House Bill 12-1314 Summary

• Creates an exception allowing persons subject to oil and gas severance tax to avoid filing an annual return if they have less than $250 withheld by unit operators or first purchasers for the taxable year and the withholding equals or exceeds their total tax liability.

• Prevents the Department of Revenue from sending penalty estimates to taxpayers who qualify for the filing exception, unless the executive director has good cause to believe they do not qualify.

• Appropriates $14,800 to the Department of Revenue for fiscal year 2012-2013 for computer center services to implement the new filing exemption requirements.

• Effective 90 days after final adjournment of the 2012 general assembly (August 8, 2012), subject to referendum petition and approval by voters in November 2012.