SB 03-001

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	First Regular Session Sixty-fourth General Assembly STATE OF COLORADO BILLPAPER LLS NO. 03-0191.01 John Hershey SENATE BILL 03-001 SENATE SPONSORSHIP Cairns HOUSE SPONSORSHIP Lee Senate Committees House Committees A BILL FOR AN ACT CONCERNING PROPERTY TAX CREDITS TO SUPPORT EDUCATION IN THE STATE. Bill Summary (Note: This summary applies to this bill as introduced and does not necessarily reflect any amendments that may be subsequently adopted.) Allows a credit against property taxes levied by school districts in the amount of voluntary contributions up to specified amounts to school tuition organizations (STOs), defined as tax-exempt charitable groups that provide scholarships or grants to children to allow them to attend any independent or parochial school of their parents' or guardians' choice. States that STOs may not limit the availability of such scholarships or grants to the students of only one school. Disallows the credit to any taxpayer who designates a contribution to an STO for the benefit of a dependent. Permits a taxpayer to claim additional credits for contributions to STOs for the benefit of dependents of persons whose annual income does not exceed a specified level. Allows a credit against property taxes levied by school districts in the amount of fees paid to public and charter schools for participation in extracurricular activities up to specified amounts. States that taxpayers who pay property taxes directly may claim the credit by submitting the required documents in partial or full payment of property taxes levied by school districts. Permits taxpayers who pay property taxes through an escrow agent to receive refunds from the escrow agent in the amount of the tax credits. Permits qualified beneficiaries who do not claim the property tax credit for contributions to STOs to assign one or more tax credits to an STO in exchange for scholarships or grants for a child designated by the qualified beneficiary. Permits the STO to market the credit to a taxpayer at a specified discount. Permits renters who do not claim the property tax credit for extracurricular fees to assign the tax credit to their landlords in payment of rent. Provides that the tax credits granted by the act shall not affect a district's share of its total program for purposes of the "Public School Finance Act of 1994". Defines terms. Makes legislative findings and declarations. Be it enacted by the General Assembly of the State of Colorado: SECTION 10 Title 39, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW ARTICLE to read: ARTICLE 3.8 Property Tax Credits for Educational Contributions and Fees 39-3.8-101. Legislative declaration. THE GENERAL ASSEMBLY