CO HB1103

State treasurer must transfer 60% of severance taxes paid by an entity for developing, processing, or energy conversion of minerals and mineral fuels in a county to that same county in the given tax year.

Counties receiving transfers must use funds for building or improving roads, schools, or local infrastructure.

After making the 60% county transfers, the remaining gross receipts are split 50-50 between the state severance tax trust fund and the local government severance tax fund.

Bill applies to gross receipts realized on and after January 1, 2024, from severance taxes on minerals and mineral fuels.

Act takes effect 90 days after final adjournment of the general assembly, unless subject to referendum petition requiring approval at November 2024 general election.