Colorado House Bill 1391
Session 2022A
Modifications To Severance Tax
Became Law
Signed by Governor on Jun 7, 2022
Sponsors
3 Sponsors
Julie McCluskie
Chris Hansen
Bob Rankin
First Action
Apr 19, 2022
Latest Action
Jun 7, 2022
Origin Chamber
House
Type
Bill
Bill Number
1391
State
Colorado
Session
2022A
checkPassed on May 4, 2022
Motion Text
BILL
House Roll Call Votes
Yes
Yes
Yes
Excused
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Excused
Yes
Yes
Yes
Excused
Summary
The act changes the calculation of the ad valorem credit allowed against the state severance tax on oil and gas. In tax years beginning on and after January 1, 2025, the credit is calculated on a per-well basis for wells that are not exempt from taxation and is equal to 76.56% of the gross income of the well multiplied by the mill levy fixed in the prior calendar year.
A working group consisting of the director of the office of state planning and budgeting and the executive directors of the departments of revenue, natural resources, education, and local affairs, or their designees, is required to develop an implementation plan for making additional changes to the state severance tax on oil and gas. The implementation plan must make recommendations concerning the steps necessary to change the legal incidence of tax from interest owners to operators while maintaining revenue neutrality, require electronic filing of returns for severance taxes, and require additional electronic data collection to the tax. The plan must also include a quantitative fiscal analysis of the change in the calculation of the credit for ad valorem taxes and the change in the legal incidence of the tax and how they can be implemented while maintaining revenue neutrality. The group must submit the implementation plan to the joint budget committee by January 15, 2024.
(Note: This summary applies to this bill as enacted.)
Signed Act (06/07/2022)
Final Act (05/31/2022)
Rerevised (05/10/2022)
Revised (05/09/2022)
Reengrossed (05/04/2022)
Engrossed (05/03/2022)
Introduced (04/19/2022)
PA2 (05/03/2022)
PA1 (05/02/2022)
Committee Amendment
Fiscal Note FN3 (08/23/2022)
Fiscal Note FN2 (05/02/2022)
Fiscal Note FN1 (04/25/2022)
Fiscal Note SA2 (05/09/2022)
Fiscal Note SA1 (05/02/2022)
06/07/2022
Office of the Governor
Governor Signed
05/31/2022
Office of the Governor
Sent to the Governor
05/31/2022
Senate
Signed by the President of the Senate
05/26/2022
House
Signed by the Speaker of the House
05/10/2022
Senate
Senate Third Reading Passed - No Amendments
05/09/2022
Senate
Senate Second Reading Special Order - Passed - No Amendments
05/09/2022
Senate
Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
05/09/2022
Senate
Senate Committee on Finance Refer Unamended to Appropriations
05/04/2022
Senate
Introduced In Senate - Assigned to Finance
05/04/2022
House
House Third Reading Passed - No Amendments
05/03/2022
House
House Second Reading Special Order - Passed with Amendments - Committee
05/03/2022
House
House Committee on Appropriations Refer Amended to House Committee of the Whole
04/28/2022
House
House Committee on Finance Refer Amended to Appropriations
04/19/2022
House
Introduced In House - Assigned to Finance
Sources
CO Legislature
Record Created
Apr 20, 2022 12:54:40 AM
Record Updated
Sep 16, 2022 8:49:55 AM