Go to the mobile version of this Web site.

Login | Contact Us | Site Map | Paid archives | Electronic edition | Subscription Questions | Extras

POINT: Removing tax credit a fair deal for Colorado

By Gov. Bill Ritter

Published October 4, 2008 at 12:05 a.m.

Text size  

More Speakout

More stories »

There are a lot of confusing things on the ballot this year, but Amendment 58 is a clear choice: Either we keep giving a $300 million subsidy to oil companies every year while they make record profits, or we vote yes on Amendment 58 and invest that money in Colorado.

Amendment 58 is Colorado's opportunity to end an expensive subsidy our state gives oil and gas companies. Colorado is the only state that gives a $300 million tax credit to the oil and gas industry every year, and no other industry in the state gets a tax credit like this.

These companies are making record profits, and our state should not be giving a subsidy to an industry that doesn't need it. It's a matter of fairness and, quite frankly, taxpayers in Colorado can't afford to give $300 million every year to the richest industry in world.

By voting for Amendment 58 we can end this outdated subsidy and make smarter investments in our state. We can help our children go to college, protect our land and water and invest in renewable energy. It is an easy choice.

By voting yes on Amendment 58 and ending the subsidy, we can make a difference in the lives of Colorado families by helping with the rising cost of college tuition. The scholarship funds created by Amendment 58 will triple the state's financial aid contributions. We can change the way families in Colorado think about the cost higher education and ensure a highly skilled work force for the businesses that keep our economy strong.

Amendment 58 will also bolster wind and solar energy investments and grow Colorado's New Energy Economy. Soon Colorado will be home to the largest wind tower manufacturing plant in the world because of investments in new energy - part of a $700 million investment by Vestas that will create 2,500 new jobs in Colorado. Amendment 58 will allow Colorado to produce more clean, affordable and renewable energy.

Amendment 58 will also provide funding to protect our mountains, water and wildlife so that our state's second largest industry - tourism - remains strong. And we will help our local communities deal with the impact of oil and gas production on local roads and infrastructure.

Oil and gas companies have launched an unprecedented $10 million campaign in Colorado to keep this subsidy. They have tried to scare and confuse voters. Enough is enough.

As Election Day approaches and oil-funded commercials fill every television break, ask yourself: "Does a campaign funded exclusively by oil and gas companies have your best interests at heart, or their own?"

Amendment 58 does not affect your taxes. But, it makes oil and gas companies pay their fair share. We can do this because the subsidy is so unique.

Colorado is at the center of our nation's energy future. We will continue to produce oil and gas at record levels, particularly as the nation turns to the natural gas that is so abundant in our state. Amendment 58 is our historic opportunity to make sure that as we supply energy for the nation, we make investments in our future that will sustain us even after this boom, and our natural gas, are gone.

It ensures that our children get the education they need and that our state is a leader not just in oil and gas production, but in solar and wind energy as well.

Amendment 58 is a simple initiative and a clear choice. I urge you to vote early, and to vote yes on Amendment 58.

Bill Ritter is Colorado's 41st governor.

Comments

  • October 4, 2008

    2:33 a.m.

    Suggest removal

    clyde writes:

    Bill, apparently you forgot Economics 101. Corporations, even including the “EVIL” oil companies, don’t pay taxes. They pass those on to the final consumer (me), as a cost of doing business. You want every Coloradan to pay for the scholarships of a relative few. This is pandering at it’s worst.

    How beholden are you to the Teacher’s Union? It seems to me like you are willing to trade the good of the citizens of the State of Colorado for a few union votes. The display of raw, partisan politics in this election cycle is disgusting. The people have become chattel in trade for a few votes and some power.

    Bill Ritter, you are a disgrace, and a traitor to those you supposedly serve. Be forewarned that your ilk is creating an untenable situation in these United States.

  • October 4, 2008

    3:08 a.m.

    Suggest removal

    roger44 writes:

    Anything Bill Ritter endorses will get a no vote from me.

  • October 4, 2008

    4:06 a.m.

    Suggest removal

    sampson writes:

    I'm with roger44

  • October 4, 2008

    6:17 a.m.

