On February 20, 2012, Rep. Jerry Sonnenberg introduced HB 12-1314 – Concerning an Exception to the Requirement to File an Oil and Gas Severance Tax Return for a Person Who Has Less Than a Certain Amount Withheld. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.
The bill creates an exception to the requirement that everyone subject to the severance tax on oil and gas must file a return with the department of revenue. This exception applies to any person who has less than $250 withheld by all unit operators and first purchasers in a taxable year.
Under current law, if any person fails to file a report related to the severance tax, the executive director of the department of revenue may estimate the amount of tax, interest, and penalties due and mail the estimate to the last-known address of the person. If, within 10 days of receiving the estimate, the person fails to file a correct report and payment, the estimate becomes the amount payable to the state. The bill prohibits the executive director from sending the estimate to a person who is not required to file a return pursuant to the bill. On March 21 the Agriculture, Livestock, & Natural Resources Committee amended the bill and sent it to the Appropriations Committee. The bill is scheduled to go before the Appropriations Committee on Tuesday, April 10 at 7:30 a.m.
Since this summary, the bill was amended in the Appropriations Committee and referred to the House Committee of the Whole.
Summaries of other featured bills can be found here.