Home > GJsentinel.com breaking news > Archives > 2008 > March > 25 > Entry
Groups agree on severance-tax ballot measure
Colorado could end up devoting tax revenues derived from the production of oil and gas on the state’s transportation needs, renewable energy initiatives and higher education, under a ballot measure unveiled today by a coalition of conservation and education advocacy groups.
The ballot measure, negotiated by Gov. Bill Ritter, would eliminate the property tax credit oil and gas companies can claim that essentially allows most producers to write off most of their severance tax bills.
Eliminating the tax credit could garner Colorado up to $200 million in extra revenues each year.
As part of the compromise proposal, the numerous groups who have previously floated severance-tax ballot measures will drop their individual proposals, according to Elise Jones, executive director of the Colorado Environmental Coalition.
“Obviously there were a number of potentially competing proposals on the table,” Jones said. “The Governor called us together and asked that we try to work together to develop a joint proposal that would provide the greatest benefit to the state.”
Tony Lewis, director of the Donnell-Kay Foundation, an education-advocacy group, said he was glad the governor worked out a proposal to help the state’s public colleges and universities thrive after the state’s energy boom ends.
The ballot measure, submitted to the Colorado Legislative Council on Monday, also will:
— Devote a portion of the state’s severance tax revenues to higher education spending and renewable energy initiatives; and,
— Set aside some of the tax proceeds to fund a wildlife-preservation grant program run by Great Outdoors Colorado; and,
— Spend part of the energy revenues on transportation projects in areas experiencing energy development.
BREAKING NEWS DELIVERED TO YOUR E-MAIL: CLICK HERE TO SIGN UP.
Permalink | | Categories: E-mail notification
