(1)
Except as provided in subsection (3) of this section, the total gross receipts realized
from the severance taxes imposed on minerals and mineral fuels under the
provisions of this article shall be credited as follows:
(a) For oil and gas, one hundred percent to the state general fund;
(b) For oil shale, forty percent to the state general fund, forty percent to the
state severance tax trust fund created by section 39-29-109, and twenty percent to
the local government severance tax fund created by section 39-29-110;
(c) For molybdenum, as follows:
(I) For fiscal years ending on or before June 30, 1979, seventy percent to the
state general fund, twenty percent to the state severance tax trust fund created by
section 39-29-109, and ten percent to the local government severance tax fund
created by section 39-29-110;
(II) For the fiscal year ending June 30, 1980, sixty percent to the state
general fund, thirty percent to the state severance tax trust fund created by
section 39-29-109, and ten percent to the local government severance tax fund
created by section 39-29-110;
(III) For the fiscal year ending June 30, 1981, fifty percent to the state general
fund, forty percent to the state severance tax trust fund created by section 39-29-109, and ten percent to the local government severance tax fund created by section
39-29-110;
(d) For coal and metallic minerals, as follows:
(I) For fiscal years ending on or before June 30, 1979, forty percent to the
state general fund, fifteen percent to the state severance tax trust fund created by
section 39-29-109, and forty-five percent to the local government severance tax
fund created by section 39-29-110;
(II) For the fiscal year ending June 30, 1980, thirty percent to the state
general fund, twenty-five percent to the state severance tax trust fund created by
section 39-29-109, and forty-five percent to the local government severance tax
fund created by section 39-29-110;
(III) For the fiscal year ending June 30, 1981, twenty percent to the state
general fund, thirty-five percent to the state severance tax trust fund created by
section 39-29-109, and forty-five percent to the local government severance tax
fund created by section 39-29-110.
(2) (a) Repealed.
(b) Except as set forth in subsections (2)(d) and (2)(e) of this section, of the
total gross receipts realized from the severance taxes imposed on minerals and
mineral fuels under the provisions of this article after June 30, 2017, fifty percent
shall be credited to the state severance tax trust fund created by section 39-29-109, and fifty percent shall be credited to the local government severance tax fund
created by section 39-29-110.
(c) Repealed.
(d) The state treasurer shall credit an amount of the increased coal tax that
is attributable to the reduction or discontinuation of the exemption in section 39-29-106 (2)(b) and the credits in section 39-29-106 (3) and (4) to the just transition
cash fund created in section 8-83-504 (1).
(e) (I) For the state fiscal years 2023-24 through 2026-27, the state
treasurer shall credit the discrete increased amount of severance tax for oil and
gas production that is attributable to the reduction of the credit against tax
pursuant to section 39-29-105 (2)(b)(II) to the decarbonization tax credits
administration cash fund created in section 24-38.5-120 (2); except that, for state
fiscal years 2024-25 and 2025-26, money credited to the decarbonization tax
credits administration cash fund shall not exceed the net revenue from the oil and
gas severance tax collection.
(II) Repealed.
(III) As used in this subsection (2)(e), unless the context otherwise requires:
(A) Repealed.
(B) Discrete increased amount of severance tax for oil and gas production
means the amount of tax collected that is attributable to a twelve and one-half
percent reduction in the severance tax credit for oil and gas production set forth in
section 39-29-105 (2)(b)(II) for tax years beginning on or after January 1, 2024, but
before January 1, 2026.
(C) Repealed.
(IV) This subsection (2)(e) is repealed, effective December 31, 2036.
(2.5) and (3) Repealed.
(4) (a) Notwithstanding any provisions of this section to the contrary, for the
1987-88, 1988-89, 1989-90, 1990-91, 1991-92, 1992-93, and 1993-94 fiscal years,
those gross receipts realized from the severance taxes imposed on minerals and
mineral fuels which would otherwise be credited to the state severance tax trust
fund under the provisions of this section shall be credited to the state general fund.
(b) Notwithstanding any provisions of this section to the contrary, for the
1994-95 fiscal year, those gross receipts realized from the severance taxes
imposed on minerals and mineral fuels which would otherwise be credited to the
state severance tax trust fund under the provisions of this section shall be credited
to the uranium mill tailings remedial action program fund created in section 39-29-116 (2); except that the amount credited to such fund during the 1994-95 fiscal year
shall not exceed five million dollars. Any receipts in excess of five million dollars
shall be credited to the state severance tax trust fund.
