State Rep. Ray Scott announced his Energy, Jobs and Higher Education Act today. The bill creates an incentive wells program to encourage the responsible development of Colorado’s energy resources and boost funding for the College Opportunity Fund.
“This measure strengthens Colorado,” Scott, R-Grand Junction, said. “It attracts new jobs and investments to our state, boosts local economies and helps students afford rising tuition costs.”
Scott’s measure creates an incentive wells program lasting two years. The bill exempts energy developers from paying severance tax on the first two years of production for new wells established between July 1, 2013, and July 1, 2015. After this exemption period ends, Scott’s bill directs tax revenue from the newly created incentive wells to the College Opportunity Fund for their entire production life.
“We’re creating jobs and expanding access to higher education with this bill,” Scott added. “It’s a two-fold approach toward creating opportunity and accelerating our state’s economic recovery.”
Scott hopes to introduce his bill later this week.