ArabsWord - Oil and gas companies currently pay low severance taxes, or taxes on minerals "severed" from the ground, because of a property tax credit created about 30 years ago.
Amendment 58 would end this tax credit. The state of Colorado estimates the energy firms would pay an additional $300 million in state taxes if the measure were passed.
The greater part of the additional revenue (60%) is put aside towards making higher education affordable through the creation of new scholarships for low- and middle-income students at Colorado colleges and universities. The rest of the money would be spent on renewable energy projects , clean energy and great outdoors , as well as mining remediation programs in areas with heavy oil and gas impacts.
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