia
Democratic • House
Lesley Smith
Democratic • House
Mandy Lindsay
Democratic • House
Manny Rutinel
Democratic • House
Naquetta Ricks
Democratic • House
Tammy Story
Democratic • House
Chris Kolker
Democratic • Senate
Dylan Roberts
Democratic • Senate
Matt Ball
Democratic • Senate
Roll Call Votes
Senate vote • 4/28/2025
House amendments: Repass
Yes: 22 • No: 11
Senate vote • 4/28/2025
House amendments: Concur
Yes: 30 • No: 3
House vote • 4/25/2025
Third reading: Bill
Yes: 40 • No: 23
House vote • 4/21/2025
Refer Senate Bill 25-081, as amended, to the Committee on Appropriations.
Yes: 8 • No: 5
House vote • 4/21/2025
Reconsider the prior motion on Senate Bill 25-081.
Yes: 11 • No: 2
House vote • 4/21/2025
Refer Senate Bill 25-081, as amended, to the Committee of the Whole.
Yes: 10 • No: 3
Senate vote • 3/12/2025
Third reading: Bill
Yes: 22 • No: 12
Senate vote • 3/7/2025
Refer Senate Bill 25-081 to the Committee of the Whole.
Yes: 4 • No: 3
Senate vote • 2/18/2025
Refer Senate Bill 25-081, as amended, to the Committee on Appropriations.
Yes: 6 • No: 3
Actions Timeline
Governor Signed
5/31/2025HouseSigned by the Speaker of the House
5/2/2025HouseSent to the Governor
5/2/2025HouseSigned by the President of the Senate
5/1/2025SenateSenate Considered House Amendments - Result was to Concur - Repass
4/28/2025SenateHouse Third Reading Passed - No Amendments
4/25/2025HouseHouse Second Reading Special Order - Passed with Amendments - Committee
4/24/2025HouseHouse Committee on Finance Refer Amended to House Committee of the Whole
4/21/2025HouseSenate Third Reading Passed - No Amendments
3/12/2025SenateIntroduced In House - Assigned to Finance
3/12/2025HouseSenate Second Reading Passed with Amendments - Floor
3/11/2025SenateSenate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
3/7/2025SenateSenate Committee on Finance Refer Amended to Appropriations
2/18/2025SenateIntroduced In Senate - Assigned to Finance
1/23/2025Senate
Bill Text
Engrossed
Final Act
House Finance Preamend
Introduced
Reengrossed
Rerevised
Revised
Senate Finance Preamend
Signed Act