The Sentinel's website reports, today, that:
Energy companies give $3.6 million to anti-tax campaign
Oil and gas companies operating in Colorado have donated $3.6 million toward defeating a proposed severance tax increase expected to appear on the 2008 ballot.
A campaign finance report filed this morning shows Chevron Corporation, EnCana Oil and Gas, and Williams Production gave $1 million each to the anti-tax campaign.
Pioneer Natural Resources gave $500,000 to the campaign, and Questar Exploration and Production gave $100,000.
All of the donations, except the $1 million from EnCana Oil and Gas, originated from addresses outside of Colorado.
The proposed ballot measure would eliminate a property tax credit that allows energy companies to write off millions of dollars in the taxes they owe to the state every year.
The report from the Colorado Legislative Council Staff (linked above) shows Colorado's effective rate at 1.9%, far below Wyoming's 5.5% and New Mexico's 6.9%. Both state's have booming energy economies--further evidence of the chicken little claims of a dying industry in Colorado brought about by needed regulation updates and this ballot initiative.
Making companies pay their way, as Colorado's gas flows with the profits out-of-state, would better ensure that taxpayers are not left footing the bill for our crumbling infrastructure, rising social costs, declining air quality, poisoned water wells, and suffering wildlife brought about by the wide-scale and rapidly increasing drilling across Colorado's gasfields.
Betting on the often sensible nature of Colorado voters, hopefully the far superior funding pumped into defeating the initiative by the world's richest industry won't torpedo it at the polls. |
