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DENVER—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.
