Distribution of tax collected

(1) (a) All money received and collected in payment of the tax imposed by this article 28.5, except license fees received under section 39-28.5-104 and the money collected pursuant to section 39-28.5-102.5, shall be transmitted to the state treasurer, who shall distribute such money as follows: Fifteen percent to the general fund and eighty-five percent to the old age pension fund.

(b) The net revenue that is credited to the old age pension fund created in section 1 of article XXIV of the state constitution in accordance with subsection

(1)(a) of this section and section 2 (a) of article XXIV of the state constitution is transferred to the general fund in accordance with section 7 (c) of article XXIV of the state constitution. Of this money or the fifteen percent that is directly credited to the general fund, the state treasurer shall transfer an amount equal to the total revenue that is attributable to the tax increase set forth in section 39-28.5-102, approved by the voters at the statewide election in November 2020, to the 2020 tax holding fund created in section 24-22-118 (1).

(2) All moneys received and collected in payment of the tax imposed pursuant to section 39-28.5-102.5 and section 21 of article X of the state constitution shall be transmitted to the state treasurer for deposit in the tobacco tax cash fund created in section 24-22-117, C.R.S.