HEREBY FINDS AND DECLARES THAT: (1) NONGOVERNMENTAL SCHOOLS PLAY AN IMPORTANT ROLE IN ACHIEVING COLORADO'S EDUCATIONAL GOALS OF REDUCING CLASS SIZES AND ENHANCING EDUCATIONAL OPPORTUNITIES FOR ALL CHILDREN. (2) ALL COLORADANS SUPPORT PUBLIC EDUCATION THROUGH SALES AND INCOME TAXES. PUBLIC EDUCATION IS ALSO SUPPORTED BY PROPERTY TAXES PAID BY HOMEOWNERS AND ESSENTIALLY PAID BY RENTERS AS A PORTION OF THEIR RENT. FAMILIES WITH CHILDREN IN NONGOVERNMENTAL SCHOOLS ALSO SUPPORT THESE SCHOOLS THROUGH TUITION, WITH THE RESULTS THAT NONGOVERNMENTAL SCHOOLS OFTEN HAVE INADEQUATE RESOURCES AND MANY FAMILIES THAT DESIRE AN EDUCATIONAL CHOICE ARE UNABLE TO AFFORD IT. (3) AS A RESULT OF SECTION 17 OF ARTICLE IX OF THE STATE CONSTITUTION, WHICH WAS APPROVED BY VOTERS IN THE 2000 GENERAL ELECTION, PUBLIC EDUCATION IN THIS STATE WILL BE ADEQUATELY FUNDED. IT IS THEREFORE GOOD PUBLIC POLICY TO MAKE EDUCATIONAL CHOICES AVAILABLE TO MORE FAMILIES, ESPECIALLY LOW-INCOME FAMILIES, WITHOUT IMPROPERLY INVOLVING THE STATE IN DIRECT SUPPORT OF PAROCHIAL SCHOOLS. (4) BY GRANTING PROPERTY TAX CREDITS TO PEOPLE WHO MAKE CONTRIBUTIONS TO SCHOOL TUITION ORGANIZATIONS AND PERMITTING PEOPLE WHO CANNOT AFFORD THE CONTRIBUTIONS TO MARKET THEIR UNUSED TAX CREDITS TO PEOPLE WHO CAN USE THEM, THE STATE CAN HELP TO MAKE ACCESS TO EDUCATIONAL CHOICE MORE FAIR AND EQUAL. SINCE PARENTS DECIDE HOW OR WHETHER TO SUPPORT NONGOVERNMENTAL SCHOOLS AND NO STATE MONEY GOES DIRECTLY TO SUCH SCHOOLS, THIS SYSTEM MAKES POSSIBLE THE GENUINE AND INDEPENDENT CHOICES OF PRIVATE INDIVIDUALS AND AVOIDS ANY DANGER THAT THE STATE COULD IMPERMISSIBLY SUPPORT OR INFLUENCE PAROCHIAL EDUCATION. (5) DESPITE THE INCREASES IN FUNDING FOR PUBLIC SCHOOLS, MANY FAMILIES STILL CANNOT AFFORD THE FEES REQUIRED FOR THEIR CHILDREN TO PARTICIPATE IN EXTRACURRICULAR ACTIVITIES. IT IS THEREFORE GOOD PUBLIC POLICY TO GRANT PROPERTY TAX CREDITS IN ORDER TO MAKE OPPORTUNITIES TO PARTICIPATE IN THESE ACTIVITIES AVAILABLE TO MORE FAMILIES REGARDLESS OF INCOME. 39-3.8-102. Definitions. AS USED IN THIS ARTICLE, UNLESS THE CONTEXT OTHERWISE REQUIRES: (1) "EXTRACURRICULAR ACTIVITY" MEANS ANY ACTIVITY SPONSORED BY A PUBLIC SCHOOL OR CHARTER SCHOOL IN THIS STATE FOR WHICH ENROLLED STUDENTS ARE REQUIRED TO PAY A FEE IN ORDER TO PARTICIPATE, INCLUDING, BUT NOT LIMITED TO, FEES FOR BAND UNIFORMS, EQUIPMENT AND UNIFORMS FOR ATHLETIC ACTIVITIES, TUTORING, COMPUTER EQUIPMENT AND SOFTWARE, AND SCIENTIFIC LABORATORY MATERIALS. (2) "QUALIFIED BENEFICIARY" MEANS A RESIDENT OF THIS STATE WHOSE ANNUAL INCOME DOES NOT EXCEED ONE HUNDRED EIGHTY PERCENT OF THE FEDERAL POVERTY LEVEL AS DEFINED BY THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. (3) "RENTED DWELLING" MEANS A RESIDENTIAL PROPERTY