Colorado raising taxes on oil, gas drillers by $4.8M

Colorado oil and gas regulators are raising taxes on energy developers to help pay for the environmental impacts of drilling.

AP_LOGO_02

Colorado oil and gas regulators are raising taxes on energy developers to help pay for the environmental impacts of drilling.

The Colorado Oil and Gas Conservation Commission approved a plan on Monday to raise $4.8 million more in taxes by charging 0.11 cents on every dollar of oil and gas produced.

The industry supported the increase.

Local governments and environmentalists had urged commissioners to raise taxes by at least $7 million a year to address more public health and safety issues.

The commission is almost totally funded by industry taxes. The tax hike will compensate for a projected drop in separate severance taxes charged to drillers partly because of a court ruling allowing companies to deduct the cost of some capital expenditures.

Hi! You’re like us!

Looks like you’re the type of person who reads to the ends of articles! Well, true believer, you might really like our morning newsletter. It’s quick, free and gets you up to speed on the important and delightful things happening right here in Denver.

Thanks for reading another Denverite story

Does Denverite help you feel more connected to what’s up in your area? Do you want to be a part of it?

Member donations are critical to our continued existence and growth.

You’re our superpower

Denverite supporters have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.

You’re our superpower

Denverite members have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.

Tagged

oil and gas, HUD