(1) The limitations on noneconomic damages set forth in section 13-21-203 (1)(a) and the amount of the solatium set forth in section 13-21-203.5 must be adjusted for inflation as of January 1, 1998, January 1, 2008, January 1, 2020, and each January 1 every two years thereafter until January 1, 2024. The adjustments made on January 1, 1998, January 1, 2008, January 1, 2020, and each January 1 every two years thereafter must be based on the cumulative annual adjustment for inflation for each year since the effective date of the damages limitations in sections 13-21-203 (1)(a) and 13-21-203.5. The adjustments made pursuant to this subsection (1) must be rounded upward or downward to the nearest ten-dollar increment. (1.5) After January 1, 2024, the limitations on damages set forth in section 13-21-203 (1)(a) must be adjusted for inflation on January 1, 2028, and on January 1 every two years thereafter. The adjustments made on January 1, 2028, and on January 1 every two years thereafter must be based on the cumulative annual adjustment for inflation for each year since the effective date of the damages limitations in section 13-21-203 (1)(a). The adjustments made pursuant to this subsection (1.5) must be rounded upward or downward to the nearest ten-dollar increment. (2) As used in this section, "inflation" means the annual percentage change in the United States department of labor's bureau of labor statistics consumer price index for Denver-Aurora- Lakewood for all items paid by all urban consumers, or its successor index. (3) The secretary of state shall certify the adjusted limitation on damages within fourteen days after the appropriate information is available, and: (a) The adjusted limitation on damages is applicable to all claims for relief that accrue on or after January 1, 1998, and before January 1, 2008; (b) The adjusted limitation on damages as of January 1, 2008, is applicable to all claims for relief that accrue on and after January 1, 2008, and before January 1, 2020; and (c) The adjusted limitation on damages as of January 1, 2020, and each January 1 every two years thereafter is applicable to all claims for relief that accrue on and after the specified January 1 and before the January 1 two years thereafter. (4) (a) Effective January 1, 2030, the damages limitation specified in section 13-21-203 (1)(b)(V) must be adjusted for inflation on January 1, 2030, and on January 1 every two years thereafter. The adjustments made on January 1, 2030, and on January 1 every two years thereafter must be based on the cumulative annual adjustment for inflation for each year since the effective date of the damages limitation specified in section 13-21-203 (1)(b)(V). The adjustments made pursuant to this subsection (4) must be rounded upward or downward to the nearest ten-dollar increment. (b) The secretary of state shall certify the adjusted limitation on damages within fourteen days after the appropriate information is available and shall publish the adjusted amount on the secretary of state's website. (c) The adjusted limitation on damages as of January 1, 2030, and on January 1 every two years thereafter is applicable to all claims for relief that accrue on and after the specified January 1 and before the January 1 two years thereafter.
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