IN WHICH A RENTER HAS A LEASEHOLD INTEREST. (4) "RENTER" MEANS A PERSON WHO ACTUALLY OCCUPIES A RENTED DWELLING AS THAT PERSON'S PRINCIPAL RESIDENCE DURING THE CALENDAR YEAR FOR WHICH THE CREDIT PROVIDED UNDER SECTION 39-3.8-107 IS CLAIMED. (5) "SCHOOL TUITION ORGANIZATION" MEANS A CHARITABLE ORGANIZATION IN THIS STATE THAT IS EXEMPT FROM FEDERAL TAXATION UNDER SECTION 501 (c) (3) OF THE FEDERAL "INTERNAL REVENUE CODE OF 1986", AS AMENDED, AND THAT ALLOCATES NINETY PERCENT OR MORE OF ITS ANNUAL REVENUE FOR EDUCATIONAL SCHOLARSHIPS OR TUITION GRANTS TO CHILDREN TO ALLOW THEM TO ATTEND ANY INDEPENDENT OR PAROCHIAL SCHOOL OF THEIR PARENTS' OR GUARDIANS' CHOICE, BUT MAY NOT LIMIT THE AVAILABILITY OF SUCH SCHOLARSHIPS OR GRANTS TO THE STUDENTS OF ONLY ONE SCHOOL. (6) "TAXPAYER" MEANS A PERSON WHO CLAIMS A CREDIT GRANTED PURSUANT TO THIS ARTICLE. 39-3.8-103. Property tax credit - school tuition organizations. (1) (a) FOR ANY PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2003, A TAXPAYER SHALL BE ENTITLED TO CLAIM A CREDIT AGAINST AD VALOREM TAXES ON REAL PROPERTY OWNED BY THE TAXPAYER THAT ARE LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED. (b) THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE AMOUNT OF VOLUNTARY CASH CONTRIBUTIONS MADE BY THE TAXPAYER DURING THE PROPERTY TAX YEAR TO A SCHOOL TUITION ORGANIZATION, BUT NOT EXCEEDING FIVE HUNDRED DOLLARS IN ANY PROPERTY TAX YEAR FOR AN INDIVIDUAL PROPERTY OWNER OR SIX HUNDRED TWENTY-FIVE DOLLARS FOR TWO PERSONS WHO OWN PROPERTY AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP. (2) THE CREDIT ALLOWED BY THIS SECTION SHALL NOT BE ALLOWED TO ANY TAXPAYER WHO DESIGNATES THE TAXPAYER'S CONTRIBUTION TO A SCHOOL TUITION ORGANIZATION FOR THE BENEFIT OF THAT TAXPAYER'S DEPENDENT. (3) (a) A TAXPAYER MAY CLAIM ONLY ONE TAX CREDIT UNDER THIS SECTION PER PROPERTY TAX YEAR; EXCEPT THAT A TAXPAYER WHO MAKES ADDITIONAL CONTRIBUTIONS TO A SCHOOL TUITION ORGANIZATION PURSUANT TO PARAGRAPH (b) OF THIS SUBSECTION (3) MAY CLAIM AN UNLIMITED NUMBER OF SUCH CREDITS. (b) A TAXPAYER MAY CLAIM AN ADDITIONAL TAX CREDIT GRANTED BY THIS SECTION IN THE AMOUNT OF EACH VOLUNTARY CASH CONTRIBUTION THE TAXPAYER MAKES DURING THE PROPERTY TAX YEAR TO A SCHOOL TUITION ORGANIZATION FOR THE BENEFIT OF ANY DEPENDENT CHILD OF A QUALIFIED BENEFICIARY, NOT TO EXCEED THE AMOUNT OF THE GRANTS OR SCHOLARSHIPS TO THE CHILD THAT WERE MADE POSSIBLE BY THE CONTRIBUTION. A QUALIFIED BENEFICIARY WHOSE DEPENDENT CHILD RECEIVES SUCH A CONTRIBUTION MAY NOT CLAIM THE CREDIT GRANTED BY THIS SECTION. (4) A SCHOOL TUITION ORGANIZATION THAT RECEIVES A CONTRIBUTION SHALL, AT THE REQUEST OF THE PERSON MAKING THE CONTRIBUTION, ISSUE A RECEIPT TO THAT PERSON INDICATING THE NAME OF THE CONTRIBUTOR AND THE AMOUNT AND DATE OF THE CONTRIBUTION AND CERTIFYING THAT NO LESS THAN NINETY PERCENT OF THE CONTRIBUTION WILL BE USED FOR EDUCATIONAL SCHOLARSHIPS OR TUITION GRANTS. (5) CREDITS CLAIMED PURSUANT TO THIS SECTION MAY NOT BE REFUNDED OR CARRIED FORWARD TO SUBSEQUENT PROPERTY TAX YEARS. 