DENVER (AP) — 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.READ MORE: Trevor Woodruff Identified As Suspect In Deadly Shooting Outside Of Walgreens
The industry supported the increase.READ MORE: Maize In The City, Colorado Family Tradition, Opens For A New Year
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.MORE NEWS: Colorado Task Force 1 No Longer On Alert Amid Intensifying Hurricane Sam
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