§ 39-29-101 — Legislative declaration

(1) The general assembly hereby finds
and declares that, when nonrenewable natural resources are removed from the
earth, the value of such resources to the state of Colorado is irretrievably lost.
Therefore, it is the intent of the general assembly to recapture a portion of this lost
wealth through a special excise tax, in addition to other business taxes, on the
nonrenewable natural resources removed from the soil of this state and sold for
private profit.

(2) The general assembly further finds and declares that the severance of
nonrenewable resources provides a potential source of revenue to the state and its
political subdivisions. Therefore, it is the intent of the general assembly to impose a
tax on the process of severance in addition to other business taxes.

(3) It additionally is the intent of the general assembly that a portion of the
revenues derived from such a severance tax be used by the state for public
purposes, that a portion be held by the state in a perpetual trust fund, and that a
portion be made available to local governments to offset the impact created by
nonrenewable resource development.

Legislative History

Source: L. 77: Entire article added, p. 1844, � 1, effective January 1, 1978.