Help us improve in just 2 minutes—share your thoughts in our reader survey.
Colorado Amendment 58, Severance Tax Increase Initiative (2008)
| Colorado Amendment 58 | |
|---|---|
|
|
|
| Election date |
|
| Topic Local government finance and taxes and Restricted-use funds |
|
| Status |
|
| Type Initiated state statute |
Origin |
Colorado Amendment 58 was on the ballot as an initiated state statute in Colorado on November 4, 2008. It was defeated.
A “yes” vote supported increasing the tax on companies that extract nonrenewable natural resources from the earth (a severance tax) and using funds generated from the increase for specific purposes. |
A “no” vote opposed increasing the tax on companies that extract nonrenewable natural resources from the earth (a severance tax) and using funds generated from the increase for specific purposes. |
Election results
|
Colorado Amendment 58 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 944,191 | 41.95% | ||
|
|
1,306,782 | 58.05% | ||
Text of measure
Ballot title
The ballot title for Amendment 58 was as follows:
| “ | Shall state taxes be increased $321.4 million annually by an amendment to the Colorado Revised Statutes concerning the severance tax on oil and gas extracted in the state, and, in connection therewith, for taxable years commencing on or after January 1, 2009, changing the tax to 5% of total gross income from the sale of oil and gas extracted in the state when the amount of annual gross income is at least $300,000; eliminating a credit against the severance tax for property taxes paid by oil and gas producers and interest owners; reducing the level of production that qualifies wells for an exemption from the tax; exempting revenues from the tax and related investment income from state and local government spending limits; and requiring the tax revenues to be credited as follows: (a) 22% to the severance tax trust fund, (b) 22% to the local government severance tax fund, and (c) 56% to a new severance tax stabilization trust fund, of which 60% is used to fund scholarships for Colorado residents attending state colleges and universities, 15% to fund the preservation of native wildlife habitat, 10% to fund renewable energy and energy efficiency programs, 10% to fund transportation projects in counties and municipalities impacted by the severance of oil and gas, and 5% to fund community drinking water and wastewater treatment grants? | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
In Colorado, proponents needed to collect a number of signatures for an initiated state statute.
See also
External links
Footnotes
 |
State of Colorado Denver (capital) |
|---|---|
| Elections |
What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures |
| Government |
Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy |
