Ballot Title Setting Board
2007-2008

The title as designated and fixed by the Board is as follows:

State taxes shall be increased $244.6 million annually by an amendment to the Colorado constitution concerning the severance tax on the sale of oil and gas extracted in the state, and, in connection therewith, effective January 1, 2008, replacing the existing severance tax with a new severance tax of five percent of the gross income from the sale of oil and gas extracted in the state; permitting the general assembly to increase the rate of the new severance tax without future voter approval; exempting taxpayers with less than $300,000 of gross income from the tax; permitting the general assembly to enact an exemption for minimal producing oil and gas wells; prohibiting a credit against the tax for property taxes paid; exempting revenues from the tax from state and local government spending limits; requiring 25% of the tax revenues to be distributed to counties and municipalities impacted by the development, processing, transportation, or energy conversion of oil and gas; and allowing the remainder of the tax revenues to be appropriated as determined by the general assembly.

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall state taxes be increased $244.6 million annually by an amendment to the Colorado constitution concerning the severance tax on the sale of oil and gas extracted in the state, and, in connection therewith, effective January 1, 2008, replacing the existing severance tax with a new severance tax of five percent of the gross income from the sale of oil and gas extracted in the state; permitting the general assembly to increase the rate of the new severance tax without future voter approval; exempting taxpayers with less than $300,000 of gross income from the tax; permitting the general assembly to enact an exemption for minimal producing oil and gas wells; prohibiting a credit against the tax for property taxes paid; exempting revenues from the tax from state and local government spending limits; requiring 25% of the tax revenues to be distributed to counties and municipalities impacted by the development, processing, transportation, or energy conversion of oil and gas; and allowing the remainder of the tax revenues to be appropriated as determined by the general assembly?

Hearing May 2, 2007

Single subject approved; staff draft amended; titles set.
Hearing adjourned 5:10 PM.

Rehearing May 16, 2007

Motion for Rehearing denied.
Hearing adjourned 10:13 AM.

* Unofficially captioned "Imposition and Distribution of Severance Tax on Oil and Gas" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.