Oil and gas royalty owners want state to change tax rules | PostIndependent.com
YOUR AD HERE »

Oil and gas royalty owners want state to change tax rules

DENVER (AP) ” Oil and gas royalty owners are asking state lawmakers to change the way the state calculates oil and natural gas taxes because they believe the current system is unfair.

The American Royalty Council and National Association of Royalty Owners told lawmakers on Wednesday that 40 percent of royalty owners are not collecting severance tax refunds due them because it’s too expensive to hire an accountant to fill out the paperwork.

Gov. Bill Ritter is considering a plan to do away with the tax credit following complaints the oil and gas industry isn’t paying its fair share of taxes. The state estimates it could keep an additional $250 million a year if the tax credit is eliminated.


Support Local Journalism

Support Local Journalism

Readers around Glenwood Springs and Garfield County make the Post Independent’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User