(1) As used in this section, unless the context otherwise requires, "director" means the director of research of the legislative council of the general assembly.

(2) (a) For every initiated measure properly submitted to the title board under section 1-40-106, the director shall prepare an initial fiscal impact statement, taking into consideration any fiscal impact estimate submitted by the designated representatives of the proponents or other interested person that is submitted in accordance with paragraph (b) of this subsection (2), the office of state planning and budgeting, and the department of local affairs. The director shall provide the designated representatives of the proponents and the secretary of state with the impact statement no later than the time of the title board meeting at which the proposed initiated measure is to be considered. The title board shall not conduct a hearing on the impact statement at this title board meeting, and the director's abstract that is included in the impact statement is final, unless modified in accordance with section 1-40-107. The director shall also post the statement on the legislative council staff website on the same day that it is provided to the designated representatives of the proponents.

(b) The designated representatives of the proponents or any other interested person may submit a fiscal impact estimate that includes an estimate of the effect the measure will have on state and local government revenues, expenditures, taxes, and fiscal liabilities if it is enacted. The director shall consider these estimates and the bases thereon when preparing the initial fiscal impact statement.

(c) The initial fiscal impact statement must:

(I) Be substantially similar in form and content to the fiscal notes provided by the legislative council of the general assembly for legislative measures pursuant to section 2-2-322, C.R.S.;

(II) Indicate whether there is a fiscal impact for the initiated measure; and

(III) Include an abstract described in subsection (3) of this section.

(3) The abstract must include:

(a) An estimate of the effect the measure will have on state and local government revenues, expenditures, taxes, and fiscal liabilities if the measure is enacted;

(b) A statement of the measure's economic benefits for all Coloradans;

(c) An estimate of the amount of any state and local government recurring expenditures or fiscal liabilities if the measure is enacted;

(d) For any initiated measure that modifies the state tax laws, an estimate, if feasible, of the impact to the average taxpayer if the measure is enacted; and

(e) The following statement: "The abstract includes estimates of the fiscal impact of the proposed initiative. If this initiative is to be placed on the ballot, legislative council staff will prepare new estimates as part of a fiscal impact statement, which includes an abstract of that information. All fiscal impact statements are available at and the abstract will be included in the ballot information booklet that is prepared for the initiative.".

(4) The abstract for a measure, as amended in accordance with section 1-40-107, must be included in a petition section as provided in section 1-40-110 (3).

(5) Neither the legislative council of the general assembly nor its executive committee may modify the initial fiscal impact statement prepared by the director. This restriction does not apply to the final fiscal impact statement prepared in accordance with section 1-40-124.5.

(6) At the same time the director posts the initial fiscal impact statement on the legislative council website, he or she shall also post on the website all fiscal impact estimates received in accordance with paragraph (b) of subsection (2) of this section.