Energy Impact Legislation -- Keywords: "severance tax" or "federal mineral"
Short Title: Penalty For Failing To Withhold Sev Tax
Sponsors: KAGAN / STEADMAN
Under current law, a producer or purchaser who disburses funds to an interest owner is generally required to withhold one percent of the gross income and to pay such amount to the department of revenue. By rule, the department also requires the producer or purchaser to file an annual report with the department reflecting such payments. The bill establishes a penalty for failing to make the payment that is equal to 10% of the payment owed or $50, whichever is the greater amount, plus interest on the payment owed. The bill also establishes a penalty for failing to file the annual report required by the department that is equal to 30% of the amount of withholding that should have been reflected in the report or $5,000, whichever is the lesser amount.
Status
01/13/2010 Introduced In House - Assigned to Agriculture, Livestock, & Natural Resources
01/13/2010 Introduced In House - Assigned to Agriculture, Livestock, & Natural Resources + Appropriations
01/13/2010 Introduced In House - Assigned to Agriculture, Livestock, & Natural Resources + Appropriations
01/27/2010 House Committee on Agriculture, Livestock, & Natural Resources Refer Amended to Appropriations
01/27/2010 House Committee on Agriculture, Livestock, & Natural Resources Refer Amended to Appropriations
03/19/2010 House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed
03/26/2010 House Committee on Appropriations Refer Amended to House Committee of the Whole
04/01/2010 House Second Reading Passed with Amendments
04/02/2010 House Third Reading Passed
04/05/2010 House Third Reading Passed
04/13/2010 Introduced In Senate - Assigned to Agriculture and Natural Resources
04/21/2010 Senate Committee on Agriculture and Natural Resources Refer Amended to Senate Committee of the Whole
04/23/2010 Senate Second Reading Laid Over Daily
04/26/2010 Senate Second Reading Passed with Amendments
04/27/2010 Senate Third Reading Passed
04/29/2010 House Considered Senate Amendments - Result was to Laid Over Daily
04/30/2010 House Considered Senate Amendments - Result was to Concur - Repass
05/25/2010 Signed by the President of the Senate
05/25/2010 Signed by the Speaker of the House
05/25/2010 Sent to the Governor
05/26/2010 Governor Action - Signed
Short Title: Create Budget Stabilization Reserve Fund
Sponsors: COURT / HEATH
Long-term Fiscal Stability Commission. Section 1 of the bill makes legislative findings and declarations that:
* The state should save substantial amounts of money during periods of significant economic growth in order to prevent drastic cuts in core state services during economic downturns;
* By enacting Senate Bill 09-228, which will, if significant economic growth occurs, increase the amount of the required general fund reserve for future fiscal years, as a first step towards ensuring that the state saves more money in the future, the general assembly has recognized that the state has not saved enough money during past periods of significant economic growth;
* Based on the experience of the state during recent economic downturns, the increased general fund reserve required by Senate Bill 09-228 is likely to prove inadequate to fully stabilize the state budget and prevent drastic cuts in state services during future economic downturns; and
* It is necessary, appropriate, and in the best interest of the state to:
* Convert the general fund reserve to a state budget stabilization reserve fund;
* Further increase the amount of general fund revenues that the state is required to save; and
* Promote fiscal discipline in state government and protect against rapid depletion of the reserve fund by reducing the percentage of estimated reserve fund depletion that will require the governor to formulate a plan for reducing general fund expenditures from the percentage of estimated general fund reserve depletion that currently triggers that requirement. Section 2 of the bill creates the state budget stabilization reserve fund (fund) and requires fund investment earnings to be credited to the fund. Beginning in FY 2009-10, section 2 also requires increasing amounts of general fund moneys, measured as a percentage of annual general fund appropriations, to be credited to the fund at the end of each fiscal year until the fund balance can be maintained at 15% of general fund appropriations. Section 3 of the bill reduces the percentage of estimated general fund reserve depletion for a fiscal year that triggers a requirement that the governor formulate a plan for reducing general fund expenditures from 50% of the amount of the existing general fund reserve to the greater of 2% of the amount appropriated for expenditure from the general fund for the fiscal year or one-third the amount of the fund that is replacing the general fund reserve. Section 3 also makes a conforming amendment regarding the trigger for transferring general fund moneys previously credited to the capital construction fund back into the general fund. Sections 4 through 12 of the bill make conforming amendments necessitated by the conversion of the general fund reserve to the fund.