39-3.8-104. Property tax credit - public school fees. (1) (a) FOR ANY PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2003, A TAXPAYER SHALL BE ENTITLED TO CLAIM A CREDIT AGAINST AD VALOREM TAXES ON REAL PROPERTY OWNED BY THE TAXPAYER THAT ARE LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED. (b) THE AMOUNT OF THE CREDIT SHALL BE THE AMOUNT OF ANY FEES PAID BY THE TAXPAYER DURING THE PROPERTY TAX YEAR TO A PUBLIC OR CHARTER SCHOOL IN THIS STATE FOR THE SUPPORT OF ANY EXTRACURRICULAR ACTIVITY OF THE SCHOOL, BUT NOT EXCEEDING TWO HUNDRED DOLLARS IN ANY PROPERTY TAX YEAR FOR AN INDIVIDUAL PROPERTY OWNER OR TWO HUNDRED FIFTY DOLLARS IN ANY PROPERTY TAX YEAR FOR TWO PERSONS WHO OWN PROPERTY AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP. (2) A PUBLIC OR CHARTER SCHOOL THAT RECEIVES ANY FEE FOR THE SUPPORT OF ANY EXTRACURRICULAR ACTIVITY SHALL, AT THE REQUEST OF THE PERSON PAYING THE FEE, ISSUE A RECEIPT TO THAT PERSON INDICATING THE NAME OF THE PAYER AND THE AMOUNT, DATE, AND PURPOSE OF THE FEE. (3) A TAXPAYER MAY CLAIM ONLY ONE TAX CREDIT UNDER THIS SECTION PER PROPERTY TAX YEAR. (4) CREDITS CLAIMED PURSUANT TO THIS SECTION MAY NOT BE REFUNDED OR CARRIED FORWARD TO SUBSEQUENT PROPERTY TAX YEARS. 39-3.8-105. Claiming the credit - affidavit - escrow funds. (1) A CLAIM FOR THE CREDIT ALLOWED BY SECTION 39-3.8-103 OR 39-3.8-104 SHALL BE MADE IN WRITING BY AN AFFIDAVIT CONTAINING THE NAME AND SIGNATURE OF THE TAXPAYER, A DESCRIPTION OF THE PROPERTY SUBJECT TO AD VALOREM TAXATION AGAINST WHICH THE CREDIT IS CLAIMED, THE AMOUNT OF TAX CREDIT CLAIMED, THE AMOUNT AND DATE OF THE CONTRIBUTION OR FEE ESTABLISHING ELIGIBILITY FOR THE CREDIT, AND THE NAME OF THE SCHOOL TUITION ORGANIZATION OR THE PUBLIC OR CHARTER SCHOOL THAT RECEIVED THE CONTRIBUTION OR FEE. (2) (a) A TAXPAYER WHO PAYS AD VALOREM TAXES DIRECTLY MAY SUBMIT THE AFFIDAVIT DESCRIBED IN SUBSECTION (1) OF THIS SECTION, ALONG WITH THE RECEIPT ISSUED BY THE SCHOOL TUITION ORGANIZATION PURSUANT TO SECTION 39-3.8-103 (4) OR BY THE PUBLIC OR CHARTER SCHOOL PURSUANT TO SECTION 39-3.8-104 (2), IN PARTIAL OR FULL PAYMENT OF AD VALOREM TAXES ON REAL PROPERTY OWNED BY THE TAXPAYER THAT ARE LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT IS CLAIMED. (b) A TAXPAYER FOR WHOM ANOTHER PERSON HOLDS MONEYS IN ESCROW FOR THE PAYMENT OF AD VALOREM TAXES MAY SUBMIT TO THAT PERSON THE AFFIDAVIT DESCRIBED IN SUBSECTION (1) OF THIS SECTION, ALONG WITH