    Suggest removal

    Mike846 writes:

    Governor, I agree with Clyde. This is another way for you and your Democrat cronies to get more money for your social engineering projects while passing the burden onto Colorado's citizens. Not only will I vote NO on 58, I am going to do everything I can to ensure that you are a one-term governor. You've violated your oath of office with your pandering to illegal aliens who have invaded our state, you've signed executive orders to hamper law enforcement from doing their jobs, and you've raised fees on state services to increase revenue for your pet projects. You're right about one thing: enough is enough. Mike

  • October 4, 2008

    6:59 a.m.

    Suggest removal

    Mike_In_Hartsel writes:

    NO on 58, NO on 58, NO on 58.

    Ritter will be a one-term governer if the GOP will get a decent candidate.

  • October 4, 2008

    7:03 a.m.

    Suggest removal

    campesino60 writes:

    Voting No will help recover not only $300 million, but a missing $21 million as well.
    Do the math help solve a mystery.
    $321 million tax increase minus $300 million tax break leaving a balance of $21 million.
    Where did $21 million go?

  • October 4, 2008

    7:13 a.m.

    Suggest removal

    a_watcher writes:

    If Amendment 58 is so good, why isn't it a Referendum?

    Why is 25% of the revenue assigned to the people who paid to get it on the ballot and not to solving problems that taxpayers will eventually be asked to solve.

    Yogi Berra might have called Amendment 58 "Bad government at its worst."

  • October 4, 2008

    7:32 a.m.

    Suggest removal

    xeeian writes:

    Basic economics 101?

    Alaska taxes oil at 75%. It was increased under Palin.

    So you saying if this wasn't the case, gas would be under $2 a gallon?

  • October 4, 2008

    9:35 a.m.

    Suggest removal

    INC writes:

    Yes on 58!!!

    Its about time to end the corporate welfare system republicans like to promote.
    as if the Oil and gas companies were to reinvest in their companies they wouldn't be taxed on that money.
    as it is now the fair taxes the Oil companies skirt simply flows out of state.
    end corporate welfare now.

    YES on 58.

  • October 4, 2008

    10:17 a.m.

    Suggest removal

    Keb writes:

    Alaska does not tax oil separation (royalty) at 75%.

    see this:
    Under Palin's plan, called ``Alaska's Clear and Equitable Share,'' oil company profits are taxed at a 25 percent base rate, up from the previous 22.5 percent. When the price rises to $30 over cost, or about $52 a barrel, the tax rate rises 0.2 percent for each dollar.

    Oil companies weren't happy with the plan when it passed.

    ``This massive tax increase will weaken investment in Alaska's oilfields at the very time that more investment is needed,'' Doug Suttles, president of BP Exploration Alaska Inc., said in a Dec. 27 e-mailed statement. ``We will now review all our planned activities.''

    Palin changed to formula to be on profit rather than gross.

  • October 4, 2008

    12:13 p.m.

    Suggest removal

    RS writes:

    I used to be in favor of raising oil and gas revenues to bring them on par with Wyoming. Then Bill Ritter got involved. The so-called "Governor" chose to ignore our Constitution, and the courts, and unilaterally increase Colorado property taxes. Then this law ignoring governor chose to declare me and the vast majority of taxpayers as "less than equal" by actively opposing the Colorado Civil Rights Initiative (Amendment 46). Here's a news flash for the criminal governor of Colorado: If I'm not good enough to receive equal rights, and equal access to the programs my taxes pay for, then Colorado has no right to my taxes! Clear enough?

  • October 5, 2008

    12:40 p.m.

    Suggest removal

    Faux_Noise writes:

    Amendment 58 revokes a tax credit for property taxes paid off of their state income taxes, that the oil and gas industry gets that no other industry gets. Is that a reasonable state tax policy? Why should the extractive industries get such a tax break available to no-one else?

    Furthermore, were we to raise taxes on other businesses in Colorado, the increased prices they might pass on to the consumer would be borne here, and amount to a simple redistribution of wealth within the state. Since most of our oil and gas flows out of state, the additional expense would be borne outside our borders, and brought into the state, resulting in an increase in revenues for the state of Colorado. Why should Colorado gas be cheaper for the drillers than any other state?

    Yes on 58!

  • October 6, 2008

    4:17 p.m.

    Suggest removal

    ILoveChipotle writes:

    Great article Bill, full of platitudes, empty promises, and democratic propaganda. This man is running the state & this is the best he can come up with?!? "Oil is bad, oil companies are bad, government is good" Give me a break! (a tax break)