HB 21-1156 Summary

• Amends Colorado Revised Statutes section 39-29-111 to correct statutory defects related to severance tax withholdings from oil and gas interest owners

• Clarifies that producers and purchasers must withhold one percent of gross income from disbursements to oil and gas interest owners, except for exempt production registered with the Department of Revenue

• Changes payment reporting schedule to direct monthly payments to the Department of Revenue starting July 1, 2007, with reference to section 39-21-119.5(4)(b) for payment procedures

• Expands the definition of "producer or purchaser" to explicitly include both extraction of oil and gas deposits and first purchasers of oil and gas produced in Colorado

• Takes effect 90 days after final adjournment of the general assembly unless subject to a referendum petition, in which case requires approval by voters at the November 2022 election