Ballot Title Setting Board
2017-2018

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

STATE TAXES SHALL BE INCREASED $438,000,000 ANNUALLY BY A CHANGE TO THE COLORADO REVISED STATUTES CONCERNING THE SEVERANCE TAX ON OIL AND GAS EXTRACTED IN THE STATE, AND, IN CONNECTION THEREWITH, INCREASING THE EXISTING SEVERANCE TAX RATES ON OIL AND GAS BY 5%; ELIMINATING A CREDIT AGAINST THE TAX BASED ON PROPERTY TAXES PAID BY PRODUCERS AND INTEREST OWNERS; LOWERING THE AMOUNT OF PRODUCTION THAT EXEMPTS A WELL FROM THE TAX; EXEMPTING OF THE TAX REVENUE AND RELATED INVESTMENT INCOME FROM STATE AND LOCAL GOVERNMENT SPENDING LIMITS; AND REQUIRING THE TAX REVENUES TO BE CREDITED TO (1) THE STATE SEVERANCE TAX TRUST FUND, (2) THE LOCAL GOVERNMENT SEVERANCE TAX FUND, AND (3) A NEW SEVERANCE TAX STABILIZATION TRUST FUND, OF WHICH 40% IS TO BE USED TO FUND PUBLIC ELEMENTARY AND SECONDARY SCHOOLS, 30% TO FUND SCHOLARSHIPS FOR COLORADO RESIDENTS ATTENDING STATE COLLEGES AND UNIVERSITIES, 20% TO FUND MEDICAL CARE AND TREATMENT FOR PEOPLE SUFFERING NEGATIVE HEALTH IMPACTS, AND 10% TO FUND COMMUNITY DRINKING WATER AND WASTEWATER TREATMENT GRANTS.

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

SHALL STATE TAXES BE INCREASED $438,000,000 ANNUALLY BY A CHANGE TO THE COLORADO REVISED STATUTES CONCERNING THE SEVERANCE TAX ON OIL AND GAS EXTRACTED IN THE STATE, AND, IN CONNECTION THEREWITH, INCREASING THE EXISTING SEVERANCE TAX RATES ON OIL AND GAS BY 5%; ELIMINATING A CREDIT AGAINST THE TAX BASED ON PROPERTY TAXES PAID BY PRODUCERS AND INTEREST OWNERS; LOWERING THE AMOUNT OF PRODUCTION THAT EXEMPTS A WELL FROM THE TAX; EXEMPTING OF THE TAX REVENUE AND RELATED INVESTMENT INCOME FROM STATE AND LOCAL GOVERNMENT SPENDING LIMITS; AND REQUIRING THE TAX REVENUES TO BE CREDITED TO (1) THE STATE SEVERANCE TAX TRUST FUND, (2) THE LOCAL GOVERNMENT SEVERANCE TAX FUND, AND (3) A NEW SEVERANCE TAX STABILIZATION TRUST FUND, OF WHICH 40% IS TO BE USED TO FUND PUBLIC ELEMENTARY AND SECONDARY SCHOOLS, 30% TO FUND SCHOLARSHIPS FOR COLORADO RESIDENTS ATTENDING STATE COLLEGES AND UNIVERSITIES, 20% TO FUND MEDICAL CARE AND TREATMENT FOR PEOPLE SUFFERING NEGATIVE HEALTH IMPACTS, AND 10% TO FUND COMMUNITY DRINKING WATER AND WASTEWATER TREATMENT GRANTS?

Hearing April 19, 2017

Single subject approved; staff draft amended; titles set.
Hearing adjourned 11:07 AM.

Rehearing April 28, 2017

Motion for Rehearing granted. Title setting denied on the grounds that the Board lacks jurisdiction to set titles because changes made after review and comment were not highlighted or otherwise indicated in the amended draft contrary to 1-40-105(4), C.R.S.
Hearing adjourned 4:30 PM.

* Unofficially captioned “Severance Taxes on Oil and Gas” by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.