republic-os/legislation/us/states/co/2021a/hb-21-1316.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Conform The Term Lease Purchase To Accounting Standards	The state controller is required to prescribe a unified system of accounts and prepare financial statements based on systems set forth by the governmental accounting standards board (GASB). Statement number 87 by GASB, which affects state and local government fiscal years after June 15, 2021, requires that a contract that transfers ownership of an asset be accounted for and reported as a financed purchase or sale of an asset, regardless of whether the contract is labeled by the parties as a lease.Effective July 1, 2021, the act replaces the term "lease-purchase agreement", and, as necessary to effectuate the purpose of the act, substantially similar terms, with "financed purchase of an asset or certificate of participation agreement", and, as necessary to effectuate the intent of the act, substantially similar terms, throughout the Colorado Revised Statutes to clarify that, in accordance with GASB requirements, any such state or local public contract is to be accounted for and reported by the state controller as a financed purchase or sale of the underlying asset rather than as a lease.(Note: This summary applies to this bill as enacted.)	us/states/co	Colorado General Assembly	2021A	HB 21-1316	Colorado HB 21-1316 (2021A)	bill		enacted	Andres Pico Barbara Kirkmeyer Dominick Moreno Donald Valdez	8	13	2	2021-05-14T06:00:00+00:00	2021-06-24T06:00:00+00:00	openstates	ocd-bill/16cf224f-2d74-457e-84f5-10b6c528adc4	http://leg.colorado.gov/bills/hb21-1316	0b1e6c83598b862eeac634a39118ac2f983dc69d86ebd41bb369a31161e774eb	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-co

Colorado HB 21-1316 (2021A) — Conform The Term Lease Purchase To Accounting Standards

The state controller is required to prescribe a unified system of accounts and prepare financial statements based on systems set forth by the governmental accounting standards board (GASB). Statement number 87 by GASB, which affects state and local government fiscal years after June 15, 2021, requires that a contract that transfers ownership of an asset be accounted for and reported as a financed purchase or sale of an asset, regardless of whether the contract is labeled by the parties as a lease.Effective July 1, 2021, the act replaces the term "lease-purchase agreement", and, as necessary to effectuate the purpose of the act, substantially similar terms, with "financed purchase of an asset or certificate of participation agreement", and, as necessary to effectuate the intent of the act, substantially similar terms, throughout the Colorado Revised Statutes to clarify that, in accordance with GASB requirements, any such state or local public contract is to be accounted for and reported by the state controller as a financed purchase or sale of the underlying asset rather than as a lease.(Note: This summary applies to this bill as enacted.)

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Committee Amendment (committee substitute) — source
2. Engrossed (06/01/2021) (committee substitute) — source
3. Final Act (06/21/2021) (committee substitute) — source
4. Introduced (05/14/2021) (committee substitute) — source
5. Reengrossed (06/02/2021) (committee substitute) — source
6. Rerevised (06/04/2021) (committee substitute) — source
7. Revised (06/03/2021) (committee substitute) — source
8. Signed Act (06/24/2021) (committee substitute) — source

Votes

• BILL — 35–0 (pass) · upper
• BILL — 63–2 (pass) · lower

Sponsors

• Andres Pico — primary (person)
• Barbara Kirkmeyer — primary (person)
• Dominick Moreno — primary (person)
• Donald Valdez — primary (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2021-06-24T06:00:00+00:00 Governor Signed executive-signature
• 2021-06-21T06:00:00+00:00 Sent to the Governor executive-receipt
• 2021-06-21T06:00:00+00:00 Signed by the Speaker of the House
• 2021-06-21T06:00:00+00:00 Signed by the President of the Senate
• 2021-06-04T06:00:00+00:00 Senate Third Reading Passed - No Amendments passage, reading-3
• 2021-06-03T06:00:00+00:00 Senate Second Reading Special Order - Passed - No Amendments
• 2021-06-02T06:00:00+00:00 Senate Committee on State, Veterans, & Military Affairs Refer Unamended - Consent Calendar to Senate Committee of the Whole committee-passage
• 2021-06-02T06:00:00+00:00 Introduced In Senate - Assigned to State, Veterans, & Military Affairs introduction
• 2021-06-02T06:00:00+00:00 House Third Reading Passed - No Amendments passage, reading-3
• 2021-06-01T06:00:00+00:00 House Second Reading Special Order - Passed - No Amendments
• 2021-05-24T06:00:00+00:00 House Second Reading Laid Over Daily - No Amendments
• 2021-05-20T06:00:00+00:00 House Committee on State, Civic, Military, & Veterans Affairs Refer Unamended to House Committee of the Whole committee-passage, referral-committee
• 2021-05-14T06:00:00+00:00 Introduced In House - Assigned to State, Civic, Military, & Veterans Affairs introduction

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/16cf224f-2d74-457e-84f5-10b6c528adc4. Confidence: reported (aggregated from official Colorado legislature records).