Lawmakers Avert Oil And Gas Tax Credit Issue

Last week, Colorado lawmakers were scrambling after learning the state potentially owed oil and gas companies about $100 million.

The state Supreme Court had ruled that Colorado has been incorrectly applying a tax credit that allows the companies to write off the cost of transportation, manufacturing, and processing.

Lawmakers had only a few days to cover the shortfall before they adjourned -- and they have: a bill to cover any tax refunds oil and gas companies might claim.

The bill lawmakers passed authorizes Colorado's Controller to use both incoming taxes paid by oil and gas companies and the state's rainy day fund to cover any upcoming tax refund claims.