New Colorado laws change distribution of tax revenue from energy
Aspen, CO Colorado
DENVER ” Gov. Bill Ritter has signed two bills that change how the state doles out tax revenue from energy production.
Ritter signed a bill Monday that distributes some of the severance tax revenue to the Colorado Division of Wildlife and state parks. The governor says it’s important to pay attention to recreation and wildlife amid the record natural gas drilling.
Another bill changes the formula for distributing some severance tax revenue to local governments. The formula was previously based on the number of energy employees who live in a county. It will now also consider the amount of drilling permits issued and energy production.
Severance taxes are imposed on oil, gas and other nonrenewable resources.