The act modifies the amount of per diem a member of the general assembly is entitled to for expenses incurred during sessions of the general assembly. Beginning with state fiscal year 2025-26, and for each state fiscal year thereafter, a member who resides within the Denver metropolitan area is entitled to an amount equal to 25% of the federal per diem rate for the city and county of Denver as of October 1 of the calendar year immediately preceding the fiscal year the rate is used in, rounded up to the nearest whole dollar, and a member who does not reside within the Denver metropolitan area is entitled to an amount equal to 90% of that rate, rounded up to the nearest whole dollar. The act also creates the independent state elected official pay commission (commission) to set compensation for members of the general assembly, the governor, the lieutenant governor, the attorney general, the secretary of state, and the state treasurer (state elected officials). The initial commission will: Be appointed on or before July 31, 2025; Hold its first meeting on or before September 1, 2025; and Submit its report on or before December 15, 2025. The compensation set by the initial commission, unless rejected or modified by the general assembly, will go into effect on January 1, 2027. After a commission submits its report, the commission expires. After the initial commission, subsequent commissions will meet every 4 years after 2025 so that the effective date of future recommendations is in alignment with the election cycle of the governor, the lieutenant governor, the attorney general, the secretary of state, and the state treasurer. A subsequent commission will: Be appointed on or before July 31 of each year in which the commission meets; Hold its first meeting on or before September 1 of each year in which the commission meets; and Submit its report on or before December 15 of each year in which the commission meets. The compensation set by commissions subsequent to the initial commission, unless rejected or modified by the general assembly, will go into effect on January 1 of the first year of each subsequent 4-year gubernatorial term. Additionally, the director of research of the legislative council must annually adjust the compensation levels set by the commission for inflation except in the year in which a commission's recommendations take effect. APPROVED by Governor June 4, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)