Colorado Bracing To Repay Millions In Energy Taxes

DENVER (AP/CBS4) - Lawmakers are rushing to find hundreds of millions of dollars to pay oil and gas companies. The energy companies are owed the tax refund money.

Two bills are moving through the legislature right now. One would fund at least $115 million in refunds. A second bill would change the law so Colorado's oil and gas industry would no longer be able to claim the refunds in the future.

The payments come after the Colorado Supreme Court ruled last month that Colorado improperly calculated deductions to severance taxes paid by oil and gas companies.

The decision will likely reduce severance tax payments to local governments affected by drilling. Severance taxes are used to pay for things like repairing roads and bridges used by the industry.

LINK: Read The Decision

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