(c) Notwithstanding any provisions of this section to the contrary, for the
1995-96 and 1996-97 fiscal years, those gross receipts realized from the severance
taxes imposed on minerals and mineral fuels which would otherwise be credited to
the state severance tax trust fund under the provisions of this section shall be
credited to the uranium mill tailings remedial action program fund created in
section 39-29-116 (2); except that the amount credited to such fund during the
1995-96 and 1996-97 fiscal years shall not exceed two and one-half million dollars
per fiscal year. Any receipts in excess of two and one-half million dollars shall be
credited to the state severance tax trust fund.
(5) (a) To assist in the preparation of state budgets, the consensus revenue
estimate group shall prepare a quarterly forecast of severance revenues, including
price and production volume.
(b) As used in this subsection (5):
(I) Consensus revenue estimate group means the staff of the legislative
council appointed pursuant to section 2-3-304, C.R.S., in consultation with the
office of state planning and budgeting created in section 24-37-102, C.R.S.
(II) Price insurance contract means a written agreement between the state
treasurer and a qualified counterparty relating to a commodity price for crude oil
and natural gas based on levels of floor transactions or forward rate transactions
executed through standard financial industry mechanisms.
(III) Qualified counterparty means a person whose long-term obligations
are rated, at the time a price insurance contract is executed, in one of the two top
rating categories of a nationally recognized rating agency.
(IV) Severance revenues means:
(A) The revenues generated from taxes levied pursuant to this article; and
(B) The state share of federal mineral leasing royalties received pursuant to
section 34-63-102, C.R.S.
(c) Repealed.
(6) and (7) Repealed.
Source: L. 77: Entire article added, p. 1847, � 1, effective January 1, 1978. L.
79: (1)(c)(III), (1)(d)(III), and (2) amended, pp. 1508, 1641, �� 2, 56, effective July 19. L.
81: IP(1) amended and (3) added, p. 1903, � 2, effective June 19. L. 87: (4) added, p.
1469, � 1, effective July 1. L. 88: (4) amended, p. 1346, � 1, effective May 11. L. 89: (4)
amended, p. 1516, � 1, effective April 7. L. 90: (4) amended, p. 1748, � 1, effective
April 3. L. 91: (4) amended, p. 1951, � 1, effective April 11. L. 92: (4) amended, p. 2237,
� 1, effective February 25. L. 93: (4) amended, p. 10, � 1, effective February 16; (4)
amended, p. 445, � 1, effective April 19. L. 95: (2.5) added, p. 980, � 3, effective May
25. L. 2007: (5) added, p. 1900, � 1, effective June 1. L. 2012: (2) amended, (HB 12-1315), ch. 224, p. 978, � 45, effective July 1. L. 2015: (2)(a)(I) amended and (2)(c)
added, (SB 15-255), ch. 138, p. 419, � 1, effective May 1. L. 2016: (2)(a)(II) amended,
(SB 16-218), ch. 289, p. 1173, � 4, effective June 10. L. 2021: (6) added, (SB 21-281),
ch. 255, p. 1494, � 3, effective June 18; (2)(b) amended and (2)(d) added, (HB 21-1312), ch. 299, p. 1798, � 13, effective July 1. L. 2022: (7) added, (HB 22-1391), ch.
401, p. 2857, � 3, effective August 10. L. 2023: (2)(b), (7)(a)(II), (7)(a)(III), (7)(b), (7)(d),
and (7)(e) amended and (2)(e), (7)(a)(IV), and (7)(f) added, (HB 23-1272), ch. 167, p.
809, � 14, effective May 11; (3) repealed, (HB 23-1121), ch. 35, p. 124, � 7, effective
August 7. L. 2024: (2)(e)(II), (2)(e)(III)(A), and (2)(e)(III)(C) repealed, (SB 24-214), ch.
191, p. 1106, � 20, effective May 17; IP(1) and (2)(e)(III)(A) amended, (HB 24-1450), ch.
490, p. 3427, � 87, effective August 7. L. 2025: (2)(e)(I) amended and (2)(e)(IV)
added, (SB 25-307), ch. 382, p. 2124, � 2, effective June 3; (2)(e)(I) and (2)(e)(III)(B)
amended, (SB 25-040), ch. 193, p. 863, � 4, effective August 6.