Bill targets oil, gas industry
The House Local Government Committee approved a measure Tuesday that would tighten reporting requirements on oil and gas production after witnesses said there is no way to determine if companies are correctly reporting production to counties and royalty owners. House Bill 1142 would give the state Department of Revenue access to confidential information about real property taxes and business personal property taxes and clarify that valuation would be a public record, allowing royalty owners to determine if they are paying the correct taxes.
The bill, sponsored by Reps. Kathleen Curry, D-Gunnison, and Al White, R-Winter Park, now goes to the full House for debate.
The bill is part of a package introduced by lawmakers after a state audit criticized the lack of inspections of oil and gas well monitors.
A separate measure, House Bill 1180, would require the Colorado Oil and Gas Conservation Commission to ensure the accuracy of oil and gas production reporting. That bill has passed the House and awaits action in the Senate. Auditors said nearly 30 percent of oil and gas producers and 42 percent of royalty interest owners audited by the state did not file severance tax returns between 2002 and 2004.
Auditor blasts venture group
The Colorado Venture Capital Authority should hire its own staff instead of relying on the governor’s office of economic development and international trade, according to a state auditor’s report released Tuesday.
Since the authority was created in 2004, economic development staffers have handled scheduling, reviewed proposed business investments, opened bank accounts and performed other duties for the authority in apparent violation of state law.
The authority is supposed to have its own staff to avoid potential conflicts of interest. The authority consumes about 100 hours per month of staff time by the economic development staff – effectively using tax dollars to subsidize the venture.
The auditors also recommended that the authority do a better job reporting details in its annual reports.The authority is funded with money from insurance companies that in turn get tax credits from the state.
About $50 million is authorized for the program. So far, it is set to raise about $22.8 million through 2009. As of December 2006, it has invested $5.1 million in five companies.
Coast Guard on road to own tag
The Senate gave initial approval to a bill that creates a special license plate to commemorate the U.S. Coast Guard.
Senate Bill 27 corrects “a mistake in state law” that left out the Coast Guard from the armed forces plates already available, said Sen. Ron Tupa, D-Boulder.
Ritter to visit college, sign bill
Gov. Bill Ritter is traveling to Gunnison on Friday to sign legislation allowing Western State College to offer graduate programs.
Ritter said the bill helps the Gunnison college “keep educating Coloradans right here in Colorado.” Rep. Kathleen Curry, co-sponsor of House Bill 1014, is planning to join him.
