HB13-1122 Summary

• Exempts oil and gas produced from "incentive wells" (wells beginning production between July 1, 2013 and July 1, 2015) from Colorado's severance tax for a 2-year period.

• After the 2-year exemption expires on July 1, 2015, incentive wells become subject to the standard severance tax rate.

• Directs severance tax revenues from incentive wells to the College Opportunity Fund beginning July 1, 2014, rather than allocating them to the state severance tax trust fund and local government severance tax fund as required for other wells.

• Establishes the legislation as "The Energy, Jobs, and Higher Education Act" to link oil and gas development incentives with higher education funding.