Status
01/13/2010 Introduced In House - Assigned to Finance
03/10/2010 House Committee on Finance Postpone Indefinitely
Short Title: Reduce Sev Tax Credit To Promote Jobs
Sponsors: FRANGAS / ROMER
Under current law, oil and gas producers and interest owners are permitted to claim a credit against the state severance tax on oil and gas for property taxes paid. Section 2 of the bill reduces the amount of the credit by 50% for a 2-year period beginning on January 1, 2011. Section 3 of the bill requires the additional severance tax revenue paid to the state as a result of the reduction in the amount of the credit to be deposited in the following cash funds:
* 90% to the teacher retention cash fund, which is created in section 1 of the bill; and
* 10% to the small business credit cash fund, which is created in section 2 of the bill. The department of education must distribute moneys in the teacher retention cash fund to school districts and the state charter school institute for further distribution to public schools to be used for teacher retention. This money will be in addition to any other school funding. The Colorado economic development commission shall use the moneys in the small business credit cash fund for the purpose of increasing the availability of credit to small businesses as part of the Colorado credit reserve program administered by the Colorado housing and finance authority.
Status
01/22/2010 Introduced In House - Assigned to Business Affairs and Labor
02/09/2010 House Committee on Business Affairs and Labor Postpone Indefinitely
Short Title: Modify Sev Tax Trust Fund LEAP Trans
Sponsors: FERRANDINO / TAPIA
Budget Package Bill. For the 2010-11 and 2011-12 state fiscal years, the bill eliminates the transfers from the operational account of the severance tax trust fund to the governor's energy office low-income energy assistance fund. The bill also requires the state treasurer, on the effective date of the bill, to transfer back to the operational account of the severance tax trust fund a 2009-10 state fiscal year transfer of $1.625 million that occurred on January 4, 2010, from the operational account of the severance tax trust fund to the department of human services low-income energy assistance fund for providing energy-related assistance to low-income households.
Status
02/08/2010 Introduced In House - Assigned to Appropriations
02/16/2010 House Committee on Appropriations Refer Unamended to House Committee of the Whole
02/17/2010 House Second Reading Special Order - Passed
02/18/2010 House Third Reading Passed
02/19/2010 Introduced In Senate - Assigned to Appropriations
02/23/2010 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
02/24/2010 Senate Second Reading Special Order - Passed
02/25/2010 Senate Third Reading Laid Over Daily
02/26/2010 Senate Third Reading Passed
03/05/2010 Signed by the Speaker of the House
03/08/2010 Signed by the President of the Senate
03/08/2010 Sent to the Governor
03/18/2010 Governor Action - Signed
Short Title: Increase Severance Tax Approp Div Parks
Sponsors: POMMER / TAPIA
Budget Package Bill. Section 1 of the bill adjusts the authorization of appropriations from the operational account of the severance tax trust fund for tax years beginning on or after July 1, 2009, as follows:
* Decreases the authorization to the Colorado oil and gas conservation commission from up to 40% to up to 35% of the account;
* Increases the authorization to the division of parks and outdoor recreation (parks division) from up to 5% to up to 10% of the account; and
* Allows the increased appropriation to supplant moneys that would otherwise be available to the parks division. Section 2 decreases the 2009 long bill general fund appropriation to the parks division by $2,147,415 and increases its cash fund appropriation by the same amount.
Status
02/08/2010 Introduced In House - Assigned to Appropriations
02/16/2010 House Committee on Appropriations Refer Amended to House Committee of the Whole
02/17/2010 House Second Reading Special Order - Passed with Amendments
02/18/2010 House Third Reading Laid Over Daily
02/19/2010 House Third Reading Passed
02/19/2010 Introduced In Senate - Assigned to Appropriations
02/22/2010 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
02/24/2010 Senate Second Reading Special Order - Passed
02/25/2010 Senate Third Reading Laid Over Daily
02/26/2010 Senate Third Reading Passed
03/10/2010 Signed by the Speaker of the House
03/12/2010 Signed by the President of the Senate
03/12/2010 Sent to the Governor
03/22/2010 Governor Action - Signed