THE RECEIPT ISSUED BY THE SCHOOL TUITION ORGANIZATION PURSUANT TO SECTION 39-3.8-103 (4) OR BY THE PUBLIC OR CHARTER SCHOOL PURSUANT TO SECTION 39-3.8-104 (2). THE ESCROW AGENT SHALL SUBMIT THE AFFIDAVIT AND RECEIPT IN PARTIAL OR FULL PAYMENT OF THE TAXPAYER'S AD VALOREM TAXES LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT WAS GRANTED. WITHIN THIRTY DAYS AFTER MAKING THE PAYMENT, THE ESCROW AGENT SHALL REFUND TO THE TAXPAYER THE AMOUNT OF THE CREDIT CLAIMED IN THE AFFIDAVIT, UP TO THE AMOUNT OF SUCH AD VALOREM TAXES. 39-3.8-106. Qualified beneficiaries - assignment of tax credit - school tuition organizations. (1) FOR ANY PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2003, A QUALIFIED BENEFICIARY WHO DOES NOT CLAIM THE TAX CREDIT GRANTED PURSUANT TO SECTION 39-3.8-103 MAY ASSIGN ONE OR MORE TAX CREDITS TO A SCHOOL TUITION ORGANIZATION IN THE AMOUNT OF SIX HUNDRED TWENTY-FIVE DOLLARS IN EXCHANGE FOR THE EQUIVALENT AMOUNT IN EDUCATIONAL SCHOLARSHIPS OR TUITION GRANTS FOR THE BENEFIT OF A DEPENDENT OF THAT QUALIFIED BENEFICIARY. (2) A SCHOOL TUITION ORGANIZATION THAT ACCEPTS AN ASSIGNMENT OF A TAX CREDIT IN ACCORDANCE WITH SUBSECTION (1) OF THIS SECTION SHALL PREPARE A CERTIFICATE OF TAX CREDIT INDICATING THE NAME OF THE QUALIFIED BENEFICIARY, THE AMOUNT OF THE TAX CREDIT, AND THE PROPERTY TAX YEAR FOR WHICH THE CREDIT MAY BE CLAIMED. THE SCHOOL TUITION ORGANIZATION MAY SELL THE CERTIFICATE OF TAX CREDIT TO ANY TAXPAYER AT A PRICE NO LESS THAN NINETY PERCENT OF ITS FACE VALUE. (3) (a) A TAXPAYER WHO PURCHASES A CERTIFICATE OF TAX CREDIT IN ACCORDANCE WITH SUBSECTION (2) OF THIS SECTION AND WHO PAYS AD VALOREM TAXES DIRECTLY MAY SUBMIT THE CERTIFICATE IN PARTIAL OR FULL PAYMENT OF AD VALOREM TAXES ON REAL PROPERTY OWNED BY THE TAXPAYER THAT ARE LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT WAS GRANTED. (b) A TAXPAYER WHO PURCHASES A CERTIFICATE OF TAX CREDIT IN ACCORDANCE WITH SUBSECTION (2) OF THIS SECTION AND FOR WHOM ANOTHER PERSON HOLDS MONEYS IN ESCROW FOR THE PAYMENT OF AD VALOREM TAXES MAY SUBMIT THE CERTIFICATE TO THAT PERSON. THE ESCROW AGENT SHALL SUBMIT THE AFFIDAVIT AND RECEIPT IN PARTIAL OR FULL PAYMENT OF THE TAXPAYER'S AD VALOREM TAXES LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT WAS GRANTED. WITHIN THIRTY DAYS AFTER MAKING THE PAYMENT, THE ESCROW AGENT SHALL REFUND TO THE TAXPAYER THE AMOUNT INDICATED IN THE CERTIFICATE, UP TO THE AMOUNT OF SUCH AD VALOREM TAXES. 