(From an Article in the Denver Business Journal, Sept. 4, 2008) Trustees of Metropolitan State College of Denver have endorsed a ballot measure to collect more severance taxes from energy companies to fund scholarships and are opposing an initiative that would curtail affirmative-action programs. The college’s board of trustees voted unanimously to support Amendment 58, which would end a tax credit enjoyed by gas and oil companies that drill in Colorado.
The measure would raise more than $300 million in severance-tax revenue, about two-thirds of which would go into a college-scholarship fund for qualifying Colorado students. Proponents say energy companies don’t need a tax credit, which they don’t get in other states, and that the money could help thousands of Colorado students attend college who might not otherwise be able to go. Opponents say it could cause gas and oil companies to flee the state and result in higher energy prices for consumers.
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