CO SJM005

Memorializes Congress to phase out tax subsidies for oil, gas, and coal industries over five years to match the phase-out schedule for renewable energy subsidies

Details specific federal tax subsidies for fossil fuels including deductions for drilling costs (26 U.S.C. sec. 263), domestic manufacturing (26 U.S.C. sec. 199), depletion allowances (26 U.S.C. sec. 613A), and passive loss exceptions (26 U.S.C. sec. 469)

Identifies temporary renewable energy tax credits including production tax credit (PTC) expiring December 31, 2019 and investment tax credit (ITC) stepping down through December 31, 2022 for solar and wind facilities

Cites estimates showing G20 nations provided $452 billion in fossil fuel subsidies in 2013-2014 and the United States provides $37.5 billion annually to fossil fuel industries, while historically favoring fossil fuels over renewable energy since 1918

Requires copies of the memorial be sent to Governor John Hickenlooper and all members of Colorado's congressional delegation