(1) Except as provided in subsections (2) and (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:
For oil and gas, one hundred percent to the state general fund;
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:
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;
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;
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:
For fiscal years ending on or before June 30, 1979, forty percent to the state generalfund, fifteen percent to the state severance tax trust fund created by section 39-29-109, and fortyfive percent to the local government severance tax fund created by section 39-29-110;
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 fortyfive percent to the local government severance tax fund created by section 39-29-110;
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 fortyfive percent to the local government severance tax fund created by section 39-29-110.
(2) (a) Repealed.
(b) 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.
(2.5) Repealed.
Effective July 1, 1981, the total gross receipts from any taxpayer who has previouslyclaimed the full amount of the credit for an approved contribution under section 39-29-107.5 shall be allocated solely to the state severance tax trust fund until such time as there is allocated to such fund, in addition to any current allocation to such fund, an amount equal to what would have been allocated to such fund during the time the taxpayer claimed such credit.
(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.
Notwithstanding any provisions of this section to the contrary, for the 1994-95 fiscalyear, 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.
Notwithstanding any provisions of this section to the contrary, for the 1995-96 and1996-97 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):
"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.
"Price insurance contract" means a written agreement between the state treasurer anda 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.
"Qualified counterparty" means a person whose long-term obligations are rated, atthe time a price insurance contract is executed, in one of the two top rating categories of a nationally recognized rating agency.
"Severance revenues" means:
The revenues generated from taxes levied pursuant to this article; and
The state share of federal mineral leasing royalties received pursuant to section 3463-102, C.R.S.
(c) 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.
Editor's note: (1) Subsection (2.5)(b) provided for the repeal of subsection (2.5), effective June 30, 1999. (See L. 95, p. 980.)
Subsection (5)(c)(II) provided for the repeal of subsection (5)(c), effective July 1,2008. (See L. 2007, p. 1900.)
(a) Subsection (2)(a)(II) provided for the repeal of subsection (2)(a), effective July 1,2017. (See L. 2016, p. 1173.)
(b) Subsection (2)(c)(II) provided for the repeal of subsection (2)(c), effective January 1, 2017. (See L. 2015, p. 419.)
Cross references: For the legislative declaration contained in the 1995 act enacting subsection (2.5), see section 1 of chapter 202, Session Laws of Colorado 1995.