Colorado Communities Feel Pinch In Severance Tax Loss
Severance taxes are what energy companies pay to the state for the oil, gas, coal, or other minerals they take out of the ground. Each year that adds up to a lot of cash. In Colorado, half of that money is supposed to go back to cities and counties impacted by energy development. Many people were not happy this year when when Colorado lawmakers voted to take $20 million away from the state’s severance tax fund for the 2015/2016 state budget.