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<br />,- <br /> <br />. <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: 1303) 866,4474 <br /> <br />STATE ~ COLORADO <br /> <br />- <br /> <br />1-10\ ROI11('f <br />CU\1.',rlUI <br /> <br />Jdlllt-'S S. lOfhlWild <br />EXt'Cllti'le [)I(e([or, DNR <br />O,Uil'S C. lifp. PE. <br />Dirl'Clor.CWCB <br /> <br />MEMORANDUM <br /> <br />TO: Colorado Water Conservation Board Members <br /> <br />FROM: William p, Stanton, P,E, <br />Chief, Project Planning and Construction Section <br /> <br />DATE: November 21,1996 <br /> <br />SUBJECT: Agenda Item 6, November 25-26, 1996 Board Meeting - <br />Water Project Construction Loan Program- <br />Proposed Criteria for Use of the Severance Tax Trust Fund <br /> <br />Severance Taxes <br /> <br />Beginning in 1978, the State of Colorado has annually collected millions of dollars in <br />severance taxes from the mining of oil and gas, coal and molybdenum, <br /> <br />The oil and gas severance tax rate is based on value of production, The coil I severance <br />tax is based on tonnage, The rate was cut by a third in 1988 and is now froze; 'by TABOR, <br />Molybdenum severance tax is on a cent per ton basis, The rate was cut by 2/3 in 1987, <br /> <br />Total severance tax revenue to the state has swung widely due to variation in the price an d <br />tax rate on oil and gas and large tax refunds, Half of severance tax revenue has gone to local <br />governments via the Energy and Mineral Impact Grant Program and direct distribution to local <br />governments, The other half has gone to the state's Severance Tax Trust Fund, <br /> <br />1 <br />