SB 25-040 CO

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Became Law

The act creates the future of severance taxes and water funding task force (task force). The department of natural resources is required to contract with a third party to conduct a study on severance taxes and water funding and develop recommendations for ways to continue funding water needs and energy impact grants in the face of decreasing severance tax revenue (study). The study must focus on identifying ways to alleviate the need to transfer revenues derived from severance taxes to the general fund and to replace severance tax revenue that was previously transferred to the general fund. The purpose of the task force is to work with the third party to conduct the study and develop recommendations. No later than January 15, 2026, the third party must submit a draft report, detailing the results of the study and any recommendations, to the department of natural resources and the task force for review. The task force is required to provide input on the draft report. No later than July 15, 2026, the third party must submit a final report, which incorporates the input of the task force, to the water resources and agriculture review committee (committee). The task force must present the final report to the committee during the 2026 legislative interim. The act changes the manner in which a credit allowed against severance tax in taxable years commencing January 1, 2026, but prior to January 1, 2028, is calculated. For the 2025-26 state fiscal year, $198,592 is appropriated from the severance tax operational fund to the department of natural resources to implement the act. (Note: This summary applies to this bill as enacted.)

• Dylan Roberts Democratic · primary
• Cleave Simpson Republican · primary
• Karen McCormick Democratic · primary
• Matthew Martinez Democratic · primary

1. May 15, 2025 Governor Signed · executive
2. May 12, 2025 Signed by the Speaker of the House · lower
3. May 12, 2025 Sent to the Governor · executive
4. May 12, 2025 Signed by the President of the Senate · upper
5. May 5, 2025 Senate Considered House Amendments - Result was to Concur - Repass · upper
6. May 2, 2025 House Third Reading Passed - No Amendments · lower
7. May 1, 2025 House Second Reading Special Order - Passed with Amendments - Floor · lower
8. May 1, 2025 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
9. Apr 21, 2025 House Committee on Agriculture, Water & Natural Resources Refer Unamended to Appropriations · lower
10. Apr 15, 2025 Introduced In House - Assigned to Agriculture, Water & Natural Resources · lower
11. Apr 15, 2025 Senate Third Reading Passed - No Amendments · upper
12. Apr 14, 2025 Senate Second Reading Special Order - Passed with Amendments - Committee, Floor · upper
13. Apr 11, 2025 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole · upper
14. Jan 29, 2025 Senate Committee on Agriculture & Natural Resources Refer Amended to Appropriations · upper
15. Jan 8, 2025 Introduced In Senate - Assigned to Agriculture & Natural Resources · upper