39-3.8-107. Renters - assignment of tax credit - public school fees. (1) FOR ANY PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2003, A RENTER WHO DOES NOT CLAIM THE TAX CREDIT GRANTED PURSUANT TO SECTION 39-3.8-104 MAY ASSIGN A TAX CREDIT TO THE OWNER OF THE RENTED DWELLING IN WHICH THE RENTER RESIDES IN THE AMOUNT OF ANY FEES PAID BY THE RENTER DURING THE CALENDAR YEAR TO A PUBLIC OR CHARTER SCHOOL IN THIS STATE FOR THE SUPPORT OF ANY EXTRACURRICULAR ACTIVITY OF THE SCHOOL, BUT NOT EXCEEDING TWO HUNDRED DOLLARS IN ANY PROPERTY TAX YEAR FOR AN INDIVIDUAL RENTER OR TWO HUNDRED FIFTY DOLLARS IN ANY PROPERTY TAX YEAR FOR TWO RENTERS WHO ARE COTENANTS. (2) A PUBLIC OR CHARTER SCHOOL THAT RECEIVES ANY FEE FOR THE SUPPORT OF ANY EXTRACURRICULAR ACTIVITY SHALL, AT THE REQUEST OF THE PERSON PAYING THE FEE, ISSUE A CERTIFICATE TO THAT PERSON INDICATING THE NAME OF THE PAYER AND THE AMOUNT, DATE, AND PURPOSE OF THE FEE. A RENTER MAY TRANSFER THE CERTIFICATE TO THE OWNER OF THE RENTED DWELLING IN WHICH THE RENTER RESIDES IN FULL OR PARTIAL PAYMENT OF RENT. BY AGREEMENT BETWEEN THE RENTER AND THE OWNER, THE AMOUNT OF RENT OFFSET MAY BE LESS THAN THE AMOUNT INDICATED ON THE CERTIFICATE, BUT IN NO CASE SHALL THE RENT OFFSET BE LESS THAN NINETY PERCENT OF THE AMOUNT INDICATED ON THE CERTIFICATE. (3) (a) A TAXPAYER WHO ACCEPTS A CERTIFICATE IN PAYMENT OF RENT IN ACCORDANCE WITH SUBSECTION (2) OF THIS SECTION AND WHO PAYS AD VALOREM TAXES DIRECTLY MAY SUBMIT THE CERTIFICATE IN PARTIAL OR FULL PAYMENT OF AD VALOREM TAXES ON REAL PROPERTY OWNED BY THE TAXPAYER THAT ARE LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT WAS GRANTED. (b) A TAXPAYER WHO ACCEPTS A CERTIFICATE IN PAYMENT OF RENT IN ACCORDANCE WITH SUBSECTION (2) OF THIS SECTION AND FOR WHOM ANOTHER PERSON HOLDS FUNDS IN ESCROW FOR THE PAYMENT OF AD VALOREM TAXES MAY SUBMIT THE CERTIFICATE TO THAT PERSON. THE ESCROW AGENT SHALL SUBMIT THE AFFIDAVIT AND RECEIPT IN PARTIAL OR FULL PAYMENT OF THE TAXPAYER'S AD VALOREM TAXES LEVIED BY THE SCHOOL DISTRICT IN WHICH THE PROPERTY IS LOCATED IN THE PROPERTY TAX YEAR FOR WHICH THE CREDIT WAS GRANTED. WITHIN THIRTY DAYS AFTER MAKING THE PAYMENT, THE ESCROW AGENT SHALL REFUND TO THE TAXPAYER THE AMOUNT OF THE CREDIT INDICATED IN THE CERTIFICATE, UP TO THE AMOUNT OF SUCH AD VALOREM TAXES. 39-3.8-108. Effect on "Public School Finance Act of 1994". FOR PURPOSES OF SECTION 22-54-106 (1) (a) (I), C.R.S., A TAX CREDIT CLAIMED PURSUANT TO THIS ARTICLE BY A TAXPAYER ON PROPERTY LOCATED IN A SCHOOL DISTRICT SHALL NOT REDUCE THE AMOUNT OF PROPERTY TAX REVENUE THAT THE SCHOOL DISTRICT IS ENTITLED TO RECEIVE FROM THE PROPERTY TAX LEVY. SECTION 20 Safety clause. The general assembly hereby finds, determines, and declares that this act is necessary for the immediate preservation of the public peace, health, and safety. Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment. Capital letters indicate new material to be added to existing statute. Dashes through the words indicate deletions from existing statute.