Signaling an upturn in oil and gas activity, Colorado collected 88.2 percent more in severance taxes during the first quarter this year than it did for the same period in 2010, according to the U.S. Census Bureau in its latest report issued.
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Q1 saw a total of $34.68 million flow into state coffers from the severance taxes paid on the extraction of natural resources.
“The development of new resources–both in terms of oil and shale gas–have led to renewed interest and increased industry activity in Colorado, Doug Hock told Colorado Energy News.
“This is good news both in terms of jobs and tax revenues.”
At the national level, severance taxes totaled $3.5 billion in the first quarter, up 21 percent from a year earlier.
Other tax figures show an improving economy here, if every so slightly.
The state collected $2.03 billion in taxes during the first quarter., and corporate net income taxes rose 27.7 percent from the first quarter of 2010, to $59.05 million.