08 ‎(4)‎

• Board Meeting Date: 9/16/2008
• Description: CF Section - Amendment 52 - Use of Severance Tax Revenue for Highways
• Board Meetings - Doc Type: Memo

Amendment 52
Use of Severance Tax Revenue for Highways
1 Ballot Title: An amendment to the Colorado constitution concerning the allocation of
2 revenues from the state severance tax imposed on minerals and mineral fuels other than
3 oil shale that are extracted in the state, and, in connection therewith, for fiscal years
4 commencing on or after July 1, 2008, requiring half of the revenues to be credited to the
5 local government severance tax fund and the remaining revenues to be credited first to
6 the severance tax trust fund until an annually calculated limit is reached and then to a
7 new Colorado transportation trust fund, which may be used only to fund the
8 construction, maintenance, and supervision of public highways in the state, giving first
9 priority to reducing congestion on the Interstate 70 corridor.
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Text of Proposal:
Be it Enacted by the People of the State of Colorado:
Article X of the constitution of the state of Colorado is amended BY THE ADDITION
OF A NEW SECTION to read:
Section 22. Concerning the allocation of severance tax revenues -Colorado
transportation trust fund. (1) BEGINNING JULY 1, 2008, OF THE TOTAL GROSS RECEIPTS
REALIZED FROM THE SEVERANCE TAXES IMPOSED ON MINERALS AND MINERAL FUELS
UNDER THE PROVISIONS OF ARTICLE 29 OF TITLE 39, COLORADO REVISED STATUTES, OR
ANY SUCCESSOR ARTICLE OR SECTION, EXCLUDING THOSE SEVERANCE TAXES FROM OIL
SHALE PRODUCTION PURSUANT TO SECTION 39-29-107, COLORADO REVISED STATUTES,
OR ANY SUCCESSOR SECTION CONCERNING SEVERANCE TAXES FROM OIL SHALE
PRODUCTION, FIFTY PERCENT SHALL BE CREDITED TO THE LOCAL GOVERNMENT
SEVERANCE TAX FUND CREATED BY SECTION 39-29-110, COLORADO REVISED STATUTES,
OR ANY SUCCESSOR SECTION, OR SUCCESSOR FUND. THE REMAINING FIFTY PERCENT
SHALL BE CREDITED TO THE SEVERANCE TAX TRUST FUND CREATED BY SECTION 39-29-
l O9,COLORADO REVISED STATUTES, OR ANY SUCCESSOR SECTION OR SUCCESSOR FUND.
BEGINNING JULY 1, 2008 AND IN EACH SUCCEEDING STATE FISCAL YEAR, AND
NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SUBSECTION, ANY MONEYS
CREDITED TO THE SEVERANCE TAX TRUST FUND CREATED BY SECTION 39-29-109,
COLORADO REVISED STATUTES, OR ANY SUCCESSOR SECTION OR SUCCESSOR FUND,
SHALL NOT EXCEED THE AMOUNT CREDITED TO THE SEVERANCE TAX TRUST FUND IN THE
PRIOR STATE FISCAL YEAR PLUS AN ANNUAL ADJUSTMENT FOR INFLATION EQUAL TO THE
PERCENTAGE CHANGE IN THE UNITED STATES BUREAU OF LABOR STATISTICS CONSUMER
PRICE INDEX FOR DENVER-BOULDER-GREELEY, ALL ITEMS, ALL CONSUMERS, OR ITS
SUCCESSOR INDEX, ROUNDED TO THE NEAREST LOWEST ONE THOUSAND DOLLARS, OR
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