HB 23-1103

House Bill 23-1103, which has been signed into law, requires the state treasurer to give 60% of severance taxes collected from companies that extract and process minerals and fuels directly back to the counties where these activities take place. The money must be used by the counties for building or improving roads, schools, or other local infrastructure. This bill impacts counties with significant mineral extraction industries and ensures they receive a larger portion of tax revenue to support their communities' needs.

Official Summary

The bill requires the state treasurer to transfer 60% of the severance taxes paid by an entity that are attributable to the developing, processing, or energy conversion of minerals and mineral fuels subject to taxation in a county in a given tax year to that same county. A county that receives a transfer in accordance with the bill shall use the transferred funds for building or improving roads, schools, or local infrastructure.(Note: This summary applies to this bill as introduced.)