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ColoradoSB26-1182026 Regular SessionSenate

Legacy Giving to Charitable Organizations

Sponsored By: Chad Clifford (Democratic), Cleave Simpson (Republican), James Coleman (Democratic)

Signed by Governor

Financial Services & CommerceProbate, Trusts, & Fiduciaries

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Charities must preserve money for estate claims

Charitable death gifts remain available for qualifying creditor claims, required estate allowances, and a surviving spouse's legal share. After written notice from the estate's representative, a charity must hold the needed funds in trust while a potential claim is decided. A charity liable for a claim must return the needed amount within 60 days after receiving the representative's written notice. Late returns accrue statutory interest each day; court remedies can include freezing or recovering funds and reasonable attorney fees. The scheduled start is August 12, 2026, for conduct on or after that date; a referendum petition delays implementation until voter approval and the governor's declaration.

Faster death benefit payments to charities

Colorado's law covers death gifts to charities from life insurance, annuities, pay-on-death accounts and securities, and retirement or employment plans. Covered financial firms must usually pay within 60 calendar days after receiving the charity's required sworn statement. Court orders and federal law can override that deadline. When federal law requires extra payment steps, payment cannot occur earlier than 120 days after receipt. The statement must identify the donor, benefits, and charity, request payment, and include tax documents, signature authorization, and a truth statement. It also requires a death certificate unless death notice was already received, plus acknowledgment of estate claims and spouse-claim deadlines. An in-person signer may need government-issued identification. Firms cannot require a new account or demand staff or board members' personal information beyond required documentation or federal compliance needs. Colorado banking, financial, and securities regulators can enforce these rules. The scheduled start is August 12, 2026, for conduct on or after that date; a referendum petition delays implementation until voter approval and the governor's declaration.

Sponsors & Cosponsors

Sponsors

  • Chad Clifford

    Democratic • House

  • Cleave Simpson

    Republican • Senate

  • James Coleman

    Democratic • Senate

Cosponsors

  • Andrew Boesenecker

    Democratic • House

  • Jennifer Bacon

    Democratic • House

  • Kenny Nguyen

    Democratic • House

  • Meg Froelich

    Democratic • House

  • Mandy Lindsay

    Democratic • House

  • Manny Rutinel

    Democratic • House

  • Sean Camacho

    Democratic • House

  • Cathy Kipp

    Democratic • Senate

  • Chris Kolker

    Democratic • Senate

  • Iman Jodeh

    Democratic • Senate

  • Julie Gonzales

    Democratic • Senate

  • Janice Marchman

    Democratic • Senate

  • Lisa Cutter

    Democratic • Senate

  • Lindsey Daugherty

    Democratic • Senate

  • Lisa Frizell

    Republican • Senate

  • Matt Ball

    Democratic • Senate

  • Marc Snyder

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 104 • No: 11

House vote • 3/27/2026

Third reading: Bill

Yes: 54 • No: 8

House vote • 3/23/2026

Refer Senate Bill 26-118 to the Committee of the Whole.

Yes: 9 • No: 1

Senate vote • 3/16/2026

Third reading: Bill

Yes: 32 • No: 2

Senate vote • 3/10/2026

Refer Senate Bill 26-118, as amended, to the Committee of the Whole and with a recommendation that it be placed on the consent calendar.

Yes: 9 • No: 0

Actions Timeline

  1. Governor Signed

    4/17/2026House

  2. Sent to the Governor

    4/8/2026House

  3. Signed by the President of the Senate

    4/7/2026Senate

  4. Signed by the Speaker of the House

    4/7/2026House

  5. House Third Reading Passed - No Amendments

    3/27/2026House

  6. House Second Reading Special Order - Passed - No Amendments

    3/26/2026House

  7. House Second Reading Special Order - Laid Over Daily - No Amendments

    3/25/2026House

  8. House Committee on Finance Refer Unamended to House Committee of the Whole

    3/23/2026House

  9. Senate Third Reading Passed - No Amendments

    3/16/2026Senate

  10. Introduced In House - Assigned to Finance

    3/16/2026House

  11. Senate Third Reading Passed with Amendments - Committee

    3/16/2026Senate

  12. Senate Second Reading Passed with Amendments - Committee

    3/13/2026Senate

  13. Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole

    3/10/2026Senate

  14. Introduced In Senate - Assigned to Finance

    2/19/2026Senate

Bill Text

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