About Amendment 58
Amendment 58 will end Colorado's outdated $300 million a year tax subsidy for the oil and gas industry and make smarter investments in Colorado's future. By voting YES on 58 you will make the common sense decision to stop giving the wealthiest companies in the world huge tax breaks in Colorado.
Voting Yes on 58 will allow Colorado to:
Promote renewable energy projects in Colorado,
Preserve Colorado's mountains, water and wildlife,
Help local areas directly impacted by oil and gas, and
Triple funding for scholarships for Colorado students
The Smarter Colorado Campaign will end Colorado’s outdated $300 million subsidy for the oil and gas industry. If we don’t act, Colorado taxpayers will give more than $1 billion to oil and gas companies over the next four years. We can make smarter investments in Colorado.
No other state gives oil and gas companies a subsidy like the one we give. The subsidy was created 30 years ago to help the industry get started. That may have made sense then, but three decades later we are giving oil and gas companies $300 million each year. Enough is enough.
Investing in Colorado's Renewable Energy Economy
Colorado can facilitate the growth of this industry by continuing to invest in new energy innovations that will drive development forward and bring clean energy to the next level. Incentives and funding for research, supported by a strong policy framework, will continue to stimulate production and create economies of scale, creating clean, affordable energy for Coloradans.
By making smart investments, rather than paying a subsidy to an industry making record profits, Colorado can:
- Dramatically expand clean energy opportunities for homeowners, school districts and government agencies and increase money available for solar rebates and energy efficiency upgrades for residents in rural areas.
- Launch a Solar Schools program to bring solar energy to every school district in the state.
- Launch a $100 million Efficiency Colorado program to improve energy efficiency statewide, slashing wasted energy and lowering energy bills for low-income households.
- Provide investments for critical transmission infrastructure and research projects to give our state the ability to fully tap our natural resources.
Preserving Colorado's mountains, water and wildlife
Voting yes on 58 support preserving Colorado wildlife by allowing Colorado to:
- Invest in protecting important wildlife habitat, including streams, to ensure healthy and sustainable wildlife and fish populations over the long term
- Help to prevent the burden on the State and private landowners that would be associated with future endangered species listings (such as greater sage grouse)
- Benefit local communities which rely on sustainable wildlife resources for their economic well-being through hunting, fishing and other wildlife recreation
- Enable competitive grants to nonprofit conservation organizations, local governments, Colorado Division of Wildlife and Division of State Parks to protect important wildlife habitat. Projects may include conservation easements and fee title acquisition; access may be considered on a project by project basis.
Help local areas directly impacted by oil and gas, and
Voting Yes on 58 will make sure that communities impacted by oil and gas development get the resources they deserve. In addition to the current severance tax funding that goes to local communities, fifteen percent of the new funding will go to impacted local communities. The funding will help communities with critical transportation, water and sewer projects.
Triple funding for scholarships for Colorado students
Voting Yes on 58 will allow Colorado to create the Colorado Promise Scholarship Fund, an initiative that will triple the financial aid available in our state, enabling as many as two-thirds of Colorado’s families to qualify for scholarships.
The Colorado Promise Scholarship plan, which is supported unanimously by the Colorado Commission on Higher Education, would:
- Award Scholarships based on need for families earning up to $102,000 using criteria already in place in financial aid offices throughout the state.
- Maximize the value of Colorado's investment, so the program would augment other financial aid packages a student would qualify for. This would allow a student to add his or her Colorado Promise Scholarship to a federal Pell Grant, VA benefits or aid from foundations.
- Qualify any student accepted at a state two or four-year institution. Once accepted, they would need to maintain a 2.0 GPA in their first two years and a 2.5 GPA during the final two.